Projo 7 to 7 News Blog

WARREN -- Federal stimulus aid was felt on Main Street on Monday as Jamiel's Shoe World -- a local business for 72 years -- celebrated that it will stay in business, thanks to a $400,000 loan backed by the Small Business Administration.

Jamiel's, which received its loan from the Cranston-based Coastway Credit Union, is the first business in the state to receive a loan through the stimulus package, which enables the SBA to boost its guarantee on lending to 90-percent.

While a crowd of high-ranking state officials, congressmen, employees and customers cheered, owner Francis Jamiel thanked everyone he could think of. "This has been a very, very difficult time," Jamiel said noting that the last few months were a constant struggle with dwindling inventory, the closure of their Warwick store, and the burden of some past debt.

"We're going to make it," Jamiel said. "Small businesses are how this country got started and are going to be what helps get this country back on track."

The desire to be part of some good business news for the state resulted in a long list of VIPs who crowded into the store which had its front windows all ready to welcome summer customers with displays of sandals and beach balls.

Governor Carcieri and U.S. Sen. Jack Reed, D-R.I., said that more SBA-backed loans are in the works and that other government incentives -- such as the waiving of lending fees -- need to be adopted on a state level so the boost to the local economy continues when some of the federal programs sunset at the end of December.

"Jamiel's is part of the Rhode Island business landscape," said Lt. Gov. Elizabeth Roberts, a long-time supporter of "buy local" programs. "We needed to see this to show that the system can work for family business ... because this is how we're going to rebuild Rhode Island's economy."

Jamiel and Mark S. Hayward, the district director of the U.S. Small Business Administration, had special thanks for Coastway Credit Union. Jamiel said he had been turned down by nearly 10 banks by the time he tried Coastway and Hayward credited the institution for its proven record as stronger supporter of Rhode Island's small businesses.

"They make the process seamless," Hayward said, noting that Coastway is working on other business loans with the SBA. "They have been a fabulous partner and have made a commitment to our small businesses."

 Tags  economy stimulus act Warren

Comments

alison said:

I feel really bad for Jamiels but
stimulus money for a retail store???
How could this happen? It should
go to one of the manufacturers that
are having to close up! This is
totally bizarre. Same thing as
giving it to a Cumberland Farms!
Nuts!

Link | April 29, 2009 2:45 PM
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