State economic development officials are pursuing a trio of initiatives aimed at increasing the amount of growth capital available to Rhode Island businesses and more aggressively marketing the Ocean State as a regional hub for high-wage industries.

On Feb. 26, the R.I. Economic Development Corporation announced a new strategic alliance with the Business Development Company of Rhode Island (BDCRI) and the Business Development Company of New England (BDCNE), which combined will make more than $200 million in capital available to finance the growth of businesses in the state.

At the same time, the EDC said it has proposed legislation to establish a new $20 million, loan-guarantee program.

The EDC also announced the launch of a regional attraction campaign with the Rhode Island Commodores – an organization of top business and civic leaders in the state – aimed at growing Rhode Island’s financial services, information technology and digital media and life-science sectors.

The new initiatives, which the EDC unveiled soon after completing a comprehensive review of its activities and programs, were created as part of work to prevent Rhode Island’s economy from stagnating amid a nationwide economic slowdown and the state’s worst fiscal crisis in a generation, said Saul Kaplan, the EDC’s executive director.

The EDC is also implementing an internal restructuring aimed at making its staff more customer-oriented and accountable for working daily with companies in the state to help them grow, Kaplan said.

“This is exactly the time that we need to play strong offense,” Kaplan said. “We need a clear vision of the kind of economy that we’re trying to create, and a very specific road map of activities.”

The EDC has set for itself a goal of increasing the number of Rhode Island jobs that pay above the $42,400 national private sector average wage from 40 percent to 60 percent over the next 10 years, with measurable annual increases.

Meeting the goal would create 79,000 new high-wage jobs, produce $2.5 billion in income and $83 million in additional state income tax revenue in today’s dollars, according to the EDC.

“This is an important time for Rhode Island,” Gov. Donald Carcieri said in a press release. “We are at a tipping point and must confidently move forward with a common vision and actionable plan for creating a stronger economy.”

The EDC’s new joint venture with BDCRI and BDCNE will invest in Rhode Island companies from a newly created, $30 million mezzanine fund, MB Capital III.

The alliance also will enable the EDC to provide financing of up to $2 million in junior debt and up to $5 million in mezzanine and equity capital per transaction. The BDCs will also work with the EDC on ways to bring the successful micro-lending Capital Access Program to Rhode Island.

In an indication of how closely the organizations will now be aligned, BDCRI is in discussions with the EDC to establish an office at the latter’s Providence headquarters where it can meet with prospect companies.

“I think it’s a win-win,” Kaplan said of the possible sharing of office space. “On our end, it brings more growth capital to the market, which is a key part of our economic growth plan. And on their end, it gives them a close connection to our business-development team, which is focused on targeted, high-wage sectors of our economy.”

As part of its new marketing campaign, “Opportunity: Rhode Island,” the EDC will make 5,000 calls to companies across the region and the nation that are seen as prospects for relocating or expanding their operations in the state.

The Rhode Island Commodores will contribute $30,000 to the $75,000, nine-month outreach effort, which will use direct marketing, industry events and peer outreach to generate new business-development leads.

“While significant job growth will come from companies already located in Rhode Island, it’s important that we continue to seek out attraction opportunities that bring new business and new jobs into the state,” Donna Cupelo, Verizon Communications regional president, who leads the Rhode Island Commodores, said in a press release.

R.I. House Majority Leader Gordon Fox and state Sen. William Walaska are sponsoring bills drafted by the EDC that would reduce from $80 million to $50 million the guarantee authority currently in the Rhode Island Industrial Recreational Building Authority (IRBA) program. The proposed legislation would also create a new, $20 million loan-guarantee program for companies seeking private-sector lenders to finance assets other then real estate, machinery or equipment.

Creation of the new Growth Capital Guarantee Fund would shift loan-guarantee authority into a program aimed at supporting businesses positioned to grow in the 21st century, Kaplan said.

“We’re going to establish a new program that allows us to provide guarantees to growth companies that need support for working capital and other intangible assets that the current IRBA program won’t allow us to finance,” Kaplan said. •