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Rhode Island business news: February 2023

The "Superman Building," center, stands in downtown Providence, R.I., on March 27, 2013.Steven Senne/Associated Press

Jan. 9, 2022

R.I. delegation secures $61.7m to support small businesses

PROVIDENCE — Members of the Rhode Island congressional delegation announced Monday they secured $61.7 million in federal funding to promote small business growth and entrepreneurship.

The funds, which are due to legislation supported and passed by U.S. Senators Jack Reed and Sheldon Whitehouse and Congressman David Cicilline, will help connect more small business owners to the capital they need.

Reed’s office said in a news release that the US Treasury approved Rhode Island’s application to receive funds from the State Small Business Credit Initiative (SSBCI) in the latest round of funding.

Reed and Whitehouse voted to set up the original SSBCI program in 2010. The SSBCI investment programs require a ratio of 10 dollars of private capital investment for every dollar of federal funding invested.

“This new pool of small business financing can be leveraged to connect small businesses to additional private capital investment,” said Reed in a statement on Monday. “It will have a positive impact on economic development, helping Main Street businesses, neighborhoods, and communities that need it most.”

SSBCI was first created under President Obama as part of the Small Business Jobs Act. More than $13 million in SSBCI funds were made available to Rhode Island since the program became law.

Jan. 4, 2022

Lifespan, R.I.’s largest hospital owner, taps new CFO

PROVIDENCE — Lifespan Corp., the state’s largest health care system, announced Wednesday it has appointed Peter Markell as its new executive vice president and chief financial officer.

Markell will begin his new role on Jan. 30.

Arthur J. Sampson, Lifespan’s interim president and CEO, said Markell’s appointment was incoming CEO John Fernandez’s “first successes.” Fernandez, who previously worked as the president of Mass Eye and Ear in Boston, is expected to begin at Lifespan sometime this month.

“Peter’s expertise will be an asset to Lifespan’s long- and short-term financial and operational success,” said Sampson. “He brings a strong balance of financial and administrative management to Lifespan.”

Markell previously served as executive vice president of administration and finance, and chief financial officer and treasurer at Mass General Brigham. He started as a leading executive within the system in 1999 and retired in 2021 where he was responsible for financial oversight of $14 billion in operations with $21 billion in assets.

Dec. 21, 2022

Quonset to get piece of $5.1b award from US Navy to General Dynamics Electric Boat

GROTON, Conn. — General Dynamics Electric Boat announced Wednesday that the US Navy awarded the company a $5.1 billion contract to help built the nation’s next-generation class of submarines known as Columbia class.

Electric Boat is the prime contractor on the Columbia program, which will eventually replace the aging Ohio-class ballistic missile submarines, according to a news release.

Electric Boat stations in Groton, Conn.; Quonset Point in North Kingstown, Rhode Island; and Newport News, Virginia are expected to receive portions of the contracted work. The company will be expected to complete the Columbia class of submarines by October 2030.

The Columbia class of the submarines will be the largest ever built by the US at 560 feet long with a displacement of nearly 21,000 tons.

Alexa Gagosz can be reached at alexa.gagosz@globe.com. Follow her on Twitter @alexagagosz and on Instagram @AlexaGagosz.