Rhode Island Economic Development Corporation

Rhode Island Economic Development Corporation is a public-private partnership established in 1974 to promote economic development in Rhode Island. The corporation works closely with General Assembly of Rhode Island, Rhode Island Commerce Corporation, and Rhode Island Department of Labor and Training to create jobs and stimulate economic growth in the state. The corporation's efforts are supported by United States Department of Commerce, United States Department of Labor, and Federal Reserve Bank of Boston. With the help of Rhode Island Foundation, Newport County Chamber of Commerce, and Providence Chamber of Commerce, the corporation aims to make Rhode Island a competitive and attractive place for businesses, including Hasbro, CVS Health, and Textron.

● History

The Rhode Island General Assembly established the corporation in 1974 to address the state's economic challenges, including high unemployment rate and declining manufacturing sector. Since its inception, the corporation has worked with Governor of Rhode Island, Lincoln Chafee, Donald Carcieri, and Bruce Sundlun to implement various economic development strategies, including the creation of Rhode Island Industrial Facilities Corporation and Rhode Island Industrial Recreational Building Authority. The corporation has also collaborated with University of Rhode Island, Brown University, and Rhode Island College to support research and development and innovation in the state. Additionally, the corporation has partnered with Quonset Development Corporation, Rhode Island Airport Corporation, and Port of Davisville to enhance the state's infrastructure and transportation systems.

● Organization

The corporation is led by a board of directors composed of representatives from the public and private sectors, including Seth Magaziner, Gina Raimondo, and Jack Reed. The board works closely with Rhode Island Economic Development Corporation staff to develop and implement economic development strategies, including the creation of business incubators and accelerators in Providence, Rhode Island, Newport, Rhode Island, and Pawtucket, Rhode Island. The corporation also has a small business loan program that provides financial assistance to small businesses and entrepreneurs in Rhode Island, including those in the tourism industry, healthcare industry, and technology sector. Furthermore, the corporation collaborates with Rhode Island Small Business Development Center, Rhode Island Chamber of Commerce, and National Federation of Independent Business to provide technical assistance and training to businesses in the state.

● Programs and Initiatives

The corporation offers a range of programs and initiatives to support economic development in Rhode Island, including the Rhode Island Commerce Corporation's business expansion program and job training program. The corporation also provides tax incentives and grants to businesses that create jobs and invest in the state, including Amazon, General Dynamics Electric Boat, and Lowe's. Additionally, the corporation has launched initiatives to support renewable energy and sustainable development in Rhode Island, including the creation of Rhode Island Renewable Energy Fund and Rhode Island Green Infrastructure Bank. The corporation has also partnered with National Grid, Eversource Energy, and Rhode Island Public Utilities Commission to promote energy efficiency and renewable energy in the state.

● Economic Impact

The corporation's efforts have had a significant impact on the economy of Rhode Island, including the creation of thousands of jobs and the attraction of millions of dollars in investment to the state. The corporation's small business loan program has helped to support the growth of small businesses and entrepreneurs in Rhode Island, including those in the technology sector, healthcare industry, and tourism industry. The corporation's initiatives have also helped to enhance the state's infrastructure and transportation systems, including the development of Quonset Business Park and T.F. Green Airport. Furthermore, the corporation's efforts have contributed to the growth of industries such as manufacturing, financial services, and biotechnology in Rhode Island, including companies like Hasbro, CVS Health, and Amgen.

● Governance and Funding

The corporation is governed by a board of directors that is appointed by the Governor of Rhode Island and confirmed by the Rhode Island Senate. The corporation is funded through a combination of state appropriations, federal grants, and private investments, including support from Rhode Island Foundation, Newport County Chamber of Commerce, and Providence Chamber of Commerce. The corporation also receives funding from United States Department of Commerce, United States Department of Labor, and Federal Reserve Bank of Boston. The corporation's budget is approved by the Rhode Island General Assembly and is subject to audits and oversight by the Rhode Island Office of the Auditor General and Rhode Island State Controller. The corporation's governance and funding structure is designed to ensure transparency and accountability, including regular reporting to the Rhode Island General Assembly and the public. Category:State agencies of Rhode Island