Cicilline and U.S. Small Business Administration Applaud North Smithfield Small Business

Sep 29, 2011 Issues:
Cicilline and U.S. Small Business Administration Applaud North Smithfield Small Business

NORTH SMITHFIELD, RI – On a recent tour of Wide World of Indoor Sports, U.S. Congressman David Cicilline (D-RI) and U.S. Small Business Administration (SBA) Regional Administrator Jeanne Hulit congratulated owners Stephen Sangermano and Dan Faucet on their success using SBA loans to build the North Smithfield facility, create jobs, and help strengthen the Rhode Island economy.

Wide World of Indoor Sports (WWIS) received a $1.7 million SBA 504 loan and a $654,000 SBA 7(a) loan to build their indoor sports facility, which created approximately 80 full- and part-time jobs. Sangermano and Faucet are preparing to open a second facility in Rhode Island, and Congressman Cicilline and Administrator Hulit met yesterday with the owners to hear how certain provisions of the President’s American Jobs Act would help WWIS create even more jobs in the state.

“We need to get capital in the hands of Rhode Island small businesses, the proven job creators and backbone of our economy. Many provisions in the American Jobs Act when coupled with successful SBA programs, like the 7(a) and 504 loans, will be a welcome shot in the arm for entrepreneurs and existing small businesses seeking to expand and create new jobs. In part, the American Jobs Act would help put more dollars in the pockets of employees and consumers, and help our small businesses recover and grow,” said Congressman Cicilline.

“With the American Jobs Act, we now have powerful, specific proposals that will put America back to work,” said Jeanne A. Hulit, SBA New England Regional Administrator.  “If the act is passed, other small businesses like Wide World Sports will be in a much better position to hire more employees and promote their best workers.”

The American Jobs Act includes provisions to help entrepreneurs and small businesses, like Wide World of Indoor Sports, grow and create new jobs. The Act would provide tax credits for businesses that hire workers who have been unemployed for six months, unemployed veterans, and service-disabled veterans. In addition, the legislation would cut small business payroll taxes in half for the 98% of firms with payrolls of $5 million and below, while also temporarily eliminating employer payroll taxes for small businesses that create jobs. These provisions would help small businesses like Wide World of Indoor Sports hire more workers and boost Rhode Island’s economic recovery.

“With the help of the SBA, we plan to pursue another 504 loan to open a second facility here in Rhode Island, and the tax credits for new employees that would be made available through the American Jobs Act would help us create more jobs,” said Stephen Sangermano, Owner, Wide World of Indoor Sports.

“I would like to thank Stephen and Dan for being visionaries and amazing entrepreneurs, bringing this business to life and creating jobs here in Rhode Island,” said Congressman Cicilline. “Success stories such as this demonstrate why the SBA and access to capital is so important, and why we need to continue fighting for immediate action on the American Jobs Act.”

About Wide World of Indoor Sports

Wide World of Indoor Sports provides a state-of-the-art training facility for all ages and abilities. The 93,000 sq. ft. climate-controlled sports facility has five non-boarded fields with top of the line turf and a mezzanine overlooking all of their fields. The goal of the facility is to provide athletes a place where they can grow to their full potential. Sports offered at the facility include: soccer, lacrosse, flag football, baseball, softball, girls’ field hockey, volleyball, wiffle® ball and more.