Proposes $150 Million Ocean Economy Investment Fund
“For too long, Rhode Island has been solving the wrong problem when it comes to our economic development strategy, and it’s driven away large employers and left our people behind. I’m excited to share the final part of my economic plan, centered around my belief in Rhode Island,” said Helena.
“It’s time to lean into what sets Rhode Island apart from other states: our people, our colleges and universities, our world-class food and arts scene, and our 400 miles of coastline and access to the ocean. As governor, I’m going to bet on our people and lean into our strengths, and I’m excited to grow our economy together.”
Part Three of Helena’s Believe in Rhode Island Plan includes:
A Thriving Ocean Economy
- The
Rhode Island Ocean Economy Investment Fund: Helena is proposing a $150
million Ocean Economy Investment Fund, backed by bond financing, to
accelerate port infrastructure, marine-technology facilities, aquaculture
operations, and offshore-wind supply-chain assets. A portion of the fund
will support local fishermen’s cooperatives and infrastructure
improvements, including wastewater treatment facilities needed for seafood
processing operations. And another portion will fund a port-expansion
study that Helena will commission in her first 100 days as governor.
- An
Ocean Economy Ecosystem: Helena will work with industry leaders to
make Rhode Island home to a major ocean economy conference dedicated to
marine technology, aquaculture, fishing, ocean tech, and more. Helena will
also create a single statewide pipeline linking high schools, CCRI, URI,
and union apprenticeship programs to our ports and companies that work in
the ocean economy, so that Rhode Islanders can access the good-paying jobs
in this growing industry.
- Advanced Ocean Technology: One of Rhode Island’s most crucial sectors is advanced ocean technology and manufacturing. Helena will ensure that Rhode Island has a trained workforce, pre-permitted sites for businesses to locate, and a governor willing to listen and move the levers of government to ensure that these ocean tech employers have what they need to succeed.
Expanding Rhode Island Businesses – In Rhode Island
- Create
Jobs Across Rhode Island’s Major Industries: As governor, Helena will
create a business and regulatory climate that addresses barriers to
expansion, encouraging businesses and entrepreneurs to stay and grow in
Rhode Island, sending a clear message that Rhode Island is open for
business.
- Support
a Strong Manufacturing Industry: Helena will set a goal of doubling
the number of manufacturing jobs in Rhode Island, including by investing
in career and technical education, the ocean economy, and factory
modernization.
- Attract
Businesses – and Ensure Accountability: As governor, Helena will
propose the creation of a transparent and enforceable clawback mechanism
for any new economic development incentive agreement the state issues
going forward. We will work hard to bring new, exciting businesses to our
state, while ensuring that Rhode Island gets a good deal.
- Lean on Rhode Island’s Growing Diversity: So much of Rhode Island’s economic growth comes from our diversity and the success of minority-owned businesses. As governor, Helena will highlight the success of these businesses and ensure they have the support they need to succeed. She will also reorganize Rhode Island Commerce so that it actually works for small businesses – including family-owned businesses and sole proprietorships – and provides easy-to-access, culturally competent and bilingual information on business issues like licensing, taxation, and regulations.
The Best State to Start A Business
- Streamline
Starting and Expanding a Business: On Day One as governor, Helena will
direct the Department of Commerce to create a single-portal business
navigator—one number, one website, one human being who will walk you
through permitting, licensing, financing, and workforce connections, from
application to opening day.
- Market
Rhode Island to Tourists – and to Businesses and Entrepreneurs: As
governor, Helena will attract the best marketing talent available to
ensure that we are targeting our efforts and using the most advanced tools
to boost our tourism and hospitality industries in the Ocean State.
- Invest in Main Streets Across the State: Helena will create a fund specifically to invest in the beautification and revitalization of small-town Main Streets across the state, with the goal of bringing people together and bringing them back to downtown parks and businesses.
Read part three of Helena’s Believe in Rhode Island
plan here.
