EDC Issues $2.5 Million in Grants

EDC Issues $2.5 Million in Grants

The Rhode Island Economic Development Corporation announced yesterday that it had issued $2.5 million in grants to two companies for a solar energy project and the creation of 40 jobs.

 

The board of directors for the EDC awarded a total of $1 million in grant money to Toray Plastics (America), Inc. Of that, $750,000 came from the EDC’s Renewable Energy Fund. The remainder was federal stimulus money channeled through the state Business Energy Assistance Program.

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Toray will use the grant money to install a 375kW solar energy project at its Quonset Point facility in North Kingstown.

The EDC also has approved $1.5 million in loan guarantees to NuLabel Technologies, Inc., to help it expand and create 40 new jobs that the EDC said will be high-skilled and high-wage. The jobs will be based in the Knowledge District in Providence.

The grant is the first use of the state’s Job Creation Guaranty Program since new rules and regulations took effect.

Chafee: EDC funds foster business-friendly environment

“Rhode Island is taking concrete steps to help businesses such as Toray, which employs approximately 600 Rhode Islanders, remain competitive through reduction in their utility costs and increased energy efficiency,” said Governor Lincoln Chafee, who chairs the RIEDC Board. “Additionally, we are redesigning the Job Creation Guaranty Program to allow innovation- and technology-driven small businesses, such as NuLabel, to access the capital they need to succeed and bring quality new jobs to Rhode Island.”

Chafee added: “These two funds, when used strategically, can be valuable tools for businesses looking to expand or locate within Rhode Island. They can also help us, as a state, to foster an environment that encourages businesses to grow and create jobs.”

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