WPRO News and the Associated Press
PROVIDENCE, R.I. (AP) – A second company is having trouble after receiving millions of dollars under the same state loan guarantee program used by the now-bankrupt 38 Studios.
WPRI-TV reports that the quasi-public agency that oversees the loan program, Commerce RI, alerted the governor’s office last month that there was not enough money to pay back $2.25 million remaining on the $3.7 million loan received by North Kingstown-based The Corporate Marketplace in 2011.
The company’s CEO tells the station they had trouble last spring after losing two major clients, but things are now better, and they remain profitable.
He doesn’t believe taxpayers will be affected, and he’s working with the bank to restructure the debt.
A spokeswoman for the governor says it’s too early to know whether taxpayers will have to pay.
