RG 014. Commerce Corporation

The Rhode Island Economic Development Corporation (RIEDC) was created in 1995 with a mission to strengthen the Rhode Island economy through policies, programs, and projects, which enhance and enrich the business environment for public and private sectors in order to create prosperity for all Rhode Islanders. The RIEDC consolidated all economic development activities of the State of Rhode Island into one entity – enhancing service delivery, performance, and accountability. The Corporation is authorized to acquire, contract and assist in the financing of its projects through the issuance of industrial development revenue bonds, which do not constitute any debt or liability of the state. The Rhode Island Economic Development Corporation works with new and existing business to improve their competitiveness, train their workers, clear away barriers and provide the resources they need to grow and prosper. We research, introduce and promote legislation and programs to make Rhode Island a more hospitable state for starting and expanding a business. RIEDC also manages the state-owned Quonset/Davisville Port and Commerce Park in North Kingstown, a 3,000-acre facility offering intermodal transportation capabilities for manufacturing distribution and service businesses. RIEDC promotes Rhode Island as a tourism destination and works with local businesses to develop their tourism industry potential. RIEDC services include State sponsored financing, small business assistance, workers training programs, export assistance, real estate inventory, and government contract procurement. In 2014 the name of the agency was changed per Rhode Island General Law § 42-64-1.1 which stated, "the corporation known as the "Rhode Island Economic Development Corporation" shall now be known as the "Rhode Island Commerce Corporation." Whenever in any general law, public law, rule, regulation and/or bylaw, reference is made to the "department of economic development" or the "Rhode Island port authority and economic development corporation", or the "Rhode Island economic development corporation", the reference shall be deemed to refer to and mean the "Rhode Island commerce corporation," which may also be referred to as the "commerce corporation."