PROVIDENCE – The Corporate Marketplace Inc., a North Kingstown company that runs incentive programs, has secured a $4 million loan guaranty from the R.I. Economic Development Corporation under the state agency’s job creation guarantee program.
The company currently employs 23 people and plans to use the financing to expand and hire 45 new workers, mostly in information technology, over the next three years.
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The Corporate Marketplace is the second company the EDC has awarded a loan guarantee this fall after NuLabel Technologies of Providence received a $1.5 million guarantee. The EDC is considering guarantees for 14 other companies.
Through a software system, The Corporate Marketplace runs merchandise incentive programs for companies to give rewards to customers or their own employees for high performance.
The $4 million loan is being made by Bridge Bank of California, which has also extended a non-guaranteed $2 million line of credit to the company.
The Corporate Marketplace also received and paid back a $250,000 loan made by the EDC’s Small Business Loan Fund in 2002.
