New Loan Program to Help Emerging Technology Firms Access Capital
Published on April 29, 2010
The Rhode Island Economic Development Corporation (EDC) may soon have a new tool to boost access to capital for Rhode Island companies in the fast growing sectors such as biomed, digital media, and environmental sciences.
If passed, the new Job Guarantee Program would provide the EDC with a pool of $125 million in loan guarantees to help induce private sector investment in technology firms which often struggle to gain access to capital due to their non-traditional balance sheets.
According to Keith Stokes, RIEDC Executive Director, "This can really be the growth catalyst we need to induce private sector investment in what we are seeing as high potential sectors."
The new program would complement existing seed funding programs currently offered by the RI Science and Technology Advisory Council and the Slater Technology Fund.