Local
conservatives are trying to deflect blame for their wounded warrior former Gov. Don
Carcieri by
wondering aloud just what current Gov. Linc Chafee has done to rectify the
situation with the loan to 38 Studios that he campaigned against.
Well, he made
sure such a big gamble would never be made again, for one.
In April of 2011 the governor proposed and the EDC board approved a modification to the loan guaranty program capping it at $10 million per project.
“Small
businesses are the backbone of our state’s economy, and providing them with
easier access to working capital is critical to the strengthening of our
economy the creation of new jobs for Rhode Islanders,” Chafee said, according to an EDC press release after the change was
made.
In other words, as he said at Friday’s press
conference, “Never, never. Not on my watch.”
Even Keith Stokes, the former EDC director
who resigned over the 38 Studios debacle, said the change would make the
program more “effective.” According to the same press release, he said:
“By modifying the Job Creation Guaranty
Program to enhance SBA loan guarantees, we can strengthen the program’s effectiveness
and make it possible for private lenders to provide greater access to financing
for small businesses.”
