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Tuesday, January 11, 2022

Magaziner Unveils Plan for Economic Development and Supporting Small Businesses

Draws on his record of achievement in improving the economy

General Treasurer and gubernatorial candidate Seth Magaziner unveiled his plan for economic development in Rhode Island, which includes supporting small businesses, attracting new, innovative industries, improving the business climate, and strengthening workforce training. 


“With the right leadership and priorities, Rhode Island can once again become a center for innovation and entrepreneurship, where everyone can have a chance to achieve the American Dream,” said General Treasurer and gubernatorial candidate Seth Magaziner. 

“My plan for a stronger economy helps small businesses grow and builds on Rhode Island’s many strengths to create good paying jobs in the high growth industries of the future.”  


Treasurer Magaziner’s plan for economic development and growing Rhode Island small business includes:

·         Supporting Small Businesses

o    Create a “one-stop shop” resource center for small businesses

o    Legalize happy hour to help restaurants that have been hit especially hard by the COVID-19 pandemic

o    Direct a larger share of state contracts to diverse businesses, including those owned by minorities, women, and veterans

o    Fund existing community organizations that serve local entrepreneurs credibly and effectively

 ·         Setting the Stage for Innovation 

o    Grow the Blue Economy, Green Economy, and advanced, high-tech industries

o    Assist innovative businesses in high growth industries with access to seed funding

o    Create more “pad-ready” industrial sites and turnkey lab spaces 

o    Encourage out of state companies to relocate to Rhode Island

o    Invest in fast, reliable rail service between Providence and Boston

o    Make affordable, high-speed internet a reality across Rhode Island

 ·         Improving Rhode Island’s Business Climate

o    Provide meaningful tax relief for small businesses

o    Conduct a comprehensive audit of business registration, reporting, and regulatory procedures and cut red tape

o    Use technology to reduce business time and hassle

o    Introduce a “taxpayer advocate” and provide free tax consultations to businesses to help navigate the complexities of the state tax system


·         Strengthening Workforce Training

o    Strengthen and expand Real Jobs Rhode Island

o    Integrate adult education into workforce training

o    Increase apprenticeship opportunities and on-the-job training

Treasurer Magaziner has used his current office in innovative ways to promote economic growth and create jobs in Rhode Island.  

The clean energy finance programs he created at the Rhode Island Infrastructure Bank have injected more than $120 million into alternative energy and energy efficiency projects in the Ocean State, creating nearly 2,000 construction jobs. 

The BankLOCAL program he established has assisted nearly 400 Rhode Island small businesses in obtaining $47 million in loans to expand and hire workers. 

Additionally, at the start of the COVID crisis, Magaziner used the influence of his office to convince local banks to expand their Paycheck Protection Program (PPP) lending and repeatedly fought for exempting PPP loans to protect already-strained businesses from closing and losing more Rhode Island jobs. 

Magaziner’s economic development and small business plan can be found online at  Magaziner is the only candidate in the race to date to release detailed policy plans.  His plans for Education and Workforce Training, Infrastructure and Clean Energy, and Housing are all available at