Rhode Island Commerce Corporation

Rhode Island Commerce Corporation is a public agency responsible for promoting economic development in Rhode Island, working closely with organizations such as the Chamber of Commerce of Greater Providence and the Rhode Island Small Business Development Center. The corporation's efforts are aligned with the state's overall strategy for growth, which involves collaboration with institutions like Brown University, University of Rhode Island, and the Rhode Island School of Design. By fostering partnerships with key stakeholders, including the City of Providence, Town of Newport, and the Rhode Island Foundation, the corporation aims to create a favorable business environment, similar to that of neighboring states like Massachusetts and Connecticut. This environment is also influenced by the presence of major companies such as CVS Health, Hasbro, and Textron, which have a significant impact on the local economy.

● Overview

The Rhode Island Commerce Corporation plays a vital role in the state's economic landscape, working to attract new businesses and support existing ones, much like the New York City Economic Development Corporation and the Massachusetts Office of Business Development. Its activities are designed to promote job creation and stimulate economic growth, in line with the goals of the United States Department of Commerce and the National Governors Association. The corporation's approach involves providing resources and services to businesses, including access to capital, workforce development programs, and assistance with site selection and permitting, similar to the services offered by the Small Business Administration and the International Trade Administration. By leveraging its network of partners, which includes organizations like the Rhode Island Manufacturers Association and the Newport County Chamber of Commerce, the corporation is able to offer a comprehensive range of support services to businesses, from startups like those found in the Providence Innovation District to established companies like Amgen and FM Global.

● History

The Rhode Island Commerce Corporation was established in 1974, with the goal of promoting economic development and job creation in Rhode Island, following the example of other states like California and Texas. Over the years, the corporation has played a key role in shaping the state's economic strategy, working closely with governors like Bruce Sundlun and Lincoln Almond, as well as with federal agencies like the United States Department of Labor and the Federal Reserve. The corporation's efforts have been influenced by major events like the 2008 financial crisis and the COVID-19 pandemic, which have had a significant impact on the state's economy and the businesses that operate within it, including companies like Twin River Worldwide Holdings and Lifespan Corporation. Throughout its history, the corporation has worked to adapt to changing economic conditions, leveraging its relationships with organizations like the Rhode Island Public Expenditure Council and the Greater Providence Chamber of Commerce to support the state's economic growth and development.

● Organization

The Rhode Island Commerce Corporation is led by a board of directors composed of business and community leaders from across Rhode Island, including representatives from organizations like the Rhode Island Foundation and the United Way of Rhode Island. The corporation's staff includes experts in areas like economic development, marketing, and finance, who work closely with partners like the Rhode Island Department of Labor and Training and the Rhode Island Office of Energy Resources. The corporation is also supported by a network of regional offices and business development centers, which provide resources and services to businesses in different parts of the state, from Woonsocket to Newport. By working together with these partners, the corporation is able to offer a comprehensive range of support services to businesses, from small businesses like those found in the Olneyville neighborhood to large corporations like Citizens Financial Group and Fidelity Investments.

● Economic Development Initiatives

The Rhode Island Commerce Corporation is involved in a range of economic development initiatives, from workforce development programs to infrastructure development projects, similar to those undertaken by the New York State Economic Development Council and the Massachusetts Department of Transportation. The corporation works closely with organizations like the Rhode Island Department of Transportation and the Rhode Island Infrastructure Bank to support the development of transportation infrastructure, including roads, bridges, and public transportation systems. The corporation also provides support for innovation and entrepreneurship, through programs like the Rhode Island Innovation Hub and the Social Enterprise Greenhouse, which offer resources and services to startups and small businesses. By leveraging its relationships with partners like the University of Rhode Island Research Foundation and the Brown University Entrepreneurship Program, the corporation is able to support the growth of new industries and businesses in the state, from renewable energy to biotechnology.

● Programs and Services

The Rhode Island Commerce Corporation offers a range of programs and services to support businesses in Rhode Island, from financing and tax incentives to workforce development and site selection assistance, similar to the services offered by the Small Business Administration and the International Trade Administration. The corporation's programs include the Rhode Island Historic Tax Credit and the Rebuild Rhode Island Tax Credit, which provide financial incentives for businesses to invest in historic preservation and infrastructure development projects. The corporation also offers resources and services to support export development and international trade, through programs like the Rhode Island Export Assistance Center and the U.S. Commercial Service. By working closely with partners like the Rhode Island Port Authority and the Quonset Development Corporation, the corporation is able to support the growth of businesses in key sectors like manufacturing, logistics, and tourism.

● Governance and Funding

The Rhode Island Commerce Corporation is governed by a board of directors appointed by the Governor of Rhode Island, with input from the Rhode Island General Assembly and other stakeholders, including organizations like the Rhode Island Business Roundtable and the Greater Providence Chamber of Commerce. The corporation's funding comes from a combination of state appropriations and private sector investments, as well as from federal agencies like the United States Department of Commerce and the Economic Development Administration. The corporation is also supported by a range of public-private partnerships, which leverage resources and expertise from organizations like the Rhode Island Foundation and the United Way of Rhode Island to support economic development initiatives in the state. By working together with these partners, the corporation is able to support the growth and development of businesses in Rhode Island, from startups to established corporations, and to promote the state's economic growth and prosperity, in line with the goals of the National Governors Association and the United States Chamber of Commerce. Category:State agencies of Rhode Island