The R.I. Economic Development Corporation and The Urban Revitalization Fund (TURF) announced a new alliance last week that they said will strengthen and better align the financing programs offered by both organizations.
TURF, a collaborative effort of Rhode Island’s leading banks, state agencies and nonprofits, provides special loans to developers and nonprofit organizations seeking to revitalize commercial properties in urban areas that would otherwise remain undeveloped.
As part of the new alliance, TURF will move into the RIEDC’s new office at the American Locomotive Works development in Olneyville. And Michael Saul, the nonprofit’s executive director, will lead a comprehensive review of RIEDC’s current financing programs and recommend ways to make them better match the needs of Rhode Island companies.
“It’s an opportunity to integrate our program in with the EDC’s existing finance programs,” Saul said. “We will stay a stand-alone nonprofit, but we’ll try to integrate the existing financing programs of the EDC into as many of the same projects as we can.”
A federally certified nonprofit community development financial institution, TURF says it typically looks for ways to “complement and integrate investments that have the greatest potential for positive community impact.”
Through the alliance, the RIEDC and TURF said they hope to bring more visibility to programs already available to help businesses grow in Rhode Island; streamline business access to the state’s financial products; broaden the range of available options; and leverage external resources. “Creating an alliance with TURF will accelerate our efforts to support growth and development across the state,” said Saul Kaplan, executive director of the RIEDC, in a news release.
Partners in TURF include Bank of America, Sovereign Bank, Bank Rhode Island, Citizens Bank, the United Way of Rhode Island, the Rhode Island Economic Policy Council, The Providence Plan, the Armory Revival Corporation, Milenio Associates, the Local Initiatives Support Corporation (LISC), the National Work Readiness Council and Gov. Donald L. Carcieri’s office.
