A new package of laws meant to spur small business formation and growth in Rhode Island includes a number of provisions that make it easier for companies to operate in the state.
According to the Associated Press, parts of the legislation will allow agencies to review multiple business permits at once. The law also reduces the approval process time-frame for fire alarm and smoke detection plans – a process that used to take up to 90 days – to 15 days.
The legislation also includes a loan guarantee program that will help make credit more available to entrepreneurs and small business owners.
Providence Business News reports the bill also creates a regulatory reform office within the State’s Economic Development Corporation, which will study additional ways lawmakers can make processes more efficient.
The bill is part of an ongoing movement to improve the business environment in a state that has not historically been extremely business-friendly. A recent CNBC study of business conditions ranked the state’s business friendliness in the bottom half of the country, despite a strong rating for its quality of life.