RI: RIEDC Board Approves Financing to Help Rhode Island Technology Company Expand and Create 45 New Jobs
7 Nov, 2011
The Corporate Marketplace Inc. receives $4 million loan guarantee under the state’s Job Creation Guaranty Program to grow its workforce, develop new software products and expand its international footprint
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The Rhode Island Economic Development Corporation (RIEDC) Board of Directors recently approved financing that will help an established, knowledge- and technology-driven small business continue to grow and create high-wage jobs in Rhode Island.
Through its Job Creation Guaranty Program, the RIEDC Board voted to guarantee up to $4 million in private loans, to be provided by Bridge Bank, to The Corporate Marketplace Inc. (TCMPi). The financing support will help the North Kingstown, R.I.-based company create 45 new jobs in the state within five years with an average salary of more than $60,000, develop new products and expand its international market.
In addition to the Job Creation Guaranty Program approval, the RIEDC has cultivated TCMPi through its growth phase with loans through the Small Business Loan Fund in 2002 and 2004, both of which were paid off early and have helped the company secure additional follow-on private investment.
“The newly redesigned Job Creation Guaranty Program, when used strategically, can allow innovation- and technology-driven small businesses, such as TCMPi, to access the capital they need to succeed and bring quality new jobs to Rhode Island,” said Governor Lincoln D. Chafee, who chairs the RIEDC Board. “The program can be a valuable tool for businesses looking to expand or locate within Rhode Island and is helping us, as a state, to foster an environment that encourages businesses growth and job creation.”
“Helping small businesses with high-growth potential and a respected management team, like TCMPi, gain access to the capital and credit they need to expand and hire more people is critical to economic development and job growth in our state.” said Cheryl W. Snead, Chair of the RIEDC Board’s Access to Capital subcommittee and President and CEO of Banneker Industries.
“The Job Creation Guaranty Program is one critical part of broader set of financing options the RIEDC is leveraging to attract and cultivate businesses in Rhode Island, and we are continually working to improve those programs to move our economy forward,” Snead added.
“TCMPi is a great example of how small business capital investment programs tailored to the specific needs of companies at each stage of their growth cycle can help them develop innovative ideas, bring them to market, create new jobs and strengthen Rhode Island’s economy,” said RIEDC Executive Director Keith Stokes. “Sustaining, improving and marketing these programs to the companies that will benefit most from increased access to capital and credit is a top priority for the RIEDC.”
Founded in 1999 by Rhode Island native and company CEO Christopher Crawford, TCMPi delivers some of the world’s finest brands to companies offering customer and employee Incentive and Loyalty Rewards programs, including American Express, Visa, Delta Airlines and over 1,000 others. TCMPi has distinguished itself by providing superior service, expertise and an innovative technology that streamlines the entire process for both its brand and corporate customers.
"With prior loans from RIEDC, we've built a strong business based on innovation and great people," said Christopher Crawford, CEO of TCMPi. "This additional financing will enable us to continue hiring in our home state of Rhode Island and accelerate our progress in bringing exciting new products and services to market."
With an experienced management team that includes senior level executives from the incentive, high-tech and finance industries, TCMPi has grown from two employees in 2002 to 23 today and processes and feeds merchandise orders to Rhode Island manufacturer’s including jewelry maker Alex and Ani and Swarovski Crystal.
The company has identified a new growth area that is currently underserved in the incentive industry. Their new solution under development will be marketed to smaller and mid-sized companies requiring turnkey reward and incentive solutions, and represents a significant growth opportunity for the company.
About the Job Creation Guaranty Program
Under the Job Creation Guaranty Program, the RIEDC is authorized to guarantee loans by private lenders or guarantee certain bond obligations for the benefit of businesses in primarily technology and innovation-driven industries that can create permanent, high-paying, full-time jobs in the state and continue to expand Rhode Island’s knowledge economy. Interested companies are encouraged to visit the RIEDC website at www.riedc.com for more information about the program.