Secretary of State Reports 94 East Providence Businesses Opened in 2011

At least 94 new businesses from East Providence opened shop in 2011, according to reports from the Secretary of State’s office, which tracks yearly corporate filings. They included dentists, contractors and restaurants, reads a press release.

"The economy has had a traumatic few years, so let’s be careful about reading too much into this data. The pain isn’t over, but there are signs that things may be turning around,” said Secretary of State A. Ralph Mollis in the release.

Statewide, it appears that Rhode Island's entrepreneurs may be getting more optimistic about the economy’s recovery. For the first time since 2007, the number of new business starts actually increased year-over-year.

But, overall, the growth was modest. Last year, 6,846 new businesses filed with the Secretary of State’s office compared to 6,778 in 2010. As a basis for comparison, there were 7,837 in 2007, according to the release.

“Based on our work with start-ups all year long, we were pretty sure 2011 would be more hopeful. But we were surprised to see such an improvement,” said Mollis.

And for the first time since 2007 there have been three straight years of growth in any business classification.  The number of newly formed limited liability companies (LLCs) rose to 4,202, up 4.8 percent compared to 2010 and 5.5 percent since the streak began in 2009.

There are signs that the economic shake-out is not over, though. In 2011, 6,627 corporate entities disappeared, about seven percent more than 2010 when 6,183 shut their doors. Still, Rhode Island did better than in 2008, when a record 7,071 companies went out of existence.

“The state’s economic troubles have taken a terrible toll on Rhode Islanders. We can only hope the worst is behind us,” said Mollis. 

The secretary of state's office is often the first place Rhode Islanders stop when considering starting a business. The First Stop Business Information Center provides custom packages that make it easier to apply for financing, obtain permits and make contacts at every level government, according to the press release.