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Boston Globe
07-08-2025
- Business
- Boston Globe
Stefan Pryor to return as R.I. commerce secretary
'While Stefan has not been in the Commerce building for the past [three] years, it would be a mistake to think he hasn't remained deeply connected to its work,' said Karl Wadensten, a Commerce Corporation board member and the CEO of VIBCO Vibrators. 'His fingerprint — his DNA — is economic development.' Get Rhode Map A weekday briefing from veteran Rhode Island reporters, focused on the things that matter most in the Ocean State. Enter Email Sign Up In 2022, Pryor left the Commerce Corporation, the state's economic development agency, to run over the department's contracting practices that circumvented the state's purchasing rules. Advertisement A Globe investigation last year found that the Housing Department under Pryor Pryor did not respond to the Globe's request for comment. Pryor stepped down from his role as housing secretary in July 2024 to become a partner at Palm Venture Studios, a Texas-based venture capital and private equity firm. He was still McKee is reappointing Pryor to oversee the economic development strategy of the state at a time when Rhode Island continues to Advertisement Some in the business community rejoiced over Pryor's return. During his first time as commerce secretary, Pryor 'proved to be a tireless advocate for small businesses across the state — most notably during the height of the pandemic, when he worked around the clock to deliver critical relief programs that helped keep our small business community afloat,' said Rick Simone, the president of the Federal Hill Commerce Association and managing director of the Rhode Island Small Business Coalition, who called Pryor's leadership 'instrumental' in Rhode Island's economic recovery. Laurie White, the president of the Greater Providence Chamber of Commerce, said she looks forward to working with Pryor again to 'improve our business climate.' Pryor replaces Jim Bennett, who was appointed as the interim secretary of 'Commerce has experienced real momentum over the past several years, and we believe this partnership between Stefan Pryor and Jim Bennett will position us to build upon and accelerate our progress,' said McKee in a statement. Bennett replaced Advertisement Pryor previously served as the commissioner of education in Connecticut under former governor Dannel P. Malloy, who had Before his work in Connecticut, Pryor served as the deputy mayor of Newark, N.J., from 2006 to 2011, tasked with overseeing the city's economic development under then-mayor Cory Booker, now a US Senator. Pryor's nomination will need to be confirmed by the Rhode Island state Senate when legislators return to Smith Hill in January. Alexa Gagosz can be reached at
Boston Globe
06-08-2025
- Business
- Boston Globe
Leadership at Rhode Island's top economic development agency is in limbo at a critical moment for the state's economy
Advertisement The next leader of the powerful agency will help shape the Get Rhode Map A weekday briefing from veteran Rhode Island reporters, focused on the things that matter most in the Ocean State. Enter Email Sign Up On Tuesday, Bennett did not attend the Commerce Corporation's board meeting, which was chaired by McKee alongside chief of staff Advertisement Rhode Island Governor Dan McKee, left, seated next to Savage Law Partners attorney Christopher Fragomeni, right, as he chairs a Rhode Island Commerce Corporation board meeting on Aug. 5. Alexa Gagosz McKee has not said whether Bennett will be promoted to lead the agency permanently, or if he's considering bringing back Stefan I. Pryor, the agency's former secretary. If McKee were to appoint Pryor, the move would revive the political career of a longtime public official whose most recent stint in state government Neither Pryor or Bennett responded to the Globe's requests for comment. Pryor previously led the Commerce Corporation under former governor Related : In an interview with the Globe on Tuesday evening, McKee would not discuss the future of Commerce's top leadership role. 'We have nothing finalized, but we are working on just continuing the progress that Commerce has made over the last few years since I've been governor, which is significant,' said McKee. Advertisement When asked about Pryor's future specifically, McKee said, 'I'm not going to get into any particulars in terms of personnel right now.' Karl Wadensten, a Commerce Corporation board member and the CEO of VIBCO Vibrators, said Pryor and Bennett working alongside one another with the rest of the Commerce staff would be a 'dream team.' 'But that team will need to have bold goals and move with urgency,' said Wadensten. 'The stakes are high.' The secretary role isn't the only one left unfulfilled at the agency. Since Commerce's Chief Marketing Officer As companies are evaluating their presence in Rhode Island, and other states are recruiting talent from the state, 'we can't afford to be complacent,' said Wadensten, who said Commerce's role cannot be limited to transactional programs. Commerce 'must be a visible, vocal advocate, forging relationships on Smith Hill and throughout the state to ensure business retention and attraction remain top priorities,' said Wadensten. While Commerce secretary, Pryor was credited with helping broker high-profile development deals, including the planned redevelopment of Advertisement Pryor stepped down from his role as housing secretary in July 2024 to become a partner at Palm Venture Studios, a Texas-based venture capital and private equity firm. He was still McKee appointed Bennett as president and chief operating officer of Rhode Island Commerce in April 2024. At the time, his appointment pulled the former businessman out of retirement. While serving as president of Commerce, Bennett was credited with bringing Canton, Mass.-based From 2011 to 2015, Bennett served as Providence's director of economic development. He also served on the board of directors of the Rhode Island Convention Center Authority on and off from 1995 until he When asked whether Bennett would return to his previous post as Commerce president, McKee said, 'We'll have that in order in terms of how we're going to proceed,' but never directly answered the question. McKee said changes at Commerce could be announced by the end of the week. Alexa Gagosz can be reached at
Yahoo
30-04-2025
- Business
- Yahoo
R.I. Commerce commits nearly $1M to HISTORY Channel deal
A mural designed by James Allen King of Scituate on the interior of dome of the Rhode Island State House depicts Roger Williams and his followers meeting Native Americans. (Photo by Janine L. Weisman/Rhode Island Current) State tourism officials plan to spend nearly $1 million to promote Rhode Island on the HISTORY Channel through next July as the network commemorates the 250th anniversary of the founding of the United States. The Rhode Island Commerce Corporation has partnered with the HISTORY Channel to air commercials promoting the first state to declare independence from Great Britain as part of the networks' 'History Honors 250' campaign. The deal is the network's first with any state, according to the corporation's April 25 announcement. 'You can't tell the story of America without telling the story of Rhode Island,' Gov. Dan McKee said in a statement. 'Showcasing Rhode Island's rich HISTORY through this partnership with the HISTORY Channel not only honors our state's heritage — it drives tourism and strengthens our local economy.' 'History Honors 250' will share Rhode Island's role in American HISTORY through specially produced segments to air on the cable network, along with ads during select prime-time shows. But the Commerce Corporation is keeping hush on what historic moments will be featured in the $965,000 campaign. Spokesperson Matt Touchette said ads were still being developed by a third-party company as of Tuesday afternoon. He declined to name the third party company, saying the terms of the contract are confidential. 'When we're ready to release more details, I'll be sure to let you know,' Touchette said in an email. Meanwhile, in response to an inquiry from Rhode Island Current, McKee's office offered via email: 'The Governor is excited to see the rich history of Rhode Island showcased nationally—including the legacy of Roger Williams and the Burning of the Gaspee.' Rhode Island's partnership with the HISTORY Channel will include themed editorial articles and video content posted online, as well as social media engagement through branded posts and influencer collaborations, Touchette said. The Rhode Island Commerce Corporation will hold a sweepstakes, which the HISTORY Channel will promote on social media platforms such as TikTok, Instagram, and Facebook along with an interactive trivia unit to highlight the state's historic milestones, cultural contributions, and notable figures. The ad campaign is scheduled to kick off May 22 and run through July 5, 2026. 'Rhode Island holds a pivotal role in the rich tapestry of our nation's HISTORY, and we are excited to craft engaging content that not only resonates with audiences today but also inspires future generations,' Niki Mandell, vice president of media solutions at A+E Global Media, HISTORY Channel's parent company, said in a statement. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
Boston Globe
25-04-2025
- Business
- Boston Globe
R.I. senator's bill would require two-thirds majority for Commerce Corp. financing, after tight Tidewater stadium vote
Supporters said that action was needed to keep the project moving forward in the face of Get Rhode Map A weekday briefing from veteran Rhode Island reporters, focused on the things that matter most in the Ocean State. Enter Email Sign Up Earlier this month, the developer Advertisement But Zurier, a Providence Democrat, has introduced In his April 20 district newsletter, Zurier explained his rationale, saying the razor-thin margin of that 2022 vote was an outlier. Over the last four years, the board has voted on 203 resolutions, and the Tidewater Landing vote was the only one that didn't receive at least two-thirds of the vote, he said. Advertisement 'This vote stuck out like a sore thumb,' Zurier told the Globe. 'From an institutional standpoint, it's not ideal. It happened on a divided vote, with the governor breaking a tie and two abstentions. It seemed it might be beneficial that they operate by consensus going forward.' He noted that the project's financing has 'generated significant controversy.' He cited reports that the state originally planned to provide the developer with $27 million in capital from a bond that would generate $37 million in financing costs. When the bond was finally sold, Related : 'I think it was at a minimum an extraordinarily inefficient way to complete the financing,' Zurier said. 'Certainly, there were easier alternatives in terms of a General Assembly expenditure or bond.' He said that during a Senate Finance Committee meeting last year, he asked Commerce Corporation Director Elizabeth M. Tanner if the board could adopt an internal rule requiring a third-thirds supermajority for all major votes. He said she did not think the Commerce Corporation had the authority to make such a rule. Zurier said he disagreed with Tanner's conclusion, but that led him to propose the bill to require a two-thirds vote in the future. He said the proposed legislation 'offers a surgically precise solution to the problems raised by that vote.' Advertisement The bill has been referred to the Senate Commerce Committee, which has held it for further study. When asked for comment on the bill, McKee press secretary Olivia DaRocha said, 'The governor will review the bill if it reaches his desk.' Edward Fitzpatrick can be reached at
Yahoo
07-02-2025
- Business
- Yahoo
R.I. Commerce offers up to $12,500 grants for manufacturing equipment
Rhode Island Commerce is accepting applications through March 24 from local manufacturing companies eligible to receive grants equal to half the $25,000 cost of capital equipment. Rhode Island manufacturers can get reimbursement for up to half the cost of new capital equipment or machinery under a new state program unveiled Thursday. The Manufacturing Equipment Grant Program administered by Rhode Island Commerce Corporation, offers grants reimbursing local manufacturing companies for up to 50% of the costs of new equipment, capped at $12,500 per applicant based on a $25,000 maximum equipment or machinery price. Applications are available online now, with grants awarded based on scores set by a review committee of Commerce employees and industry partners, Matt Touchette, a Commerce spokesperson, said in an email Friday. The program is funded through a $500,000 allocation of general revenue included in the state's fiscal 2025 budget, Touchette said. Recipients must be Rhode Island-based manufacturing companies established on or before Jan. 1, 2021, with 50 or fewer employees and gross receipts less than $5 million in 2023. The program aims to help the state's manufacturing sector remain competitive, recognizing feedback and concerns of local business owners, Rhode Island Commerce Secretary Liz Tanner said in a statement. 'By easing the financial burden of modernization, we are empowering businesses to be competitive, efficient, and innovative — all things that help drive economic growth,' Tanner said. The state's manufacturing sector was responsible for 40,900 jobs in December, a 600-job increase from the prior year, according to the latest monthly jobs report from the Rhode Island Department of Labor and Training. Applications close on Monday, March 24. Correction: The headline on this story has been updated to reflect that grants of up to $12,500 may be awarded through the program. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
