SPECIAL PROMOTION and technical assistance . There are two that serve the Rhode Island district : the Southeastern Economic Development Corporation based in Taunton , and the Community Investment Corporation which is headquartered in Connecticut with a satellite office in Providence .
“ Six months into this fiscal year , we
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We tell people all the time : Use the value-added services that come with the SBA .
— Mark Hayward , District Director
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have done more in micro-lending than in all of last year and it ’ s great to see those numbers jump ,” Hayward says . “ They are a really great way for nascent businesses who might not be eligible for a bank loan to get started .”
No Cost Value-Add Services You ’ ve heard the saying businesses don ’ t plan to fail , they fail to plan . Fortunately , the SBA funds the Small Business Development Corp ., a service that offers free counseling , technical assistance , access
SUCCESS STORY
A Delicious Investment When a vacancy opened next door to Root , an award-winning Newport restaurant , owners Kate Moran and Paul Webber seized the opportunity to open Get the Scoop with Kate ’ s mother , an ice cream connoisseur with a proprietary premium formula . They needed startup funding to convert the former office space into an ice cream shop .
“ Because Get the Scoop was a startup , a lot of banks were hesitant to lend ,” Kate said . “ We got the best rates and terms with BankNewport , and I think they believed in us more than others . Their loan made it a much easier decision to move forward .”
Jon Richmond , Business and Commercial Lending Officer , knew BankNewport could help with a conventional expansion term loan . “ Seeing how they operated their existing business gave me a lot of confidence knowing this opportunity was going
to resources and advice on all aspects of starting and running a business . They offer online and in-person support for both startups and established small businesses .
“ We tell people all the time : Use the value-added services that come with the SBA ,” Hayward says . “ You ’ ll find experts in your industry who can offer 20-30 hours
Get the Scoop
Kate Moran and Paul Webber opened Get the Scoop in Newport using Kate ' s mother ' s recipes .
to be a success . They are business-savvy owners invested in the community .”
The shop opened in March 2023 and has already built a loyal following .
of counseling to create a business plan , set up financial statements , figure out a marketing plan , licensing , and other important business skills . And if they don ’ t have the expertise you need on staff , they will hire them .”
Rhode Island ’ s SBDC is based at URI in Kingston with regional assistance
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