September 18, 2017
SMITHFIELD, RHODE ISLAND, SEPTEMBER 18, 2017: Cool Air Creations, Inc., a full-service commercial screen printer and embroiderer recently received much needed capital to expand its operations through the Goldman Sachs 10,000 Small Businesses loan program and the Rhode Island Capital Access Program initiated by Rhode Island Capital Corporation.
According to Carol Brennan, Director of Business Development for Rhode Island Capital Corporation, an affiliate of CDC New England and BDC Capital, Cool Air Creations was in need of high end printing equipment to grow its business and was able to take advantage of the low interest rate financing program designed to grow Rhode Island businesses and create additional jobs.
“We have a long and successful history with Cool Air Creations, assisting them in 2009 with SBA 504 financing for the purchase of its Smithfield headquarters, and more recently with a second SBA 504 loan in March of 2017 for further renovations and improvements to this property,” said Ms. Brennan. She continued, “We are honored to play a role in the success of this company and to support the vision of owner, David Campbell, to grow his company into the market leader it is today.”
Cool Air was started by David Campbell from his parent’s garage in 1991 as a t-shirt design business for friends and family. The business has since evolved its offerings to include full-service screen printing and embroidery services, as well as vehicle wrap and graphic capabilities. The Smithfield headquarters has a retail showroom to display the business’s prior designs and capabilities to prospective customers. The customer base also includes many local schools, sports leagues, and small businesses in need of promotional items or apparel. Cool Air has recently taken over the fleet graphics program for a national account based in the New England area.
As part of the 10,000 Small Businesses initiative, Rhode Island Capital Corp. is working across Rhode Island to help qualifying small businesses get the financing they need to grow and create jobs. Business owners are eligible to apply for loans ranging from $50,000 to $500,000 or more if located in Rhode Island and have been in business for a minimum of two years with revenues over $100,000 in the most recent fiscal year. A minimum of two employees is also required.
Goldman Sachs 10,000 Small Businesses is an initiative to unlock the economic growth and job-creation potential of 10,000 small businesses across the United States through greater access to business education, financial capital and business support services. www.gs.com/10ksb
The Rhode Island Capital Access Program is a credit enhancement program designed as a tool for banks and credit unions to attract new small business customers by lending to small businesses that may not meet conventional underwriting standards.
Rhode Island Capital Corp. is an affiliate of BDC Capital, the oldest business development corporation in the United States. BDC Capital has been recognized locally and nationally as a leader and innovator in business lending and capital investment. Over 60 years, BDC Capital has invested more than $1 billion in thousands of companies in New England.