In This Issue
State Leaders Gather to Annouce Future Arrival of Honda at Port of Davisville
Recent State Initiative Set to Help Small Businesses
BankNewport Headed to Quonset Gateway

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State Leaders Gather to Announce Future Arrival of Honda at Port of Davisville

L to R: Rep. David Cicilline, Sen. Jack Reed, 
Steven J. King (QDC), Gov. Lincoln D. Chafee, 

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.     
 
BankNewport Headed to Quonset Gateway
Rendering of BankNewport at Quonset Gateway

 

Another new tenant will join the Quonset Gateway retail district later this year. Last week it was announced that BankNewport has signed a 15-year lease on a pad site with the intent to construct a new, 2,000-square-foot bank branch. Located at the front of the shopping center on the corner of Gate Road and the center entrance to the parking lot, the site will provide easy access for customers.

"Our newest branch at the Quonset Business Park will be the ideal complement to our already established presence in North Kingstown and in East Greenwich," stated BankNewport President and CEO, Sandra J. Pattie.

The building will feature two drive-thru lanes, one of which will have a drive-thru ATM. Inside, the branch offers an enhanced ATM for after-hours banking; a coin counting machine in the lobby; and a conference room available to small businesses that require a meeting space during banking hours. Construction of BankNewport's new branch at The Shops at Quonset Point is scheduled to begin this summer and open for business in December 2013.

"This new addition will help us achieve our goal for the Gateway - to provide amenities for businesses and people at Quonset," Steven J. King, P.E., managing director of the QDC. "This kind of growth at the Gateway only helps us create more jobs throughout the park."  

 

To learn more about the new BankNewport branch, click here.