TCMPi on Commerce RI agenda, topic: ‘investment of public funds’

PROVIDENCE – The board of directors for the R.I. Commerce Corporation is set to talk at 4 p.m. Wednesday about “the investment of public fund in relation” to The Corporate Marketplace Inc.
TCMPi was the recipient in 2011 of a $4 million loan guarantee from the R.I. Economic Development Corporation, the terms of which required that the company create jobs in Rhode Island. Two other companies received loan guarantees from the state under the program before it was shut down, NuLabel Technologies, and more famously, 38 Studios LLC.
The supplier of corporate incentive merchandise was previously granted a $250,000 loan from the state’s Small Business Loan Fund in 2002, which it has paid back. At the time of the $4 million guarantee, TCMPi also received a non-guaranteed line of credit of $2 million from Bridge Bank of California.
TCMPi was recently in the news for an expanded partnership with Alex and Ani LLC, the lifestyle brand, through which TCMPi customers could try on Alex and Ani products before making a product selection, much as the company allowed the gift recipients to try out Ray-Ban and Oakley sunglass and Tommy Bahama watches.
A spokewoman for CommerceRI only said that the agenda item referred to a change in the company’s existing loan guarantee.

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