State Leaders Gather to Announce Future Arrival of Honda at Port of Davisville
Governor Lincoln D. Chafee, Senator Jack Reed, Representative Jim Langevin, and Representative David Cicilline joined with leaders from North Atlantic Distribution, Inc (NORAD) and the Quonset Development Corporation (QDC) to announce a major expansion of business at the Port of Davisville today
. The announcement, that Honda will begin shipping autos to the Port of Davisville starting in 2014, is another key sign of growth in the Port's emergence as one of the largest auto-importers in North America. The autos will be finished and processed by NORAD.
"Today's announcement is another indication of how capitalizing on our assets will bring more business to Rhode Island," said Governor Chafee. "By investing in the infrastructure to modernize the Port and creating an environment where our companies can succeed we are seeing an increase in commerce and economic development that benefits all of Rhode Island."
Quonset Business Park is already one of the premiere business parks in New England and one of the largest in the Northeast. It is a main driver of economic growth and job creation in Rhode Island. Quonset is home to 175 companies, employing more than 9,100 people in every sector of the economy. The Port of Davisville is the 7th largest auto importer in North America.
Recent State Initiative Set to Help Small Businesses With Access to Capital
With more than 175 companies, and 9,100 full and part-time jobs at Quonset Business Park, there are many small businesses within the community looking for access to capital to help their company succeed. Fortunately, a recent initiative by the Rhode Island Small Business Loan Fund Corporation (SBLFC) could provide that help.
Earlier this month, the SBLFC approved lowering the standard interest rate on their loans to an average of 5.75 percent, down from the previous average rate of 7.5 percent. For smaller businesses looking for a direct, fully-secured loan, the SBLFC provides between $50,000 and $250,000 in financing. The funds can be used for acquisition and improvements of land, buildings and equipment, new construction, and working capital. Interest rates are fixed.
To learn more about how the program and who to contact with any questions, click here