Businesses target growth thanks to loans
PROVIDENCE — Three businesses were recently awarded loans totaling $410,000 by the RI Small Business Loan Fund Corporation, which is overseen by the RI Economic Development Corporation.
Dynamic Marketing, Inc. of Cranston received a $250,000 loan, Great Creek Shellfish of West Warwick received a $75,000 loan, and Pru-lesco of Pawtucket received an $85,000 loan.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
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Block Island Power announces rate reduction
NEW SHOREHAM — Electric rates for Block Island residents will be reduced by 10 percent under rate filings submitted to the state Public Utilities Commission by Block Island Power Co.
Electricity customers on the island will save a total of more than $200,000 because of this rare rate reduction, officials said, and a second rate reduction of more than $60,000 will be implemented in April 2001.
Jerome Edwards, president of Block Island Power, credits town officials and government agencies and a low interest loan from the Rural Utilities Service, with making the reductions possible.
Court orders metal recycling in Johnston
JOHNSTON — Superior Court Associate Justice Frank J. Williams last month ordered Metals Recycling to immediately abate and prevent objectionable odors emanating from their Johnston facility. The judge also ordered the company to excavate two storm-water drainage pits that are believed to be the source of the orders.
Attorney General Sheldon Whitehouse filed a civil complaint in Superior Court in September demanding the court actions after they and the state Department of Environmental Management received a number of complaints form neighbors and local officials.
As a result, Metals Recycling has discontinued use of drainage pits for their recycling process, have agreed to no longer employ that process, and to hire an odor expert and professional engineer to identify all sources of odors and to report their findings to DEM.
Federal grant funds jobs for Rhode Islanders with disabilities
PROVIDENCE — The Human Resource Investment Council was among 23 state and local programs to receive funds from the U.S. Department of Labor to enhance employment opportunities for people with disabilities under an 18-month, $20 million Work Incentive Grant program.
The Human Resource Investment Council was awarded a $900,000 grant, to be used to make Rhode Island’s One-Stop System, NetWORKri, a model for assisting people with disabilities achieve independence, and increase employment outcomes for the state’s disabled population.
United Way announces Holiday Central
PROVIDENCE — Holiday Central will again be United Way of Southeastern New England’s seasonal offering for 2000 and will be administered through the Web site at www.unitedwaysene.org from November 6 through December 20. Individuals or groups that are looking for ways to help out the community this holiday season will be able to learn about a variety of needs from the United Way agencies by browsing the Holiday Central page of the Web site. Agencies are listed regionally and request items in the following categories: gifts for children and youth, gifts for adults and elderly, and gifts of food.
RIDOT awarded federal grant
PROVIDENCE — The Rhode Island Public Transit Authority ferry running between Providence and Newport received an $879,000 federal grant. The grant awarded to the Rhode Island Department of Transportation, was awarded by the Federal Highway Administration’s Ferry Boat Discretionary Program, a special funding category created for the construction of ferry boats and ferry terminals. Only $18 million is available nationally in open competition for the projects. RIPTA estimates that an average of 70 passengers used the 149-passenger ferry for each of its trips during peak summer season. The ferry made five or six round-trips daily between the Point Street Landing in Providence and Perrotti Park in Newport through October 16.
Network Six reports third quarter results
WARWICK — Network Six, Inc. reported contract revenue earned for the quarter ending September 30 of $2,6 million up 2 percent from the same period a year ago. Net income for the period was down 33 percent from the same period a year ago. Contract revenue earned for the nine months ending September 30 was up 9 percent from the same period a year ago, when the company reported a net loss of $1.3 million . According to the company, the previous year’s figures included a one-time pre-tax charge of $3.2 million related to the company settling its litigation with the state of Hawaii. Net income for the nine months ending September 30, not considering this one-time charge, would have been .42 cents per share.
DBR suspends two loan broker licenses
PROVIDENCE — The Rhode Island Department of Business Regulation announced that it has issued two Emergency Orders suspending the loan broker license and lender licenses of Diversified Mortgage Co. Inc. of East Greenwich, and SunState Mortgage of Florida. DMC’s loan broker license and lender license are suspended and SunState lender license has also been suspended. Department records indicate DMC may have licenses in nine other states and a copy of the order has been sent to each, according to a statement released by DBR. The suspension for both companies, according to DBR, was precipitated by allegations of possible check kiting scheme and/or fraud scheme involving ten separate business checking accounts maintained by DMC and SunState in Rhode Island. Approximately 33 checks written by principals of both companies and totaling approximately $400,000 dollars were returned unpaid, according to DBR.
