Resources to Launch , Grow and Thrive
SMALL BUSINESS BANKING IN RHODE ISLAND
SPECIAL PROMOTION
Resources to Launch , Grow and Thrive
Small Business Is
Big in Little Rhody
Small businesses fuel our economy , employ the majority of our people , and provide an opportunity to achieve that American dream of taking a unique idea and making it big . But finding resources can be a challenge . See how some Rhode Island businesses used the U . S . Small Business Administration ( SBA ) to their advantage . BY DIANE M . STERRETT
Say you ’ ve dreamed of leaving your corporate job and opening a small business selling specialty kitchen items . Where would you start ? To launch Stock Culinary Goods in Providence , Jan Dane took the smart route and started with the SBA ’ s Rhode Island District office .
“ Jan came to us with a concept and a passion for all things food , but no background in the culinary world ,” says Mark S . Hayward , RI District Director . “ We worked with her to develop her business plan , connected her with SCORE ( see page 102 ) for expert assistance , and directed her to the Southeastern Economic Development Corporation for a microloan to help her launch .”
Thanks in part to the microloan , Stock Culinary Goods opened in 2009 selling unique items that promote cooking , eating , talking , and learning about food . In 2020 Dane returned to the SBA for a 7 ( a ) loan to help with the ongoing COVID public health and economic crisis . She is part of what Hayward calls the SBA family : businesses who rely on the full range of SBA resources to launch , grow and succeed .
The SBA is the only cabinet-level federal agency fully dedicated to small business . According to their 2022 RI Small Business Profile , there are 108,360 small businesses ( firms employing fewer than 500 ) in Rhode Island , comprising 98.9 percent of all RI businesses . They employ 227,699 people , or 51.2 percent of all RI employees . In 2022 , 40.7 percent of small business owners were women , 11.5 percent were Hispanic , 8.9 percent were from a racial minority , and 6.3 percent were veterans . The biggest small industries in Rhode Island are hospitality and retail .
“ The SBA provides critical resources to our state ’ s businesses and we are fortunate as a commercial bank to have the SBA as our partner in helping and growing Rhode Island ’ s business landscape ,” says Will Tsonos , BankRI president and CEO . “ Business owners are very passionate about their business , serving their communities and truly want to find every opportunity to grow and sustain . We feel that our partnership with the SBA allows us to be an integral part of that success .”
BankRI and Scott D . Lajoie , senior vice president , commercial banking , used multiple SBA programs to develop a creative
Left to right , Jill Moore , Eric Basler , Sara Weiner , Jessica Frey , Hunter Gautieri at the Crow ' s Nest in Warwick .
Cedar House Design Collective co-founders , Julie Sanfilippo and Erika Twohig .
Mike Giossi and Irene Manzi , the new owners of Pawtuxet Auto Service , with Joe Bell , Centreville Bank , vp , commercial loan officer , outside the shop at 2175 Broad St ., Cranston .
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