Chafee's 10-point Economic Development PlanLincoln Chafee's 10-point plan will leverage the $125 million Rhode Island Loan Guaranty Fund to maximize job creation while limiting taxpayer risk. As Governor, he will lead the Economic Development Corporation in a prudent, new direction, with a single ultimate goal: to create more high paying jobs in Rhode Island. He will work with the General Assembly and the business community to enact the necessary legislative changes to accomplish job creation objectives for Rhode Island and end the insider deals like 38 Studios that recklessly gamble taxpayer dollars. Lincoln Chafee: Independent for Rhode Island GovernorLC4RI_8eb3703e-eeb2-11df-9066-276d7a64ea2a_8eb371f6-eeb2-11df-9066-276d7a64ea2aTo maximize job creation while limiting taxpayer risk_8eb37318-eeb2-11df-9066-276d7a64ea2aJob CreationEncouraging and rewarding job creationProven SuccessInvesting in management and/or businesses with a proven track record of successDiversification and OpennessLimiting taxpayer risk through diversification and an open and transparent process. Business Plan CompetitionConduct a nationwide business plan competition (similar to a Request for Proposal (RFP) process) that solicits innovative job creation proposals from compelling businesses and entrepreneurs interested in establishing, relocating or expanding their business in Rhode Island. _8eb373d6-eeb2-11df-9066-276d7a64ea2a1_8eb3746c-eeb2-11df-9066-276d7a64ea2aRhode Island CompaniesAggressively recruit Rhode Island companies and local entrepreneurs to participate in the new Rhode Island Loan Guaranty Fund business plan competition._8eb37502-eeb2-11df-9066-276d7a64ea2a2Rhode Island Companies_8eb37598-eeb2-11df-9066-276d7a64ea2aProcessEstablish and conduct an open, public and transparent Rhode Island business plan competition process (while respecting business confidentially concerns), so that taxpayers and other interested stakeholders have confidence in its results._8eb3762e-eeb2-11df-9066-276d7a64ea2a3_8eb376ce-eeb2-11df-9066-276d7a64ea2aDepoliticization and ProfessionalizationDepoliticize and professionalize the jobs plan competition by involving leading organizations such as the Greater Providence, Central Rhode Island, Newport, Blackstone Valley and other area Chambers of Commerce, the state's public and private universities, and other jobs-centric private and public institutions to assist with the business plan competition review and analysis._8eb37778-eeb2-11df-9066-276d7a64ea2a4_8eb37822-eeb2-11df-9066-276d7a64ea2aLoan Guaranty FundExpand the focus of the Rhode Island Loan Guaranty Fund to accelerate job creation by building upon Rhode Island's existing assets, such as (a) medical/health/life sciences investments in the new Knowledge District of Providence, (b) investments in renewable, environmentally friendly technologies - such as green energy investments at Quonset, and (c) businesses that can maximize existing government investment at the new Station District at TF Green Airport in Warwick. _8eb378e0-eeb2-11df-9066-276d7a64ea2a5_8eb3799e-eeb2-11df-9066-276d7a64ea2aRecruitmentSmall businesses and start-ups, especially those with a proven management team or a compelling bankable idea, will be recruited to apply._8eb37a66-eeb2-11df-9066-276d7a64ea2a6Small BusinessesStart-UpsA designated percentage of the Rhode Island Loan Guaranty Fund will be reserved exclusively for promising small businesses._8eb37b2e-eeb2-11df-9066-276d7a64ea2aBenefit MaximizationMaximize the number of companies that can benefit from the Rhode Island Loan Guaranty Fund._8eb37c00-eeb2-11df-9066-276d7a64ea2a7Guarantees would generally be issued for as little as $250,000 up to a maximum of $6.25 million (or amount larger only with sufficiently compelling job creation opportunities). Target loan guaranty support for 50 or more new or existing businesses._8eb37cdc-eeb2-11df-9066-276d7a64ea2aRepresentation and EquityInclude negotiating an appropriate level of representation and possible equity stake and board position in each target company being supported by the guaranty program, in order to monitor the taxpayer investment in each company and to ensure that the State of Rhode Island will share in the reward of its investment guaranty._8eb37db8-eeb2-11df-9066-276d7a64ea2a8_8eb37ea8-eeb2-11df-9066-276d7a64ea2aRisk Allocation[Apply] sound risk-allocation principles._8eb37f8e-eeb2-11df-9066-276d7a64ea2a9Prudent stewardship of the Rhode Island Loan Guaranty Fund requires sound risk-allocation principles. Therefore, to limit risk of taxpayer money, ensure that no single business would be eligible to receive a guaranty in excess of 5% (or $6.25 million) of the Fund, absent compelling business and job creation reasons to exceed that general cap._8eb3807e-eeb2-11df-9066-276d7a64ea2aFemale- and Minority-Owned BusinessesMake a special effort to support female- and minority-owned businesses in the loan guarantee awards._8eb38182-eeb2-11df-9066-276d7a64ea2a10Female-Owned BusinessesMinority-Owned Businesses_8eb3827c-eeb2-11df-9066-276d7a64ea2a2010-11-12http://www.chafeeforgovernor.com/2010/09/chafees_10-poin.phpOwenAmburOwen.Ambur@verizon.net