PBN September 1, 2023

FINDING HER CENTER

ONE LAST THING

Whelan bringing Wheaton ’full

circle’

BY JAMES BESSETTE | Bessette@PBN.com

WHEN

Michaele Whelan became Wheaton College president in January 2022, it brought the Nortonbased liberal arts college back to its roots in a way.

BY SARAH FRANCIS | Contributing Writer

a late summer morning and the stately brick building that is Shri Studio Inc.’s new home is about to officially open for business.

In new building, TV anchor has built yoga studio into so much more IT’S

A worker tidies the roof. Down below, there are flower beds ready for plantings and the green irrigation system. “The goal is to be self-sustaining,” said Alison Bologna, Shri’s founder and the building’s new owner.

Bologna launched the yoga studio in 2010 in an empty downtown Pawtucket storefront, offering low-cost and free classes to students who didn’t have access to yoga. On Aug. 28, she marked the official grand opening of the new 15,000-square-foot Shri headquarters in the Conant Thread District in Pawtucket.

In Sanskrit, the loose translation of “shri” is bringing light. Based on that guiding principle, Bologna founded Shri Service Corps in 2012. The nonprofit underwrites free yoga outreach programs to many in the Shri community, from adults and

BUSINESS WOMEN

REACHING OUT: Alison Bologna , center, Shri Studio Inc., Shri Service Corps and Shri Bark founder and WJARTV NBC 10 morning news co-anchor, participates in a class in her new yoga studio in Pawtucket. Joining her are Alex Godin, left, of the Life Inc. social service agency in Tiverton, and Michelle Peloquin, of The Arc of Blackstone Valley social service agency in Pawtucket.

The college was first founded in 1839 as a seminary for women by Eliza Baylies Chapin Wheaton, realizing her vision of providing higher education to women. Nearly 80 years later, Wheaton was chartered as a four-year women’s college. Whelan, previously provost and vice president for

SEE WHELAN PAGE 12

PBN PHOTO/MICHAEL SALERNO

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BUSINESS BESTSELLERS

Easy Money: Cryptocurrency, Casino Capitalism, and The Golden Age of Fraud

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2023

We are now accepting applications to our Manufacturing Awards Program.

We are looking for innovative and dedicated organizations and leaders who are committed to delivering high quality products and making manufacturing in the state of Rhode Island stronger.

Now entering its 10th year, the PBN Manufacturing Awards recognizes manufacturers in multiple award categories including Lean Manufacturing, Exporting, Workforce Development, Product Innovation & Design and Supply Chain Management. There is no cost to apply to this program.

FOR STARTERS

5Q: Richard Lisitano

President, Lawrence + Memorial Hospital, which oversees Westerly Hospital

BY PBN STAFF

1As the new leader of Westerly Hospital and Lawrence + Memorial Hospital in Connecticut, what are your top priorities, specifically as it pertains to Westerly?

My top priority is to continue delivering patient-centered, high-quality, safe, world-class care to our patients and the communities we serve. My focus will be on elevating our culture of excellence and emphasizing 200% accountability for our actions. To achieve this, we must evaluate what our communities need from Westerly Hospital and how can we best provide that need.

2It’s no secret hospitals have had their share of financial issues in recent years for a variety of reasons. How would you assess Westerly Hospital’s situation right now?

To meet the needs of our patients, hospitals must make a small profit margin to invest in new technology, attract world-class providers and employ the best staff. Our hospitals started with philanthropic gifts and that support remains an essential component of our financial health. Philanthropy and support from our communities is going to play a vital role going forward.

3How has the COVID-19 pandemic changed the way hospitals operate?

Telehealth is now a big part of access to care. Not only do we use telehealth for routine visits, but we also use it to connect with physicians in other locations. When a stroke patient in

REGIONAL PHILANTHROPIC OPPORTUNITIES

This publication connects top level business executives and their employees to the region’s nonprofit offerings.

Profiles of nonprofit organizations highlight their mission and position them as worthy of support by community leaders who can devote their time, talent and treasure.

In addition to the lasting value of the printed guide, additional distribution includes a digital edition on PBN.com for the year, distribution to all attendees of the AFP-RI National Philanthropy Day Awards in November and emailed to the entire PBN database on Giving Tuesday.

Publish Date: October 27

Reservation Deadline: September 27 Contact

Westerly needs a higher level of care, we can often keep them in Westerly by connecting with our telestroke team in New Haven who “treat” the patient alongside the doctors in the room in Westerly.

4We often hear complaints from health care providers about Medicaid reimbursement rates in Rhode Island and the low rates paid by private insurers. What’s your perspective of this, being the president of hospitals both in Rhode Island and Connecticut?

We agree – Medicaid rates do not cover the actual costs of care. Medicaid pays us 40 cents on the dollar of cost, which is harming the financial stability of health systems around the country.

5Labor shortages have hit every sector in recent years, health care included. How is Westerly weathering that?

Over the past year, we’ve made progress in filling vacancies across all areas of the hospital, but we still have a need for qualified candidates. We’ve established partnerships with colleges and universities in Connecticut to build a pipeline of nurses. We continue to maximize different options, including internships and recruiting student interns after graduation. n

PBN

PHOTO/MICHAEL SALERNO

Philanthropy and support from our communities is going to play a vital role.

DINING OUT | BRUCE NEWBURY

Late nights in Newport

THE “LATE-NIGHT BITE” conjures up images of a night on the town, the top-off to an eventful or memorable evening. At least, that is the image we used to have. Then came the COVID-19 pandemic. Now, three years later, there are signs that we are staying out at night, or at least expecting to eat late at night. Restaurants nationwide are finding willing customers during late-night hours.

On the national restaurant scene, there are stories about how chains, which frequently had to close early during the pandemic and its laborshortage-filled aftermath, are opening longer hours and finding more sales during “late-night hours.”

Scott Kirmil, who along with his wife has become one of the major restaurant owners in Newport, recently discussed his newest venture, Wharf Fishhouse, which took over the space known for many years as Fluke at Bowens Wharf in downtown Newport and is open until midnight.

“Upstairs is focused on Polynesian fare and a tiki approach, which we weren’t sure would go over well,” he said.

He acknowledged that the Newport dining crowd, particularly summer visitors, often are in search of seafood. His question was, will his tropical fare fill the bill? And it did, due in part to the popularity of Hawaiian-style dishes such as plate lunches. The local seafood is still on the menu but with a South Sea Islands twist.

Across the board and industrywide, late-night hours feature higher average checks. From a business standpoint, Kirmil shared some of his philosophy. He has run the space downstairs for several years and post-pandemic morphed the longtime

OPEN LATE: The Wharf Fishhouse, which took over the space formerly occupied by Fluke at Bowens Wharf in downtown Newport, is open until midnight, unlike many other restaurants in the area, according to owner Scott Kirmil.

COURTESY WHARF FISHHOUSE

Wharf venue into Wharf Southern Kitchen and Whiskey Bar, which established itself as a place for creative Southern-influenced cocktails and a menu based on the Kirmils’ travels to places such as New Orleans.

Late night was a valuable part of the day for many restaurant concepts nationwide, particularly those courting younger consumers looking for a bite to eat before or after a night on the town. Events driving that late-night business – concerts, sporting events and the bar scene – were not open during the pandemic.

However, the return of those events did not bring an immediate reopening of late-night business for another reason: labor made it almost impossible. With staffers unavailable for a multitude of reasons and the workforce at an all-time low in 2021 and 2022, restaurants continued to close their doors early.

But many of them are now reopened as more workers are willing to take those late shifts. That has reopened the market. Savvy operators such as Kirmil, who has five concepts going throughout Aquidneck Island, are seeing opportunities.

“We did not want to be just another place in the crowd battling for lunch business,” he said when asked if his seafood place was open for lunch. “Newport has very few places even in season that are open past 9 or 10 o’clock at night.”

Kirmil and all restaurateurs are finding the market is different. The surge in popularity of delivery has opened up new business opportunities many might not have had before. Customers that might have ordered pizza delivery, for instance, are looking for other options. The Easton’s Beach Snack Bar is offering limited catering with its signature lobster rolls by the platter, which are available for pickup with a preorder. n

“Dining Out With Bruce Newbury,” syndicated weekly on radio, can be heard in Rhode Island, Connecticut, Vermont and Indiana. Contact Bruce at bruce@brucenewbury.com.

BUSINESS lNSURANCE DECISIONS SHOULD NOT BE MADE IN THE DARK

‘We did not want to be just another place in the crowd battling for lunch business.’

SCOTT KIRMIL, Wharf Fishhouse owner

FOR STARTERS

Sharing a passion for plants

BY JACQUELYN VOGHEL | Voghel@PBN.com

TUCKED AWAY IN Providence’s West End, the Botanical Bar isn’t a business you typically stumble across. Getting to the speakeasy-style plant store requires some intentionality, with customers needing to buzz in and navigate through the converted mill complex where it resides.

But the business already had demand behind it when it opened its 55 Cromwell St. brick-andmortar space in January, with co-owners Samantha Fontanez and Shalika Shoulders getting started at the Providence Flea.

“It was really just meant for fun, and a way to meet new people and share my plant passion with other people,” Fontanez recalled. “I did not expect it to get the response it did.”

Fontanez and Shoulders lived in Cambridge, Mass., and Brockton, Mass., at the time, and made the drive south to sell at the Flea, which they applied to “on a whim” after seeing a flyer, Fontanez said. As sales took off, both moved to the Ocean State.

“We did come for the plants, but we fell in love with the city for sure,” Fontanez said.

Fontanez and Shoulders also offer interior design and plant maintenance services for individuals and larger clients, such as hotels. And while the business is currently only a bar in name, the co-owners plan to eventually incorporate an actual bar into the business. n

A touch of home décor

Furniture crafted by Indonesian artisans

BY JACQUELYN VOGHEL | Voghel@PBN.com

IN THEIR ANNUAL VISITS to Indonesia, wife and husband Lita and Matt Bondlow were struck by the craftsmanship of handmade furniture in Lita’s home country and how it contrasts the mass-produced products that tend to populate homes in the United States.

This divide sparked their vision for Bali Bungalow LLC, a furniture and home décor business offering products exclusively sourced from small-shop artisans in Indonesia.

Through launching the business, named for the Indonesian island of Bali, the co-owners wanted to promote sustainable living in the U.S. while supporting small-shop artisans and highlighting Indonesian culture.

Bali Bungalow centers around “the craftsmanship of our artisans,” Lita Bondlow said. “They use traditional techniques that have been passed down for generations, and we try to encourage people to choose products well, products that will last a lifetime –not furniture that you throw out every year, or every other year.”

The Bondlows travel to Indonesia each year to visit Lita’s family, and while there, seek out local artisans who meet the business’s style, quality and sustainability standards. They typically work with six to 12 artisans to source their retail

OWNERS: Lita and Matt Bondlow

TYPE OF BUSINESS: Furniture and home décor

stock and facilitate custom commissions for their design and furnishing services.

The concept behind Bali Bungalow became a reality in 2019 when the Bondlows, who were living in New York City at the time, launched the business as an e-commerce store. After moving to Stonington, Conn., during the COVID-19 pandemic, they decided to open their first brick-and-mortar location in the town’s Velvet Mill shopping center, and in late June opened a second location in downtown Providence.

Expanding their retail locations has been a part of their business plan from the beginning, Matt Bondlow said, and while business remains strong at the Stonington location, they wanted to pursue an urban setting for their second storefront.

Providence has been “a really ideal location for us” in several ways, he said.

“We love the culture, the arts, that it’s a college town,” Bondlow continued, “and that you get people

LOCATION: 1326 Westminster St., Providence and 22 Bayview Ave., #8, Stonington, Conn.

from Boston and Newport.”

The location is also commutable from Stonington, Bondlow added, where he and Lita continue to live as they commute between the two storefronts.

In addition to retail and ecommerce sales, Bali Bungalow also provides furniture and design services to commercial businesses such as restaurants and hotels.

These commercial projects comprise around 40% of the business’s revenue, compared with 60% from retail and e-commerce sales, and have so far taken place in other states throughout the U.S. But the co-owners hope to soon enter this market in Rhode Island and said that this side of the business has been growing toward matching retail operations this year.

Going beyond furniture, the business’s décor and home goods selection includes pottery, plates, silverware and fabrics. The range of products shares a common focus on natural materials such as ratan, wood, seagrass and cotton, Lita Bondlow said, and reflects the business’s emphasis on suitable practices.

In another green practice, the business works with One Tree Planted, a Vermont nonprofit, to plant three trees in Indonesia for every chair sold at Bali Bungalow. n

EMPLOYEES: Four

YEAR FOUNDED: 2019

ANNUAL REVENUE: WND

DYNAMIC DUO: Lita and Matt Bondlow are the owners of Bali Bungalow LLC, a furniture store with a focus on Indonesian décor and sustainability. They have two store locations, one in Providence and one in Stonington, Conn.

PBN PHOTO/MICHAEL SALERNO

GROWING DEMAND: Co-owners Samantha Fontanez, left, and Shalika Shoulders had demand behind their plant store, Botanical Bar in Providence, when it opened in January.

PBN PHOTO/RUPERT WHITELEY

What’s the return on trade mission?

BY KATIE CASTELLANI | Castellani@PBN.com

LEADING UP TO HIS FIRST economic trade mission

since taking office, Gov. Daniel J. McKee touted the trip to the Dominican Republic as a chance to boost tourism and business opportunities, but the businesses and officials who joined the trip acknowledge that it might be a long time before they see the benefits.

McKee and representatives from six Rhode Island businesses attended the mission, which took place from Aug. 21-23, and met with buyers and distributors to explore potential opportunities for growth in the Dominican Republic. R.I. Commerce Secretary Elizabeth M. Tanner also traveled with the group.

Rhode Island companies received six “potential orders” from distributors in the Dominican Republic with the potential for more, Tanner and McKee wrote in a joint statement to Providence Business News following the trip.

Edinaldo Tebaldi, who went on the trip as interim director of the John H. Chafee Center for International Business at Bryant University, which supported the mission, told PBN that the full effects of the mission may not be realized for at least a year as busi-

nesses and leaders continue fostering the connections they made.

And poor weather added some difficulties in making those connections.

Merleann Mainelli Poulton embarked on the three-day trip on behalf of her family’s jewelry manufacturing company, Mainelli Tool & Die Inc. in Providence. She described the mission as a “whirlwind.”

When the group arrived in Santo Domingo, it quickly attended a formal networking gala with other businesses and state and international

leaders, Poulton says.

The second day’s schedule included a presentation focused on conducting business in the Dominican Republic and several prescheduled networking meetings. A bulk of the third day of the trip was spent traveling back to Rhode Island, she says.

The networking meetings were meant to be in-person but because of a tropical storm, they were all held through videoconferencing, Poulton says.

Though three of the five companies had to cancel, she says she made valuable connections and learned important lessons about trading with international companies.

James Verity, founder and president of the Providence event and design company Verity Design LLC, also attended the mission and says he was impressed with the quality of the companies he met.

“It was great to build connections and get referrals … for example, if I

want to host an international event, I would need shipping services; now I have more contacts to turn to,” he said.

Neither Verity nor Poulton generated business from the trip, but they say they’re optimistic about the potential of the relationships they formed and would embark on another mission if given the opportunity.

“I would love to do more; it’s a good challenge and great opportunity to go learn something new about a different culture and how businesses are run in different countries,” Poulton said.

The total cost of the trip wasn’t immediately clear.

The travel expenses of McKee and Tanner were covered by the Rhode Island Commodores, a nonprofit that promotes economic development in the state. That group, which has close ties to the R.I. Commerce Corp., says it has not yet received travel receipts but would cover up to $4,500 in combined expenses.

Tebaldi did not specify any figure relating to the cost covered by the Bryant organization. The businesses that attended the mission received grants for export activities from the U.S. Small Business Administration’s State Trade Expansion Program. n

FOR STARTERS | BUSINESS WOMEN

SHRI

children with developmental and intellectual disabilities to veterans, shelter residents, the elderly and people in recovery.

During the COVID-19 pandemic, Shri offered 2,900 free outreach classes. Today, it funds more than 100 monthly yoga classes and, with 40 certified instructors, serves more than 8,500 students annually. Bologna has a goal of doubling that number. An offshoot, Shri Bark healthy snacks, provides funding while feeding 40,000 public school students each month.

Bologna, who grew up in San Diego, discovered yoga’s benefits after she graduated with a master’s degree in journalism from Columbia University. She was living in a small apartment in New York and working as a producer for NBC’s “Dateline.”

“I was desperate for space and there was a studio around the corner with yoga classes. I could move and spread out, and I realized not only was yoga physically challenging but I felt better,” she said.

She also took on another challenge: on-air reporting. There was just one hurdle; she had virtually no experience. But in 2002, WJAR-TV NBC 10, had an opening for reporters. She came to Rhode Island to apply and work for two weeks.

“I’d never done a live shot, but they let me try out,” Bologna said. “I used my vacation time, then went back to New York. Six weeks later, Betty-Jo Greene, the news director, called. She asked if I’d freelance. I said no. She came back and said they’d worked out some numbers.

“I took a pay cut, but I wanted to do reporting, so I moved here for good. I didn’t know anybody and had barely been a reporter. I had two weeks of on-air experience, so I dug in. I figured if I wasn’t any good, I could go back to producing. Then I fell in love with Rhode Island and got very comfortable with the lifestyle,” Bologna said.

After the move to Rhode Island, Bologna was reporting nights, which freed time to take yoga classes. When the studio offered teacher training, she jumped in, leading sessions in commercial studios.

“It was fine,“ she said, “but I always wanted to do something adaptive. My younger sister, who’s disabled, has influenced me my whole life, so I gave it a try. I found cheap space and did the math. I realized I wasn’t going to quit my day job. I never opened Shri to make a living. It’s always been a passion project, always.”

She’d also always wanted to design a building and this combination of opportunities motivated the move to 390 Pine St., Pawtucket, a 15,000-square-foot, two-story structure that once served as the offices of the now-defunct Conant Thread Co. “We’d outgrown three leased spaces,” Bologna said.

After suggestions from Pawtucket Mayor Don-

ald R. Grebien and others, and with funding from the city, R.I. Commerce Corp. and a construction loan from Coastal1 Credit Union, Bologna and her husband, Dave Mongeau, a Boston news videographer, bought the underused 19th-century property for $250,000 in January 2020. “This building called to me. It’s beautiful,” she said.

But within weeks, a massive fire destroyed nearby buildings, then the pandemic and inflation drove renovation costs roughly $700,000 over budget.

Construction finally began in 2022. Working with architect Ed Wojcik and development consultant Pawtucket Central Falls Development Cor p., Bologna hired Stand Corp. in Warwick as the general contractor. All provided valuable advice. Additional funding specific to Shri’s nonprofit space came later from the Champlin Foundation and Centreville Bank Charitable Foundation, which believed in Bologna’s mission. And now the Providence Revolving Fund is involved with the project, which is approaching $4 million.

Step inside and there’s an elegant, bohemian vibe. A salvaged walk-in safe is the studio’s boardroom and a pink neon “Shri” sign announces the space, and the building is shared by Flying Shuttles Studio and a food pantry.

On the second floor, there are eight apartments, five of which are designated as affordable housing and deed restricted. Bologna has referred to the building as a creative, live-work wellness community.

Although she took a four-year detour to report at a Boston TV station, Bologna never moved out of Rhode Island and returned to WJAR-TV in 2010. She now co-anchors the early morning shift. Management and colleagues have been supportive throughout, she says, and the challenges of building a live-work-wellness community reinforced the importance of persistence. It’s been three turbulent years that have paid off, she says.

“There were times it felt overwhelming, but I always made sure the numbers worked,” Bologna said. “I kept reminding myself why we were doing it. I could just feel it was going to happen.” n

NEW HOME: Alison Bologna had always

wanted to both do something adaptive and design a building,

so she jumped at the opportunity to purchase a 15,000-square-foot structure in Pawtucket in January 2020 and turn it into the new home of her yoga studio, Shri Studio Inc., nonprofit Shri Service Corps and healthy snacks producer Shri Bark.

PBN PHOTO/MICHAEL SALERNO

‘It’s always been a passion project, always.’

ALISON BOLOGNA, Shri

Studio Inc., Shri Service Corps and Shri Bark founder

Lots of moving pieces remain for Tidewater

BY CHRISTOPHER ALLEN | Allen@PBN.com

(Editor’s note: A version of this story was first published on PBN.com on Aug. 25.)

The developer behind the $124 million soccer stadium project in Pawtucket has secured the $14.5 million needed to close its financing gap, but there’s still a lot of work and potential snags ahead before the riverfront arena will be ready in 2025.

Mike Raia, spokesman for developer Fortuitous Partners LLC and the soccer team Rhode Island FC, says small groups of workers are returning to the construction site, which has been quiet for weeks since the initial private funding ran out and the city of Pawtucket put public borrowing for the project on hold.

Work crews are preparing for a “more complete reactivation,” Raia said. “We expect our general contractor to have a full ramp-up on-site in the near future.”

Still, there are many pieces for the financing for the 10,000-seat stadium – part of a planned mixedused development called Tidewater Landing – that still need to fall into place.

With the $14.5 million recently secured, Fortuitous Partners now says it has raised the full $50 million it promised in private equity as part of the stadium deal with the state and the city of Pawtucket.

Fortuitous is waiting for Pawtucket to issue $27 million in bonds through the Pawtucket Redevelopment Agency to help pay for the project.

In fact, Fortuitous informed the Pawtucket City Council in a letter on Aug. 7 that the private equity is in escrow and will be available to spend “upon finance and bond closing.”

City and state officials have said they’re ready to move ahead with the bond issue but still have

FINDING FINANCING: The Tidewater Landing stadium project appears to be back on track, but there’s still a lot of work to do before

to market the bond to potential bondholders and secure financing commitments.

The office of Pawtucket Mayor Donald R. Grebien did not answer questions from Providence Business News about Tidewater Landing, its financing and its future.

Beyond the bond issue, the project is set to receive government backing in other ways. To date, the project has secured $10 million in Rebuild RI tax credits and $10 million from the city of Pawtucket, in addition to the $27 million in bonds.

Fortuitous has refused to disclose the private investors for the stadium. They are “a group composed of individuals from inside Rhode Island and beyond … that shares Fortuitous’ vision for the

project and professional soccer,” Raia said.

In response to questions, Raia said that in addition to the private equity, there is also roughly $40 million in private debt “which will be backed by the developer through cash flows from the operations of the stadium activities.”

Meanwhile, Rhode Island FC, the United Soccer League expansion team that is expected to play at Tidewater Landing, is moving ahead with plans to field a team in 2024.

In an Aug. 7 letter, Fortuitous Director of Development Daniel J. Kroeber told the City Council that the team has 19 full-time staff members and planned to hire another 10 before January.

At the same time, General Manager Khano Smith, who is also head coach, has been traveling across North America and Europe scouting players. Rhode Island FC expects to make the first player announcements in the fall.

The team, which plans to open its first season next spring at Bryant University and has executed a minimum 30-year agreement to play in the USL, is leasing office space in downtown Pawtucket and plans to open a team store there, too.

Fortuitous is also looking beyond the stadium at the next phases of Tidewater development. In his letter to the City Council, Kroeber said the developer is working with the city to submit brownfield redevelopment grants from the R.I. Department of Environmental Management that could be used to remedy soil contamination problems on nearby parcels eyed for development.

Kroeber said Fortuitous is also working with city staff members to issue a request for proposals to design infrastructure such as a pedestrian bridge, riverwalk, park and buildings. n

it’s a done deal.

COURTESY FORTUITOUS PARTNERS LLC

FOR STARTERS | WHAT’S HAPPENING

Building new relationships

THE SOUTHERN RHODE ISLAND Chamber of Commerce will hold its First Friday Coffee networking event, hosted by the World War II Foundation Global Education Center. The event will allow local business professionals to meet and build connections with one another. Registration is recommended.

FRIDAY, SEPT 1, 8-9 A.M. $5/members; $10/nonmembers

World War II Foundation Global Education Center, 344 Main St., South Kingstown.

TUESDAY, SEPT. 5, 10 A.M. Free Online.

INFO AND REGISTRATION: tinyurl.com/4avjejk9

Healthy at work

OPPORTUNITY GATHERING: The National Extension Association of Family & Consumer Sciences will hold its 2023 annual session Sept. 11-14 at the R.I. Convention Center.

EDITOR’S CHOICE

NEAFCS to hold 2023 annual session at R.I. Convention Center

THE NATIONAL EXTENSION Association of Family & Consumer Sciences will hold its 2023 annual session, themed “Explore Oceans of Opportunities.” The event will offer attendees opportunities for mentorship, team building and innovative approaches to education, policy, systems and environmental change. Workshops and in-depth sessions will also be offered.

MONDAY, SEPT. 11, THROUGH THURSDAY, SEPT. 14, 8 A.M. $500/members; $650/nonmembers; $400/guests; $325/students

R.I. Convention Center, 1 Sabin St., Providence.

INFO AND REGISTRATION: tinyurl.com/4amu4u49

INFO AND REGISTRATION: tinyurl.com/34vhf9rv

Getting started

THE SOUTH EASTERN Economic Development Corp., along with Rockland Trust, the U.S. Small Business Administration, Massachusetts Small Business Development Center and Score, will hold a workshop in which participants will learn the fundamentals of planning and financing a small business. Attendees will be provided with a free business plan guide and other materials and will be introduced to free and confidential business assistance resources available to them locally and regionally.

THE­GREATER­PROVIDENCEChamber of Commerce will hold its 29th annual Worksite Health Awards Breakfast, hosted by the Crowne Plaza Providence-Warwick. The event will recognize Rhode Island businesses that are improving the quality of life for their employees with demonstrated commitment to healthy workplaces through policy, workplace culture and educational opportunities. Alexandra Drane, CEO of Archangels, will be the keynote speaker.

THURSDAY, SEPT 7, 7:45-9:30 A.M. $30/person; $350/table of eight Crowne Plaza Providence-Warwick, 801 Greenwich Ave., Warwick.

INFO AND REGISTRATION: tinyurl.com/2ze22x32

Interested in having your businessrelated event included in What’s Happening? Contact PBN Special Projects Editor James Bessette at (401) 680-4838 or Bessette@PBN.com.

WELCOMES

PRESENTING SPONSOR

COURTESY R.I. CONVENTION CENTER

Attain your money goals

THE CENTER FOR WOMEN & Enterprise will hold an online workshop titled “Money But Make it Fun.” The workshop is the first of a three-part series designed to help attendees gain financial clarity, save more, spend less of what isn’t serving you and invest intentionally. After attending this series, attendees will have a clear understanding of how to crush your financial goals by the end of the year. Other dates for the series are Sept. 12 and Sept. 14.

THURSDAY, SEPT 7, NOON TO 1 P.M. Free Online.

INFO AND REGISTRATION: tinyurl.com/2p8dx8v2

Have a‘Blast’

SOUTHCOAST COMMUNITY

FOUNDATION will have its 19th annual “Summer’s Last Blast” fundraiser event. The event will feature seafood, hors d’oeuvres, hot-food stations and live music. Proceeds will support the foundation’s efforts in providing financial contributions to local nonprofits.

FRIDAY, SEPT. 8, 5-9 P.M. $175 Weatherlow Farms, 845 Sodom Road, Westport.

INFO AND REGISTR tinyurl.com/3jbs77se

Discussing real estate

THE TRI-TOWN CHAMBER of Commerce will hold a real estate roundtable, with industry professionals discussing current issues within real estate, offering advice and sharing opinions. Individuals who contribute to the sector are encouraged to attend.

WEDNESDAY, SEPT 13, 2-3 P.M. Free Online.

INFO AND REGISTRATION: tinyurl.com/378fbw9u

Help wanted

ONE SOUTHCOAST CHAMBER of Commerce, along with Lafrance Hospitality, MassHire Greater New Bedford Career Center and the Bristol Workforce Board, will hold the SouthCoast Job Fair. The event will allow multiple local job seekers to meet with prospective employers looking to grow their workforces. Professional headshots will be offered for job seekers for free. Job seekers are encouraged to bring their resumes.

THURSDAY, SEPT 14, 9 A.M. TO 2 P.M. Free

Rachel’s Lakeside, 950 State Road, Dartmouth.

INFO AND REGISTRATION: tinyurl.com/ykppwebk

Early‘Fall’

LUCY’S HEARTH will hold its annual “Fall for Lucy’s Hearth.” The nonprofit’s signature fundraiser will help increase funding and support for one of Rhode Island’s only family homeless shelters.

THURSDAY, SEPT. 14, 6-9 P.M. $135/person; $250/couple Wyndham Newport Hotel, 240 Aquidneck Ave., Middletown.

INFO AND REGISTRATION: tinyurl.com/2x22wws9

Mayoral chat

THE TAUNTON AREA Chamber of Commerce will hold a discussion with Taunton Mayor Shaunna O’Connell. The conversation will offer an update on all things related to the city, as well as provide attendees a chance to ask the mayor questions.

TUESDAY, SEPT 19, 10 A.M. Free/members; $10/nonmembers Online.

INFO AND REGISTRATION: tinyurl.com/45u6z5ut

Economy update

THE­GREATER­NEWPORT Chamber of Commerce will hold an Economic Outlook Luncheon, hosted by Wyndham Newport Atlantic Resort.

like. Curtis Dubay, a chief economist for the U.S. Chamber of Commerce, will be the keynote speaker.

WEDNESDAY, SEPT. 20, NOON TO 1:30 P.M. $50/members; $60/nonmembers

Wyndham Newport Atlantic Resort, 240 Aquidneck Ave., Middletown.

INFO AND REGISTRATION: tinyurl.com/28vsj6p5

Let’s eat!

THE 18TH ANNUAL Blount Fine Foods Corp. New Bedford Seaport Chowder Festival will feature delicacies from local restaurants. Attendees will have a chance to vote for their favorite caterers and eateries. The event will have live entertainment.

SATURDAY, SEPT 30, 11 A.M. TO 5 P.M. $15/adults; $5/children ages 6-12; Free/children ages 5 and younger City Pier 3, 51 MacArthur Drive, New Bedford.

INFO AND REGISTRATION: tinyurl.com/mrxmu29u

UPCOMING PBN EVENT:

The 2023 Business of Cannabis Summit will be held on Thursday, Sept. 7, from 9-11 a.m. at the Providence Marriott. For more information, visit PBN.com. For sponsorship opportunities, contact Advertising@PBN.com.

NEW GUARD

WHELAN

CONTINUED FROM PAGE 1

academic affairs at Boston-based Emerson College, feels Wheaton having women leadership once again brings the college full circle.

Even though a woman established Wheaton, Whelan – who succeeded Dennis M. Hanno – is just the third woman president to lead the college in its history. She is Wheaton’s first woman president since the late Dale Rogers Marshall led the college from 1992 through 2004.

With that status, Whelan hopes to serve as a role model for young women at the college.

“I’ve been fortunate enough to have wonderful mentors at Brandeis [University] and Emerson College with the presidents there,” Whelan said. “They have been very encouraging [of me].”

There have been challenges. Whelan took the presidency at a time when the college – and the world – was just escaping the grip of COVID-19 and was still dealing with some of the aftereffects. And the college is bucking the trend of declining enrollment among other liberal arts institutions nationwide, but Wheaton has been grappling with its own financial crisis. Whelan’s administration must develop strategies to claw the college back into the black.

What attracted you to Wheaton College and wanting to become its next president?

I think [the college’s] reputation for excellence and also the community. My sense is that Wheaton has been very successful at transforming students’ lives by challenging themselves to reach higher ... than they had imagined, and to provide that support to achieve their success.

In the college’s nearly 200-year history, you are the third female president to lead Wheaton. What does that mean both for you and for the institution?

I think many of the alums are very excited about that. It’s coming full circle in that it makes sense for Wheaton [having a woman president].

We know some women have shied away from the role of president [and] the full span of responsibility. We know women often need more experience or double or triple the experience that men have before venturing to that next level. I hope to be a role model for young women at the college.

While you were provost at Emerson, you championed increasing academic and inclusive excellence and equity. How will you continue former President Dennis M. Hanno’s push for more diversity, equity and inclusion?

I think inclusive excellence is foundational for our strategic plan and our priorities. We all know the more diverse the students, the better the learning environment. Twenty-five percent of our incoming class are students of color. When you add global students, you get more diversity. I attended the inauguration of Ronald A. Crutcher as president of Wheaton [in 2004] and I was so impressed by him and his achievements. One of the first things I did was donate $10,000 to his scholarship for incoming students of color who are extremely high achieving but have need. Wheaton has been really successful for the last 12 years in keeping the net price for the lowest-income students really flat. That’s important and we meet about 94% of

students’ [financial] needs.

Is Wheaton introducing new diversity and equity initiatives?

We have institutions, an intercultural center and a social justice center, but they reported to different people [on campus]. One thing I did when I arrived is [I] decided to move all of those structures under the new associate vice president of institutional equity and belonging [Luis F. Paredes] and have [Paredes] report to me. In a way, it’s signifying the importance of this effort because it’s reporting up to the president and now that person has direct reports and [the changes] create more synergy about what we’re doing. They have been working on anti-racism plans for the last two years in all academic and administrative departments, as well.

Wheaton, according to the national education research organization College Transitions, allows admissions based on legacy status. Does Wheaton plan to make changes to that policy?

Wheaton defines “legacy” very differently. It is more of a “Wheaton connection.” What that means is it’s not just a parent or grandparent. It could be an aunt, uncle or cousin. It could be your Scout leader. It is more of what is the impact on your life that this person who is a “Wheatie” has had. So, it’s not really “legacy.”

How is Wheaton rebounding from the COVID-19 pandemic? Are there some areas on campus still reeling from the health crisis?

We’re doing really well. Wheaton was doing a lot of in-person learning, so it wasn’t as if the pandemic made everyone do online learning the entire time, so teaching and learning was the priority. The biggest adjustment was for students who may have missed some developmental milestones before getting to college. They missed a prom or performing in theaters or being on teams. Regarding mental health, our counseling center is fully staffed, which is not the case everywhere,

CONTINUES ON PAGE 14

FACULTY DISCUSSION:

Wheaton College President Michaele Whelan, second from left, meets with faculty members.

Pictured from left are Francisco Fernández de Alba, associate provost for academic administration and faculty affairs and the A. Howard Meneely professor of Hispanic studies; Whelan; Majay Charley, senior assistant director of admission and coordinator of diversity and access initiatives; Darnell Parker, vice president for student affairs and dean of students; and Wanda Suriel, director of admission.

PBN PHOTO/TRACY JENKINS

If we do a comprehensive campaign, the No. 1 priority is scholarships.

Rise W en’s Lead ship C f ence

Thursday, September 28th, 2023

Our Seat at all Tables

PURCHASE TICKETS TO THE ANNUAL EVENT, SPONSORING THE RISE EVENT OR PURCHASE AN ORGANIZATIONAL MEMBERSHIP!

NEW GUARD

CONTINUED FROM PAGE 12

and [we also have] additional telehealth capacity. That gives students more choices [to receive assistance].

Has the college begun to put a bigger priority on mental health for both students and faculty on campus in the wake of the pandemic?

This generation of students is not shy about indicating they’re having mental health challenges. That’s a positive. Now, it’s how you meet that need. We also heard students wanted more diversity in terms of counselors and were somewhat hesitant to go to the [health services] center, which is why we added telehealth. We’re trying to be really responsive to students’ needs.

Over the last few years, enrollment at liberal arts colleges nationwide has decreased. How has Wheaton managed to keep its enrollment relatively stable?

Wheaton’s enrollment has really increased 4.9% from 2011 to 2021, and we’re on track to having the largest incoming class in our history, about 540 new students. We have an amazingly creative faculty, and also the Wheaton education … combines rigor with practical experiences. We have a new nursing program, with the first class coming in [next] year. We also have two new majors, one in design and another one in criminal justice. It’s all about new majors and innovation.

In August 2022, Wheaton’s credit rating was cut by Moody’s Investors Services to Baa2, two steps above junk, citing challenges in increasing tuition revenue. The college also had $84 million in debt as of the 2021 fiscal year. Has Wheaton weathered that storm? If so, how did the college improve its financial situation?

We were downgraded, but the outlook was also upgraded to “stable.” Basically, Moody’s noted the college is well-positioned to face these challenges because of our enrollment history and growth due to our favorable wealth and liquidity cushion. We also have a strong history of donor support. There’s no doubt we have to address the debt. So, we’ll have to focus more on addressing deferred maintenance, which is something many colleges deal with. We have about 400 acres and 80 buildings [on campus]. Many of them are historic and have needs to accompany that beauty and history. It’s more of we’re not going to build new buildings, so how are we going to improve the buildings we have and ensure we’re creating spaces that are flexible and sustainable. Also, colleges have a few income sources. One is growth – i.e. tuition – the other is grants, and the third is through donors and philanthropy. I expect we will be in campaign mode very soon. We would do a comprehensive campaign, as there has been a lot of discussion about that. When that will launch will depend on the board.

There are concerns about high tuition costs nationwide, and the debate over student loan debt forgiveness is still unsettled. How is Wheaton striking

that balance in improving its financial status while also trying to keep the college affordable?

If we do a comprehensive campaign, the No. 1 priority is scholarships. We try to manage these funds with the goal of addressing income disparities and trying to assure access [to college]. Since 2000, more than 250 students have won a Fulbright or a Rhodes or Watson and other prestigious scholarships. We help students secure those scholarships and help them get to graduate school. We also fund internships. We have a great financial aid office [that] is extremely dedicated to helping students.

How has Wheaton’s “Compass Curriculum” helped create pathways for students to seamlessly enter the local workforce? How many students approximately have found local employment through this curriculum?

The Compass Curriculum gives all of our students agency to explore their interests. They can combine majors [and] minors without dealing with requirements. We also have what we call “LEAPS,” the Liberal Education and Professional Success [an interdisciplinary program that combines classes, experiential learning

and mentorship to prepare students for careers]. We have programs, such as “Semester in the City,” where they go to Boston for a semester. We have a program in Providence in the summer, the John and Kendra Malloy Social Venture. It provides experiential learning opportunities for students. Students come out having theory and practice, and they have a resume. Ninety-five percent of our students are placed [in jobs or graduate programs] within six months of graduation.

Karen McCormack recently became Wheaton’s interim provost. In what ways will both you and Karen put your stamp on educational offerings at Wheaton?

There will be two new majors that will be offered next year, one in marketing and the other in digital communications. We’re working on a fourplus-one master’s degree. In other words, you can apply [for the program] in your junior year and in your senior year, you will have some classes that will count for both your undergraduate and graduate [degrees]. In one year, you’ll be able to finish that master’s degree, so it saves you a year’s worth of tuition at someplace else.

What is your hope and vision for the 20232024 academic year?

Our goal is to create [a] community so students have a sense of belonging on this campus. Any student who comes to us – wherever they’re coming from in the country and world – should feel that they found a home here. They can explore and thrive intellectually. We’ll also be starting new athletic teams here in men’s and women’s water polo and fencing. That’s the first time in 25 years we’re adding athletic programs. We’re also adding men’s volleyball. We’re actively recruiting for those teams, and that just adds another point of excitement. n

This generation of students is not shy about indicating they’re having mental health challenges. ... Now, it’s how you meet that need.

WHEATON PRIDE: Wheaton College President Michaele Whelan, sitting at the end of the table, discusses a Pride-themed college T-shirt with some students. Clockwise from furthest left: Olivia Deschenes, Class of 2025; Sarocha Wongwatanawisut, Class of 2025; Whelan; Courtney Kass, Class of 2026; and Eleanor Cerra, Class of 2024.

PBN PHOTO/TRACY JENKINS

Trying new recipe for success

BY CHRISTOPHER ALLEN | Allen@PBN.com

(Editor’s note: This is the 37th installment in a monthly series speaking with minority business owners and leaders. Each will be asked their views on minoritybusiness conditions in the state and for ways to improve those businesses’ chances for success.)

THE RESTAURANT INDUSTRY is known to be an unforgiving place to start a business, but for Edy Cruz, the benefits were worth the risk.

Cruz recently opened El Anafe Restaurant on Manton Avenue in Providence, an eatery with a menu full of food from his native Dominican Republic.

“I get to be independent and find my own solutions to keeping people happy rather than having to reach to the higher power for change,” Cruz said. In addition, the restaurant is a way “to serve my community and be there for them in any way or form,” he said.

A ribbon-cutting ceremony in July was attended by state and city officials, including Mayor Brett P. Smiley.

The restaurant is located at a property owned by a relative, Gregorio Cruz, who operates Navarette Tire and Repair in the same building and is in the process of getting city approval to open a reception hall in the building, too.

Upon entering El Anafe – which means “portable stove” in Spanish – it’s not only the smells of traditional Dominican cooking that hit the senses but the visual panorama of local artist Leodin Batista Quezada, who painted a collection of interior murals. One of them depicts a small plane flying over and away from a Caribbean beach. The tabletops are also adorned with paintings inspired by the Dominican Republic.

Cruz emigrated from the Caribbean nation in 1992, arriving in Providence and joined the large Dominican community, which makes up about 20% of the city’s population.

He credits his wife, Zuleyka Gardinet, with having all the culinary creativity in the partnership, providing the traditional Dominican recipes she has been using for years.

El Anafe serves traditional homemade Dominican cuisine, a mixture of Caribbean, Spanish and African flavors, and often using indigenous cooking methods. Rice with beans or seasoned chicken stew are “fan favorites,” Cruz said.

We find that minorities are passionate about our restaurant.

to put smiles on people’s faces.”

Part of his motivation was achieving a dream unrealized by Cruz’s parents. Cruz says they wanted to open a place of their own but never made it.

“I always wanted to be a restaurant owner,” he said, “and do it for my parents who couldn’t.”

While Cruz hopes to attract a cross-section of customers, there is already a well-established market for traditional Latin cuisine. In Providence, Latinos make up almost half of the city’s popula-

tion, according to the U.S. Census Bureau. And half of those emigrated from or trace ancestry to the Dominican.

For now, Cruz is concentrating on what’s on his plate. But he hasn’t ruled out future expansion, such as a food truck or a new restaurant nearer to his home off Broad Street.

“We are focusing for now on making [El Anafe] the best it can be. Then we can focus on creating more restaurants,” he said.

EDY CRUZ

“It’s beautiful when customers feel like they’re right at home,” he said.

Cruz has relied on some private investors and family for financial backing, along with his own savings, to get up and running, and he would someday like to add a liquor license so customers can pair a beer with their Cuban sandwich or shrimp and creole sauce.

On the road to opening, Cruz struggled to navigate the city bureaucracy more than he had anticipated. Depending on the business type, restaurateurs may need to secure up to a dozen permits, registrations, fees and tax payments, all before serving a single customer.

A non-native English speaker, Cruz says there was somewhat of a language barrier. To ease the process of getting into business, he says City Hall should dedicate more resources and translators to help immigrants understand and file the necessary paperwork.

“It has been a challenging journey,” he said. “But I came out stronger than ever. And now I get

1

Do you believe racism is keeping minorities from starting businesses in the Ocean State or succeeding when they do?

It is oftentimes helpful to minorities to see someone like them owning a restaurant and having the confidence to do what they do. Historically, banks have not lent to minorities and governments have not supported their openings. For us to be successful, we hope our community and city will support us. Outsiders frequently open businesses without understanding our culture and profit from our food and history, which hurts the community and contributes to the gentrification of Providence. This has a negative effect on the people who made Providence the beautiful and vibrant city it has become.

2

How dependent is your business on the support of other minority groups? Is that a sustainable business model?

I’ve gotten good support from minority groups. Yes, it is a sustainable business because it is a service for the community. We find that minorities are passionate about our restaurant and the effort we put into the space and food. Through word of mouth, more and more people will come to our restaurant.

3

What one thing could Rhode Island do to boost the odds for minority-owned business success?

Having more flexibility on the permitting so it can

feel like people have a chance to open a small business. And more loans should be available for people who need them. I believe that the government can also do a better job at giving grants to minorities who are starting businesses and give them resources such as panels, information sessions and pathways to permits.

4

Have you had to turn somewhere other than a bank for a loan? Do you believe the state’s lending institutions generally treat minorities fairly?

I was not able to get a loan because of how small my business is. I had to start from the bottom up. I have had to find outside investors and save a lot of money for this business. I think lending institutions are haunted by the history of discrimination and exclusion that has hurt people of color to this day.

5

If another minority entrepreneur asked you where they could turn for support for their business, where would you direct them?

In order to grow a business, you have to first understand and interpret what kind of business you enjoy, do your own research, and seek knowledge about how to run a business. I am still learning. My advice would be to shape the community’s needs and to understand their dreams in order to integrate them into your business. n

El Anafe Restaurant proprietor

AT YOUR SERVICE: Edy Cruz, third from the right, and his wife, Zuleyka Gardinet, second from right, mingle with customers at Cruz’s restaurant El Anafe on Manton Avenue in Providence. From left are server Eva Baaz, Edgar Schultz, Cruz, Gardinet and Alba Martinez.

PBN PHOTO/MICHAEL SALERNO

1. 2023 Leaders & Achievers honorees celebrate at Aldrich Mansion.

2. University of Rhode Island honoree Barbara Wolfe (far left) and URI Research Foundation honoree Christian Cowan (second from the right) with colleagues and fellow alumni.

3. Honoree Karina Wood, Goldman Sachs 10,000 Small Businesses at CCRI.

4. Rhode Island College honoree Marianne Raimondo (center) with colleagues.

5. Honoree Sarah Dinklage (center), Rhode Island Student Assistance Services/Coastline EAP.

6. Honoree Crista Durand, president and CEO of Newport Hospital (center with flowers), with fellow Lifespan employees.

7. Honoree Virginia Roberts, Webster Bank (center), with colleagues.

8. Carelink and Healthcentrics Advisors guests celebrate their honorees Christine Gadbois (second from left) and Marguerite McLaughlin.

9. Honoree Jean Harrington (middle) with Duffy & Sweeney colleagues.

10. Honoree Christopher Graham, Locke Lord (far right), with family and friends.

11. Honoree Ross Nelson, Cox Communications.

12. Job Club RI team with honoree Stephen Colella (third from the right).

Why We Need More Inclusive Health Plan Benefits

of executives say inclusive health care benefits are very important

At Point32Health, we believe all people should have access to high-quality health care, no matter their race, age, sexual orientation, socioeconomic status or level of ability. Equity and inclusivity are ingrained in our heritage. It’s in our 90 years of combined service to the New England communities through our health plans, Harvard Pilgrim Health Care and Tufts Health Plan, and our local partnerships and programs.

That’s why in association with the Harvard Business Review Analytic Services , we sought out to answer our question: what truly constitutes an inclusive benefits package? And not just in data points, but in real-world applications for employers and employees. We aimed to find out what each group identifies as inclusive benefits, and which benefits they view as most important.

The research confirmed our experience that today’s workforce is increasingly diverse. And while many traditional benefit plans are built on the concept of life stages such as marriage, building a family and retirement, it’s becoming more common for employees to choose different life paths. Nontraditional households, including single parents, LGBTQ+ parents, the sandwich generation and grandparents raising grandchildren, are redefining family.

of executives say higher retention is the desired outcome of inclusive health care benefits

of executives say their organization is increasing their inclusive benefits

With these dynamics at play, broadening the range of family-friendly health benefits provided through employers makes good business sense. Through collaboration and innovation, we work closely with and listen to diverse member populations, employers and broker partners to identify specific needs and break down barriers to equitable care.

In a time when employees face caregiving and family responsibilities and economic uncertainty, inclusive, personalized and culturally competent benefits are more important than ever. And we’re proud to be able to deliver these benefits, helping more people navigate to better health.

In August, the U.S. Center for Medicaid and CHIP Services notified state Medicaid Director Kristin Sousa that it “has concerns [that long wait times are] impeding equitable access to assistance.”

In addition to wait times, Rhode Island was one of only five states that didn’t meet federal targets in categories such as the percentage of callers who hung up while waiting (21%) and the percentage of cases that took more than 45 days to process (12%).

Beardsworth says the R.I. Department of Human Services has added the ability to automatically call back people who can’t wait on the phone to reduce call times, and the state is providing a new round of $100,000 mini grants to support community groups engaged in renewal work.

About half of Medicaid recipients are expected to be automatically enrolled.

“We are pleased with the progress being made through the first five months but know there is still a lot of work that remains,” Beardsworth said.

‘Turbulent time’ for those up for Medicaid renewal

BY CHRISTOPHER

staff at Thundermist Health Center has been bracing for a flood of work this year, and that flood has now arrived.

The center, a community health care provider serving people in Woonsocket, West Warwick and southern Rhode Island communities, estimates most of its 50,000 patients will have to undergo a Medicaid renewal process that had been suspended during the height of the COVID-19 pandemic.

That means many will be declared ineligible for Medicaid assistance.

The nonprofit hired 20 additional “navigators” – people who work with patients to determine their Medicaid eligibility and find other insurance coverage – to help deal with the onslaught of calls for help, according to Elizabeth Lynch, Thundermist’s associate vice president of behavioral health and social services.

The average help session takes well over an hour, Lynch says.

“We are trying to keep this in the forefront of everyone’s mind over how significant this is,” Lynch said. “And we are bracing ourselves for this to get increasingly more difficult. It can be very complicated. These will be turbulent times over the next few months.”

Turbulent indeed. The federally mandated effort to restart Medicaid renewals

began in April and is expected to take a year, affecting a Medicaid program that has expenditures comprising close to onethird of the state budget and reached $1.2 billion in state spending in 2022.

So far, about 7,000 Rhode Island residents have been removed from Medicaid. State officials estimate up to 40,000 – about 11% of Medicaid recipients – will be cut off and must find an alternative.

In a perfect world, Lynch says, information would flow freely between clients, state agencies and community providers to help with finding coverage. But this is not always the case.

“It is hard to do. Part of the reason these people are on the list of ‘redeterminations’ is because [organizations and agencies] haven’t been able to get through to them to tell them they are getting cut off,” she said. “We are dialing in to try and reach out to them. Or catch them at the point they are coming into the offices.”

According to the online database managed by the R.I. Executive Office of Health and Human Ser vices, the number of people enrolled in Medicaid stood at 372,121 in July.

The state has struggled to stay within federal mandates on things such as call wait times, which are now approximately 54 minutes, according to agency spokesperson James Beardsworth.

ROUNDTABLE: Neighborhood Health Plan of Rhode Island CEO and President Peter Marino, center, meets with staff at the health insurer’s Smithfield headquarters.

Neighborhood Health Plan of Rhode Island began an awareness campaign in October 2022 and still receives monthly eligibility data to identify high-risk customers. CEO and President Peter Marino says Neighborhood Health is reaching out to about 500 members monthly and has sent out more than 70,000 letters.

Marino acknowledges there has been some “frustration and confusion” among customers but says the automatic Medicaid renewal during the pandemic saved lives while preventing states from financially “being left holding the bag.”

“We always talk about people who are Monday morning quarterbacks. I think it was a good strategy to use Medicaid as a tool to help ensure people have coverage,” he said. “With all the bumps and bruises along the way, it’s done its job.”

Healthsource RI, the state health insurance exchange, has been a helpful backstop, some say. Six out of seven people who use the exchange receive financial assistance such as federal tax credits, according to the exchange. That assistance brings the average monthly cost of health insurance to $110; 31% of Healthsource RI users pay less than $20 a month.

But overall costs continue to climb. Partially subsidized plans can include thousands of dollars in deductibles and monthly premiums of up to $500.

The state commissioner approved an 8% rate increase for Neighborhood Health in 2023, and the insurer is again asking for another increase of 4.4% for individual plans and 9.5% for group plans.

Meanwhile, the Medicaid marathon at Thundermist continues. On a recent day, the nonprofit received from Neighborhood Health a list of 400 patients at risk of losing coverage.

“You worry most about the most vulnerable people,” Lynch said. “It’s your patient who is disenfranchised or moves around a lot. Those outside of the system. And often, these are the sickest patients.” n

PBN PHOTO/MICHAEL SALERNO

‘We are pleased with the progress.’

JAMES BEARDSWORTH, R.I. Executive Office of Health and Human Services spokesperson

ALLEN | Allen@PBN.com

It's strictly a matter of pride. At Hilb, there isn't a challenge we haven't seen or a problem we haven't solved. So naturally, when we expanded throughout New England, we recruited only the best agencies in insurance, benefits, retirement and HR. Their unwavering commitment to professionalism, excellence and performance validates our decision and ensures your satisfaction. Call it the Hilb Way - and never settle for anything less.

Cost of coverage grows for cannabis businesses

BY JACQUELYN VOGHEL | Voghel@PBN.com

SINCE KICKING OFF recreational sales in late 2022, Rhode Island’s cannabis industry has undergone sweeping changes this year, with seven recreational dispensaries currently operating in the Ocean State and, after extensive delays, a Cannabis Control Commission now overseeing the burgeoning industry.

But one thing that hasn’t changed, business owners say, is the high costs and extensive efforts needed to meet insurance requirements.

Joseph Pakuris, CEO of Mother Earth Wellness Inc. in Pawtucket, has seen this divide between obtaining insurance coverage for a cannabis business and getting coverage for other types of business. Compared with Pakuris’ remodeling business, Kitchen & Countertop Center of New England LLC, insurance rates for Mother Earth are about double, he says.

Under Rhode Island law, companies in the cannabis sector, including dispensaries, cultivators and manufacturers, must meet the same insurance standards as any other business. But for cannabis businesses across the sector, checking off these boxes means spending a lot more money.

“Nothing’s really changed since [cannabis] has been legalized recreationally,” Pakuris said, with many insurers

Partridge Snow & Hahn provides counsel to a wide variety of organizations including life, property, and casualty insurers; workers’ compensation insurers; nonprofit hospital service corporations; reinsurers; health maintenance organizations; insurance agencies; individual producers; and insurance services companies. We also represent buyers and sellers in insurance agency mergers and acquisitions.

PLAN AHEAD: When it comes to cannabis businesses working with insurance companies, Joseph Pakuris, CEO of Mother Earth Wellness Inc. in Pawtucket, says it requires more time, resources and advanced planning than other businesses. PBN PHOTO/MICHAEL SALERNO

still hesitant to work within a newer sector and in an industry selling a product that remains illegal to sell and possess at the federal level.

For cannabis businesses, working with insurance companies also requires more time, resources and advanced planning, Pakuris says.

“My insurance agent had to shop quite extensively for the right company to fit our business model,” Pakuris said. “When we applied, there were only about five companies that would write the policy …. and all were specialized cannabis insurance companies.”

Businesses are also seeing their insurances increase with inflation – a trend that isn’t unique to the cannabis industry but compounds the already-elevated rates.

While Aquidneck Harvest Co. LLC, a Warwick cannabis processing facility, didn’t have major issues obtaining insurance, “rates have gone up pretty substantially since we first went active in September of 2020,” said CEO Timothy Ryan.

The business just renewed its insurance policy in August, and “it’s probably gone up at least five times from last year,” Ryan said.

Echoing Pakuris, he estimated that if Aquidneck “were in any other industry, we’d probably be paying half of what we’re paying now” in insurance premiums.

While not all business owners are feeling relief, some insurers say they’re noticing a difference brought on by in-state recreational cannabis legalization. That includes Donna Dalton of The Insurance Center Inc. in Warwick, which provided brokerage services to Aquidneck Harvest.

As recreational use becomes more commonplace, Dalton says, more insurers have identified the sector as a growth area and are expanding the types of cannabis businesses they’ll work with, with their clients ranging from dispensaries to cultivators, manufacturers and growers.

“We have a market for just about anything now, whereas maybe three or four years ago, we didn’t,” Dalton said. At that time, more insurers limited their cannabis clientele to growers.

“We have come to a point where now, insurance companies know what’s needed and are ready for it,” she said. “I know our agency can write anything in that arena.”

Dalton projects that insurance rates will continue to increase for cannabis businesses but that this trend will extend broadly across industries.

And while rates could run higher than other common types of insurance, Dalton says, she wouldn’t describe the difference as astronomical.

“Is it high compared to car insurance? Yes, it may be a little higher,” Dalton said. “But business insurance, anything commercial is high.”

Multiple factors drive up these rates, Dalton says, such as increased risks stemming from product liability or theft. But observers have mixed thoughts on how strongly federal illegality influences a higher price tag

for insurance.

Dalton, for instance, doesn’t harbor anxiety over this legal status.

“As long as [the business] is legal in the state of Rhode Island, and the state they’re selling and manufacturing in … we’re good so far,” she said.

James Whitcomb, CEO of Connecticut-based Frontier Risk Group, also says he doesn’t see cannabis’s federal classification as a major impact on insurance prices. The company, founded in 2022, provides brokerage services and risk management solutions geared specifically toward cannabis businesses.

Federal illegality “isn’t really the driving reason a lot of insurers aren’t getting involved,” Whitcomb said. “I would say that the high pricing is a symptom of some other brokerages that have not gotten involved because they think there’s a stigma.”

Additionally, the industry is relatively new and doesn’t have the historical loss data that insurers use to evaluate risk.

But cannabis businesses suspect this federal status has added to their insurance woes.

“Insurance companies aren’t going to want to write insurance policies where it’s kind of an illegal activity, even though they don’t enforce it,” Pakuris said.

Not much can be done at the state level to counter the federal status, observers say, but those within the industry are pushing for legislation that would change cannabis’s drug classification, or at least provide additional protections to appease financial institutions that could work with cannabis businesses.

“If they passed the SAFE Banking Act, I think we’d be able to offer better benefits, retirement programs,” Pakuris said, referring to legislation that would provide protections for federally regulated financial institutions that serve state-sanctioned marijuana businesses. “A lot of this we’re not able to do because [of] cannabis being a [controlled substance], which is … ridiculous.” n

‘There were only about five companies that would write the policy.’

JOSEPH PAKURIS, Mother Earth Wellness Inc. CEO

FOCUS | PROPERTY & CASUALTY INSURERS (ranked by 2022 premiums)

FOCUS | PROPERTY & CASUALTY INSURERS (ranked

by 2022 premiums)

CLOSER LOOK

Ranked by net income:

1

Factory Mutual Insurance Co.

Net income: $1.1 billion

2

Affiliated FM Insurance Co.

Net income: $166.6 million

3

Farmers Property and Casualty Insurance Co. Net income: $72.6 million

LIST RESEARCHED BY James Bessette

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To purchase a copy of this list, call (401) 273-2201 or visit PBN.com/lists for more information.

UPCOMING LISTS

Sept. 15: Private Secondary Schools; Rhode Islandbased Banks; Sept. 29: Commercial Real Estate Sales – Industrial, Office and Retail, Massachusetts Health & Dental Insurers, Rhode Island Health & Dental Insurers.

WANT TO JOIN?

For more information about participating in PBN’s Top Lists, or to make additions or corrections, call (401) 6804838 or write to Research@ PBN.com.

NL = Not listed last year.

FOOTNOTES j Premiums net of reinsurance as reported to the R.I. Department of Business Regulation.

 A legally domiciled subsidiary of the FM Global Group.

 All Metropolitan Life Insurance Co.’s property and casualty businesses, are part of The Farmers Exchanges and Farmers Group Inc.

 A legally domiciled subsidiary of AAA Southern New England.

 A legally domiciled subsidiary of PWAC Holdings Inc.

 A legally domiciled subsidiary of Narragansett Bay Insurance Co.

 Digital Advantage Insurance Co. has redomesticated to Delaware as of Dec. 1, 2022. All financial figures are as of Sept. 30, 2022.

EDUCATION

St. Andrew’s School of Rhode Island recently appointed Courtney Pierce as the school’s first Dr. Dana Gurney Learning Support Chair. She joins St. Andrew’s after serving as Learning Support Case Manager and Push-In Teacher at Hong Kong International School. Courtney has a Master’s Degree in Special Education from Lewis and Clark College and nearly three decades of experience working in both public and private domestic and international schools, including The Learning Center for Deaf Children and Landmark School, International School Manila, International School Kenya, and most recently Hong Kong International School. For 130 years, St. Andrew’s has empowered students to find their own path to academic success and personal growth.

PEOPLE ON THE MOVE

Announce new hires, promotions and special accomplishments to the Rhode Island business community with PBN’s People on the Move. Standard and Featured options available.

The STANDARD listing includes 1 photo, 90-100 words of text, clickable links to your website, social media sharing and keywords to optimize search, and is: •published on PBN.com within 24 hours and archived on our site.

•printed in PBN.

•featured on a PBN Daily Edition newsletter.

The FEATURED listing includes all Standard listing elements, in a larger print format, with company logo and 100 additional words of text (sample above).

For additional information or to submit a Standard listing, go to PBN.com/pbnconnect. For a Featured listing, contact your account manager or Advertising@PBN.com | 401.680.4800

TO

FASTEST GROWING COMPANIES

(Listed alphabetically. Rankings revealed at the event.)

$250,000 TO $5 MILLION

Allegra Marketing – Print – Mail

GiveSendGo LLC

Keane’s Wood Fired Catering

Luminous Creative Agency

Systems Change Strategies LLC

$5 MILLION TO $25 MILLION

E2SOL LLC

Feast & Fettle Inc.

Gurnet Consulting LLC

Infused Innovations

Spyglass MTG LLC

$25 MILLION TO $75 MILLION

Centreville Bank

John Matouk & Co.

Kahn, Litwin, Renza & Co. Ltd.

Stanley Tree Service Inc.

Wright-Pierce

$75 MILLION AND ABOVE

Altus Dental Insurance Co.

Blount Fine Foods Corp.

Lafrance Hospitality

Navigant Credit Union

SEACORP LLC

INNOVATIVE COMPANIES

(Listed alphabetically by category.)

ARCHITECTURE, CONSTRUCTION & ENGINEERING

Skanska USA

GOVERNMENT

Rhode Island Turnpike and Bridge Authority

HEALTH & WELLNESS

Kent Hospital at Home

LIFE SCIENCES

Moss Pure

NONPROFIT

AccessPoint RI

PROFESSIONAL SERVICES

Greenwich Bay Brokers

TECHNOLOGY

Attender

Coclin receives teaching award

MARIA COCLIN, associate professor and professional studies department chair at the Community College of Rhode Island, was recently named the regional recipient of the 2023 Accreditation Council for Business Schools and Programs Teaching Excellence Award. Coclin is also a member of CCRI’s curriculum review committee and strategic planning committee and is chair of the committee for curriculum development and assessment for financial services in the business department. Coclin was honored at the ACVSP Accreditation and Awards Gala held June 29-July 2 in Chicago, where she received a crystal medallion and a $500 check.

What does receiving the Teaching Excellence Award mean to you?

I am so grateful to have received this award and hope my work will build purpose, community and connection for students at CCRI. Teaching excellence manifests in a student population able to achieve their educational and career goals. I feel so very privileged to join fellow colleagues, both past and present, in earning this Teaching Excellence Award. I remain committed to maintaining the high academic standards of this honor to best serve our student population.

What kind of curriculum reviews and strategic planning has your department done in the past year? What were some of the focus areas?

CCRI is committed to providing quality education to our students, as the college’s goals are focused on student success, expanding partnerships and programs, and strengthening institutional effectiveness. My department is aligned with these goals and regularly updates curriculum and instruction. These updates are developed from an active and robust advisory board to reflect industry trends and needs and strengthen student outcomes.

MACKAY’S MORAL | HARVEY MACKAY

THE TRULY GREAT ATHLETES often focus on an area where they can improve and work on it to get better in the offseason.

But there is no offseason in business, so any time is a good time to examine how we can improve in our professional lives. These are some of the areas I regularly look at.

Get better organized – I am a habitual packrat. My filing system is piles – one pile for each project. And that’s a lot of piles. I like to joke that I never lose anything; I just misplace things. But I am vowing to do better in 2023. And if I can do it, anyone can do it.

Eliminate or reduce distractions – Productivity’s No. 1 enemy is interruptions. Set aside time each day – even if it’s only 10 minutes – when you are unavailable for anything less than a four-alarm fire. That goes for office visitors, telephone calls, email and carrier pigeons. There is also the option of coming to work early or staying late.

Read more and embrace learning – People’s lives change in two ways – the books they read and the people they meet, according to a fellow member of the National Speakers Association, Charles “Tremendous”

How do you develop and assess curricula?

The primary mission of the Department of Business and Professional Studies is to provide degree and certificate candidates the opportunity to acquire the knowledge and skills necessary for transfer and career success. In this regard, business associate degree and certificate curricula are accredited by the Accreditation Council for Business Schools and Programs, which attests to our high standards and excellence in teaching. Assessment data collected every semester informs course and program revisions at multiple levels, creating a continuous model of improvement benefiting teaching and student outcomes.

How are new curricula developed within the Department of Business and Professional Studies?

Within the department, we consistently look to update our curriculum in collaboration with our advisory board. This allows us to understand the current needs of the industry. In addition, we work closely with CCRI’s Division of Workplace Partnerships to ensure we are meeting both current and future industry needs. n

Secrets to your success

Jones. I’ve always said that libraries are a gold mine. Your computer, tablet or phone offers unlimited reading options. Knowledge is power.

Build deeper relationships –You can take all my money! You can take all my factories! You can take all my land! But leave me my network of relationships, and I’ll be back to where I was today in three to five short years. I’ve worked constantly to build relationships. It has served me every day of my life in ways I could never have imagined.

Volunteer – When you volunteer, you always get back more than you give. Volunteering has made my life so much better, and I suspect that anyone who has become passionate about a cause will tell you the same thing. People who do volunteer work are inclined to be go-getters and consistently report being happier and more contented. It doesn’t matter whether you are young or old, student or professional, working your way

up or at the top of your game. Needs abound wherever you are.

Practice humility – As Will Rogers used to say, get someone else to blow your horn, and the sound will carry twice as far. Humility is not difficult to practice. It doesn’t involve downplaying your achievements. It doesn’t mean that you won’t be recognized for your contributions. It does mean that you realize that others have been involved in your success and that you are prepared to be involved in theirs. You start by giving credit where it is due.

Find role models or teachers you can learn from – Mentoring can change your life and theirs. Mentoring means helping less-experienced people observe, experiment and evaluate different ways of doing work to find out which strategies work best. And the benefits are not limited to young people. People of all ages can gain from the guidance of a more experienced person, even someone

younger than you. A mentor can help even experienced managers boost their job performance and advance their career. And remember, mentors change over a lifetime.

Set a goal and work toward it

– Ask any successful CEO, superstar athlete or winning person what their keys to success are, and you will hear four consistent messages: vision, determination, persistence and setting goals.

Follow your passion – Passion is at the top of the list of the skills you need to excel at, whether you’re in sports, sales or any other occupation. When you have passion, you speak with conviction, act with authority and present with zeal. If you don’t have a deep-down, intense, burning desire for what you are doing, there’s no way you’ll be able to work the long, hard hours it takes to become successful.

Mackay’s Moral: Even the best work hard to get better. n

Harvey Mackay is the author of the New York Times bestseller “Swim With the Sharks Without Being Eaten Alive.” He can be reached through his website, www.harveymackay.com.

Humility is not difficult to practice.

I RECENTLY RETURNED from a 10-day trip to Turkey. I visited the European and Asian sides of Turkey, reveling in the delectable local cuisine and wine. It brought back memories of when I first tasted wines from that country, as well as from other lesserknown winemaking countries in eastern Europe such as Slovenia, Croatia and Greece. Many wine lovers are not aware that these countries are great wine-growing regions and have been producing them since ancient times. These wines are starting to gain attention with more selections available in stores and on restaurant wine lists. Here are some wines from that region to add to your collection.

Pasaeli Çalkarasi Rosé, Turkey. This rosé is made from the local variety calkarasi, in the region of Denizli, which sits less than a threehour drive from the Aegean Sea. Çalkarasi is a unique red grape that winemakers use mostly to produce rosé wines. Pasaeli allows the skins to soak with the juice for only about an hour and a half, producing a wine with a very light pink hue. The taste gives us a mouthful of strawberry and raspberry notes. It has a light to medium body, in part because of its stainless steel tank fermentation and

TO SAVOR | JESSICA NORRIS GRANATIERO

Wines from afar

aging. It has a zingy, vibrant finish. Food pairings: seafood, grilled lamb chops and smoked eggplant.

Pullus Pinot Grigio, Slovenia. Pullus Winery in Štajerska in central Slovenia makes wines from international grapes such as pinot grigio and pinot noir, as well as grapes that are local to Slovenia. Its pinot grigio is a medium-body style that is produced with the skin remaining in contact with the juice of the wine, thus making the wine an almost pinkish-grayish hue, unlike most other pinot grigios. Most winemakers produce white wines by only pressing the juice from the grapes, not soaking the skins and juice together. This style of pinot grigio is often given the term “ramato.” Aged in stainless steel tanks, the wine has a fresh vibrancy with hints of citrus and tropical fruit notes. Food pairings: grilled vegetables such as eggplant and green peppers, shellfish and hard cheeses.

Vaeni Xinomavro Naoussa, Greece. Vaeni is one of the largest wine-producing cooperatives in Greece and sits on the island of Paros, south of Athens. This is a red wine made from xinomavro, a grape indigenous to Greece. It is a mediumbody red wine, making it a great

SURPRISING ORIGINS: These wines are produced in Greece, Slovenia and Turkey in regions that are getting more attention for producing good wines.

partner for warmer weather. It sits in oak barrels for aging, which adds complexity, tannins and body. With prominent-yet-balanced acidity, it has an expressive floral bouquet while the palate shows dark berry notes of black cherry, plum and blackberry. Food pairings: naturally, salads with feta cheese and olives, grilled chicken with roasted tomatoes and also hearty

fish such as tuna and salmon.

Pilizota Plavina, Croatia. The winery Pilizota sits in the outskirts of Šibenik, in Dalmatia, Slovenia, along the western coast bordering the Adriatic Sea. The grape varietal, indigenous to the area, is plavina. The vineyard practices organic and sustainable farming, thereby having minimal intervention, and the wine is unfiltered, which means you may find some sediment in the bottom of the bottle. The wine is aged in stainless steel tanks and then rests in large Slovenian oak barrels for approximately four months before it goes into the bottle. The climate includes dry, hot summers, which adds to the development of sugars in the grapes. Despite the hot climate, the wine is light to medium in body with an uncharacteristic freshness. It is full of bright black cherry and raspberry notes with a hint of chocolate at the end. Food pairings: burgers, roasted meats, and salami boards with nuts. n

Jessica Norris Granatiero is the founder of The Savory Grape, a wine, beer and spirits shop in East Greenwich. She can be reached through her website, www.jessicagranatiero.com.

MARKETPLACE

HELP WANTED

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To place a Marketplace ad, contact Linda Foster at 401-680-4812 Foster@PBN.com | Advertising@PBN.com

COURTESY JESSICA NORRIS GRANATIERO

College leaders positioned to meet post-pandemic challenges City, state invested in Tidewater

FULL CIRCLE: Wheaton College

President Michaele Whelan, far right, is the third woman to lead the college since its founding by a woman in 1839. Seated with her, clockwise from far left, are students Olivia Deschenes, Sarocha Wongwatanawisut, Courtney Kass and Eleanor Cerra.

Since 2019, eight of the region’s 13 four-year colleges have hired new long-term leaders. And another four-year school, Rhode Island College, still has an interim president.

That’s a seismic shift in higher education leadership in Rhode Island and southeastern Mass. that continued through the pandemic.

In 2021, PBN began a series of extensive Q&A interviews with these new college presidents and chancellor, who faced similar long-term challenges in growing enrollment and boosting campus innovation and diversity in challenging economic times.

The series began with the Rev. Kenneth R. Sicard, who took over as Providence College president in 2020, intent on raising the school’s national profile.

We then featured the new leaders of Roger Williams University, Salve Regina University, Bryant University, the University of Rhode Island, the University of Massachusetts Dartmouth, Rhode Island School of Design and then, this week, Wheaton College.

They’ve all successfully steered their schools through the multiyear pandemic, while preparing them to compete in an increasingly challenging marketplace.

At Salve, President Kelli J. Armstrong is the Catholic university’s first lay president.

Wheaton College’s Michaele Whelan, who took over as president in January 2022, is just the third woman to lead the liberal arts college that was founded by a woman as a seminary in 1839.

It can take years for new college leaders to effect lasting changes at their schools, so we’ll resist judging the early results.

But it’s clear that the region’s higher education system is in a much stronger place, with tested, forward-thinking leaders, than it was just two years ago. n

POLL CENTRAL

EXECUTIVE POLL

Speaking out?

Have you been asked to be a keynote speaker at an event?

Is speaking easier when you care about the topic?

Yes: 80% Yes: 100%

No: 20% No: 0%

I don’t make public speeches: 0%

Have you made speeches at company events or outings?

Do you feel more comfortable speaking when people you know personally attend?

Yes: 100% No: 80%

No: 0% Yes: 20%

I don’t make public speeches: 0%

A $124 million Pawtucket soccer stadium project looks to be back on track for a 2025 opening, but there are still plenty of questions about the project’s long-term financing.

After work at the construction site had stalled for several weeks, developer Fortuitous Partners LLC recently announced it had raised the last piece of $50 million in private equity it had promised. That has allowed workers to start returning to the site. The city has said it will now issue $27 million in public bonds for the project and the state is also moving ahead with financing support.

But the developer has declined to identify the private investors, leaving unanswered questions about their long-term commitment. And the office of city Mayor Donald R. Grebien, in the past effusive in his support for the project, did not respond to questions from PBN.

In addition to the normally routine closing of the bond sale, the project also carries about $40 million in private debt to be backed by cash flow from stadium activities. It’s a tenuous plan, but the city and state are now invested with the developer in the project’s success. n

Would you consider taking a bus to work if its availability fit your schedule and location? AUG. 18-24

No, RIPTA has a poor record of reliability 35% No, I’ll only use my own vehicle 15%

Yes, it would be a financial lifesaver 4%

I’m

THIS WEEK’S POLL: Was the Warwick City Council right to bar a resident from a public meeting for trying to discuss allegations of ethical misconduct involving one of its members?

• Yes, because the allegations are personal and not part of city business

• No, silencing the resident violated their First Amendment rights

• I’m not sure

To vote, go to PBN.com and follow the link on the home page

Banking ‘reforms’ have widened wealth gap

Harsh banking sector regulations imposed a decade ago were touted as a means to both make the system safer and to “democratize capital” by improving consumer access to credit, thereby decreasing the wealth gap.

They’ve had the opposite effect.

In the decade since the Obama administration instituted broad banking reforms, banks have shrunken from lending activities in nearly every corner of consumer lending and have concentrated their portfolios in commercial real estate and government bonds, each posing a new set of stability concerns. Meanwhile, after many years of a self-inflicted growth slowdown from 2010 to 2017, due in part to the collapse of bank-based lending, private credit (nonbank lenders) has now effectively replaced the banking sector as America’s liquidity backstop. On the surface, this seems like a win for financial stability and consumers alike, but dig a little deeper and we see why this is not a cause to celebrate.

The first point to note is that we’ve transitioned from a relatively transparent bank-based lending system, where banks are required to report performance and risk metrics to multiple government and private

counterparty agencies, to one where the lenders have little to no accountability to report timely, transparent or accurate lending performance. This makes the argument for improved financial stability null because regulators now have far less visibility into where credit cracks are emerging than they did in 2007.

The second point, that there would be a democratization of capital and reduced wealth inequality by making stricter bank regulations is also proving to be the exact opposite of what was promised. Today, the private credit/nonbank lending space has a lending foundation of somewhere between $1.5 trillion to $2 trillion, which is slightly larger than what the banking sector touted before the financial crisis in 2007. But whereas in 2007 that lending base was spread fairly evenly across households, from small-business lending and midsize to large-business lending, as well as capital markets activities for very large businesses, today’s nonbank lending activities are decidedly focused on taking market share in the large-business and capital market space (loan sizes of $250 million or more). This has left small businesses and households with relatively higher borrowing costs for car loans, home

loans and especially small-business loans, and in loan sizes far lower than many need to fund operations. For small-business borrowers looking for financing of between $1 million and $50 million, there is essentially no lender willing to step up. For households looking for financing of more than $250,000 for home improvements, there are far fewer options available today compared with 2007. And what options are available are typically more expensive and less tax efficient than what larger borrowers experience.

Private credit is stepping in to take on some of the $50 million to $250 million segment of the business-lending market. But even there, an argument can be made that it’s going to be expensive financing. The bottom line is that if you’re a small, local grocery store that needs to borrow $10 million for renovations, your borrowing options have shrunken drastically since the Obama administration rolled out its Dodd-Frank reforms in 2010. This is a huge problem for places such as Rhode Island, which is dependent on small businesses for growth, including small to midsize community banks. When our local borrowers and lenders are placed at a competitive disadvantage by the regulations that our representatives in Washington, D.C., support, we as Rhode Islanders should take note. n

Thomas Tzitzouris is director at New York City-based Strategas Research Partners. He lives in Rhode Island.

Downgrade of U.S. credit rating shouldn’t be downplayed

The formerly pristine reputation of the U.S. government’s debt lost a little more luster after a prominent rating agency demoted Uncle Sam from its AAA perch on Aug. 1.

What does a downgrade of U.S. creditworthiness like this actually mean?

HAKAN YILMAZKUDAY GUEST COLUMN

While the downgrade is unlikely to have much of an impact in the short term, its implications about the state and size of U.S. indebtedness will likely reverberate on Capitol Hill, where stalled negotiations over the budget could mark a step toward the Biden administration’s first government shutdown.

Fitch Ratings’ decision led to small declines in the stock and bond markets.

But I’ve got longer-term concerns about the downgrade’s implications for U.S. economic growth.

To understand why, you have to look at both the reasons for Fitch’s downgrade and what it means for U.S. borrowing going forward.

Just like people, the federal government has to balance the income it takes in and the money it spends for each fiscal year. Most federal income consists of tax revenue.

Since 2001, that revenue has rarely covered enough of the costs of everything the U.S. government pays for, from roadways to wars. When federal income falls short, the government fills the gap by borrowing money from investors.

That gap has gotten a lot bigger in recent years as the U.S. has spent trillions fighting COVID-19, contending with financial crises and funding several wars. As of Aug. 1, the U.S. Treasury owed $32.6 trillion, both to

bondholders and other parts of the federal government.

That’s part of the reason that Fitch cut the U.S. government’s long-term creditworthiness by one notch, from AAA –its highest rating – to AA+. Fitch also cited an “erosion of governance,” specifically pointing to recent efforts by conservatives to prevent the U.S. from raising its debt ceiling.

Any country seeking to borrow money in perpetuity needs lenders who are happy to lend.

For the U.S., that means it needs a constant supply of buyers for Treasury bonds and the other securities it sells. These securities are sold in auctions and then traded on global financial markets.

Investors of all kinds around the world find Treasurys attractive. They’re seen as safe because the U.S. government is considered less likely to default than, say, a company going bankrupt.

Rating agencies assess these risks and periodically adjust their credit rating scores based on their assessment of the ability of the federal government – and other borrowers –to keep up with their debt obligations.

But if economists and financial analysts deem Treasurys to be growing riskier, then investors may become less interested in buying them. Alternatively, they may demand a higher interest rate in exchange for taking on the risk that the U.S. may default on its debts.

So I believe that this downgrade reflects the real deterioration of America’s fiscal standing, as well as its ability to safeguard it.

And as economists and financial analysts decide Treasurys are becoming a riskier security to hold, then investors may become less interested in buying them. Or, at least, they may demand the U.S. pay them more to take on the risk, resulting in higher borrowing costs for the government.

Ultimately, this means there will be less money for everything else the U.S. might want to spend money on – or the overall debt load will rise even faster.

To cover its growing borrowing costs, the federal government has few options – none good.

It can borrow more money, which is seen as riskier – like taking out one loan to pay off another – and could result in an even lower credit rating and a continuous spiral of rising borrowing costs. Or it could hike tax rates or cut spending, both of which have political consequences and could be hard to accomplish given the degree of polarization in Congress.

Furthermore, research has shown that higher government debt is generally associated with lower long-term economic growth.

So, while Fitch’s downgrade doesn’t signal an imminent financial crisis, it does serve as a warning as Congress engages in its fiscal fights – including the one over the budget that will heat up in September. n

Hakan Yilmazkuday is a professor of economics at Florida International University. Distributed by The Associated Press.

Private credit … has now effectively replaced the banking sector as America’s liquidity backstop.

Empower young people

RECENTLY

I heard someone say that youths make up 25% of today’s population and 100% of tomorrow’s future. In today’s rapidly evolving world, youths are looking for a supportive environment that nurtures their physical, emotional and intellectual growth.

Youths need access to quality education that fosters critical thinking, creativity and digital literacy to prepare them to navigate a fast-changing future that’s being invented as they move into it. A focus on practical skills, problem-solving and adaptability will enable them to thrive in diverse fields. Opportunities: Young people need opportunities to be curious, to explore and even to fail. By investing in education, skills training and workforce development, we create opportunities to empower young people to dream big, tackle challenges and shape a brighter future for everyone.

Mental health: Youths need mental health support and tools to cope with stress, anxiety and societal pressure. Accessing mental health services and removing the stigma of seeking help are crucial for their overall development. Activism: Youths should be encouraged to develop a strong sense of social responsibility and an understanding of the challenges faced by marginalized communities to promote equity and opportunity. Creating safe spaces for open dialogue and encouraging civic engagement will engage youths to participate in democracy and advocate for change.

Tools: The future of our planet and our society is in the hands of our youths. So, we have to make sure they have the tools to build that future on a solid foundation. n

Peter Chung

Young Voices executive director Peter Chung joined Providence-based Young Voices as program coordinator in 2010. A decade later he was named executive director of the nonprofit.

Six months after the legalization of recreational cannabis in Rhode Island, the Cannabis Commission has been appointed. PBN’s 2023 Business of Cannabis Summit will feature a panel discussion with various industry experts, business executives and community leaders to discuss the key obstacles the industry is facing and whether the potential revenue impact to the state, local businesses and economy will ever be realized.

VISIT PBN.com FOR DETAILS

AHERN PANELISTS To register, hover over the QR code or visit PBN.com/events

KIMBERLY presenting sponsors

Chairperson RI Cannabis Control Commission

SEPTEMBER 7, 2023 9-11:30AM

STUART PROCTER PhD Co-Owner and Laboratory Director, PureVita Labs

BENJAMIN L. RACKLIFFE Partner, Pannone Lopes Devereaux & O’Gara LLC

DREW RICHARDS Director, Marcum LLP

REPRESENTATIVE SCOTT A. SLATER

SPENCER BLIER CEO & Founder, Mammoth Inc.

RONALD CROSSON II Executive Director of Urban Ventures, Inc. & Chair and Social Equity Officer, Cannabis Advisory Board

KRYSTEN GLENNON FVP BSA/AML Officer, Baycoast Bank

ARMAND T. LUSI Principal, Evergreen Gardens LLC and president, RI Cultivator Industry Association

We want to help your small business grow by paying up to 90% of weatherization costs.

From florist shops to foodie hot spots and every small business in between, managing operating costs can mean the difference between profit and loss. That’s why we offer a no-cost assessment. Similar to our home assessments, we fi nd ways to reduce electric and gas usage, lower costs and weatherize your small business for year-round comfort—so you can grow your profi ts. We’ll even pay up to 90% of weatherization costs.

PARTNER SPONSORS

Congratulations to all of the 2023 Providence Business News Leaders & Achievers recipients.

We applaud the work you do for the Rhode Island community.

‘Help’ gene shared by successful leaders

ALL SUCCESSFUL LEADERS are naturally achievers, but the reverse is not always the case. Plenty of highly successful, accomplished people in and out of business lack the skills or desire to lead others.

So, what makes leaders different? For many of this year’s 27 honorees, including Karina Holyoak Wood, it starts with a strong desire to help others.

“I really enjoy getting the best from people,” said the executive director of the Goldman Sachs 10,000 Small Businesses program at the Community College of Rhode Island.

That often means investing in the success of others, through mentoring and creating opportunities for them to begin to see themselves as leaders.

“Effective leaders are interested in making sure the people you are leading are impactful and want to make a difference,” said Christian Cowan, executive director of the University of Rhode Island Research Foundation.

That same “help” gene is what leads many people to choose careers focused on serving others, including in health care.

“I wanted to impact a population, and training in public health allows you to do that,” said CareLink CEO Christine Gadbois. “You have to get into leadership to make substantial change, right?”

Want to become a better leader? The stories of each of this year’s winners offer more insights on their views of leadership and what’s made them successful.

There’s no better way to learn than from those who’ve already made a career out of focusing on the success of others.

We’d like to thank partner sponsors Rhode Island College and Starkweather & Shepley Insurance Brokerage Inc. for their support of this year’s Leaders & Achievers program.

Michael Mello Editor

KIM BELENGER WAS working as a contractor in the 1990s when she was asked to perform testing on one of the computer programs that the U.S. Naval Undersea Warfare Center was building.

There were many long hours and overnight shifts, but Belenger remembers how much fun the work was. She said talking with the fleet operators provided “real perspective” on the importance of the work, making sure everyone was prepared when the new systems were put into use.

“Our work truly contributed to the Navy’s mission success,” she said.

After a few years, Belenger’s father suggested she consider working at the Naval Undersea Warfare Center Division Newport, where he was an engineer. Seeing an opportunity to build systems that could really make a difference, she joined NUWC.

Nearly 30 years later, Belenger serves as lead system engineer for the surveillance towed array sensor system-expeditionary. It provides passive detection of nuclear and diesel submarines and enables real-time reporting of surveillance information.

Belenger is currently working on projects spanning two departments in the areas of surface ship sonar systems, unmanned undersea vehicles, maritime surveillance and information technology. Additionally, she serves as the integration and software lead

for the large displacement unmanned undersea vehicle, called “Snakehead,” providing technical leadership for the development, integration and testing of the software and system integration.

Belenger says the biggest hurdle she has faced in her career has been acceptance. Being the only woman in the room, she says, could at times be intimidating when they were discussing how things really happened aboard the ships and the decision-making process that they used.

However, being the sole woman did have its advantages, she said.

“Everyone knew your name and once I had established my credibility as someone with sound technical opinions, they would listen to my perspective,” Belenger said. “Through the years, the Navy has evolved and more women are now at the decision-making table, but those early lessons were invaluable in shaping my career and the path that I have followed.” n

STANDING OUT: Kim Belenger, Naval Undersea Warfare Center Division Newport’s lead system engineer for the surveillance towed array sensor system-expeditionary, says she had to clear hurdles as a woman in a male-dominated industry.

COURTESY NAVAL UNDERSEA WARFARE CENTER DIVISION NEWPORT

JOHN A. LAHTINEN

Contributing writer

‘Everyone knew your name and once I had established my credibility as someone with sound technical opinions, they would listen to my perspective.’

JEFFREY CASCIONE NAVIGANT CREDIT UNION Senior vice president and director of commercial banking

JEFFREY CASCIONE GRADUATED with his bachelor’s degree in accounting from the University of Rhode Island in 1982.

After working a year each as a Peat Marwick Mitchell & Co. staff auditor and Northwestern Mutual Life Insurance Co. salesman, Cascione was Miami-bound.

He had caught the entrepreneurial fever and planned to bring Rhode Island-style lemonade to Florida. That venture quickly segued into Jeffrey’s Restaurant, serving breakfast and lunch, in Tequesta, Fla.

Cascione cooked as many as 300 breakfasts a day during snowbird season. But restaurant ownership wasn’t for him. After seven years of making it work, he returned to Rhode Island in 1991.

Today, he serves loans and life lessons to Navigant Credit Union’s community as the Smithfield-based credit union’s senior vice president and director of commercial banking.

“It’s listening to people to hear what they’re trying to do and what their vision is and becoming an adviser,” he said. “Small-business owners –borrowers – appreciate that, knowing that someone is there helping, overseeing what they’d like to do.”

Shortly after Cascione returned from Florida, he took a job at the R.I. Department of Business Regulation as a senior bank examiner, a role that

had special significance because the state was just emerging from a severe banking crisis.

In 1997, Cascione jumped to the private sector when Centreville Bank hired him to ensure Federal Deposit Insurance Corp. compliance. While at Centreville, he earned his master’s in business administration from URI in 2001 – the same year he was licensed as a certified public accountant. Ever the entrepreneur, in 2003 Cascione launched an income-tax-preparation business he maintains for about 50 clients. He also became Rhode Island Banking Association’s legislative committee chairman.

After ascending the ranks to be Centreville’s vice president overseeing commercial lending, Cascione seized the opportunity to join Navigant’s senior leadership team in 2006.

Since then, he’s helped Navigant win the U.S. Small Business Administration’s designation as an express lender in 2008, a rare distinction among credit unions, and was named Rhode Island’s Lender of the Year in 2019. n

KIMBERLEY EDGAR Contributing writer

SUNNY SIDE UP: Jeffrey Cascione opened his own restaurant in Miami before returning home to Rhode Island to enter the financial services realm.

PBN PHOTO/RUPERT WHITELEY

‘It’s listening to people to hear what they’re trying to do and what their vision is.’

COLELLA JOB CLUB RHODE ISLAND Director

IF YOU HAVE NOT been on a job

interview lately, Stephen Colella wants you to know things have changed significantly.

In the past, a job hunter typically met in person with a human resources director and the potential boss. Today, many interviews are done virtually on Zoom or Microsoft Teams. Just dealing with that technology can be a headache for nervous interviewees, Colella says.

“You have to make sure the lighting is good, and your mic is working,” he said. “We coach them with experts in mock interviews. It’s a totally different vibe.”

In 2009, Colella launched Job Club Rhode Island, a West Warwick-based volunteer organization that coaches the unemployed and underemployed using job search techniques. Since then, Colella, the program director, says Job Club has worked with more than 1,800 clients, helping place them with more than 100 local employers, including United Natural Foods Inc., Toray Plastics (America) Inc. and U.S. District Court.

Job Club also gets referrals from the R.I. Department of Labor and Training, and its LinkedIn group numbers 800.

Colella grew up in Providence and earned a master’s degree in divinity but realized the ministry wasn’t for him. What intrigued Colella was human resources, and he found his niche

in job placement and career counseling. He was as a vocational rehab counselor at the University of Massachusetts Medical Center in Worcester, Mass., before retiring in 2021.

Colella says job hunters are grappling with another new challenge. Now anyone who’s involved in hiring wants to weigh in on your candidacy, he says.

“Having to go through multiple interviews is the biggest hurdle. I’m coaching someone now who’s had seven rounds of interviews over three months and it’s still going on,” he said. “That beats people down.”

Colella says he’s learned how humbling it is when strangers ask for help as financial support is running out. Ultimately, though, reaching a positive outcome is in their hands.

“We tell them, with all the coaching and help networking, we can lead you to the border of Munchkin Land, but you have to go in and see the wizard on your own,” Colella said. n

GETTING CONNECTED: Job Club Rhode Island Director Stephen Colella says the organization has worked with more than 1,800 clients and helped place them with more than 100 employers.

PBN PHOTO/RUPERT WHITELEY

SARAH FRANCIS Contributing writer

‘We tell them ... we can lead you to the border of Munchkin Land, but you have to go in and see the wizard on your own.’

STEPHEN

for your recognition as one of Rhode Island's Leaders & Achievers.

Congratulations, Joe Perroni

STACIE COLLIER NIXON PEABODY LP Partner and chief talent officer

FOR STACIE COLLIER, being a leader is about building future leaders.

Showing authenticity and encouraging others to be their own natural self is central to Collier’s leadership style as a partner and chief talent officer at Nixon Peabody LP in Providence.

“It’s about lifting other people up,” said Collier, who has been at the law firm for 23 years. She also enjoys working with people to stretch and achieve their personal goals.

Part of building the future is ensuring that leadership opportunities within the firm are accessible to everyone. Collier says the firm’s partnership classes are at least 50% women, racially and ethnically diverse attorneys, LGBTQ+ attorneys and attorneys with disabilities.

“It’s about creating this kind of awesome melting pot of different views so that we can have a stronger culture and a better place to work,” Collier said. She also said having a diverse workplace helps the firm achieve better solutions for its clients.

Collier is also focused on ensuring that employees are seen as people outside of work who may need flexibility. Part of her goal is to change the notion that looking exhausted means you are the hardest worker.

“We are doing these things to move

and evolve that culture,” Collier said. “Because then you have a workplace that is more representative of the world, our clients, [and] students.”

During Collier’s time as chief talent officer, Nixon Peabody noticed employees returning from parental leave were quitting law because they were struggling to find a work-life balance and anxious about hitting their professional targets. Subsequently, Collier launched a “ramp-up” policy to give parents the opportunity to balance work with parenthood. For the first six months, employees returning from parental leave are expected to work 80% of their target billable hours. Since its inception, Collier said she’s noticed improved retention at the firm.

“I am really happy doing what I am doing,” said Collier, who always has her eyes on what’s next. “I think the next frontier is really to build out a stronger well-being initiative.” n

ERICA MOURA

We are proud of Lee Merrill, our executive vice president, chief lending officer for being an honoree in the Providence Business News 2023 Leaders & Achievers Awards program. With 25+ years of experience in community and regional banking, a longstanding commitment to small businesses, and service as a board member for local organizations, Lee has proven that he is an achiever and an exceptional community leader.

Congratulations, Lee!

Lee Merrill EVP, Chief Lending Officer

At Centreville Bank, we know community leadership is important.

EQUAL OPPORTUNITY: Nixon Peabody LP partner and Chief Talent Officer Stacie Collier says the firm’s partnership classes are at least 50% women, racially and ethnically diverse attorneys, LGBTQ+ attorneys and attorneys with disabilities.

PBN PHOTO/RUPERT WHITELEY

Contributing writer

‘It’s about creating this kind of awesome melting pot of different views so that we can have a stronger culture and a better place to work.’

CHRISTIAN COWAN UNIVERSITY OF RHODE ISLAND RESEARCH FOUNDATION Executive director

CHRISTIAN COWAN STARTED his career by learning all he could about engineering. From textiles to engineering management, from mergers and acquisitions to manufacturing, there was very little he didn’t gain experience in.

No matter where his career brought him, Cowan always thought about Rhode Island. Cowan, now executive director of the University of Rhode Island Research Foundation, traveled the world through his work and wanted to bring back what he learned to the Ocean State.

Here, Cowan saw endless opportunities for blue and green technology using the state’s natural resources. After working for a few startups, in 2014 Cowan joined Polaris MEP as its director. The nonprofit supports the growth and evolution of the Rhode Island manufacturing community by using continuous improvement, workforce development and technology transfer services.

“This was when I jumped into a nonprofit and wanted to figure out how to help Rhode Island through economic programs,” Cowan said. This passion helped him launch 401 Tech Bridge, an initiative designed to accelerate dual-use technology commercialization projects in partnership with the U.S. Navy.

Through Polaris’ and 401 Tech Bridge’s programs, Cowan has helped

Lifespan

bring jobs to the community and drive passion for clean and safe manufacturing, and boost local economies.

Cowan’s leadership style is guided by his desire to bring technology from other places back to Rhode Island.

The work of Polaris MEP and 401 Tech Bridge under the URI Research Foundation has been critical for Rhode Island’s technology commercialization efforts. Cowan’s leadership, he says, has been instrumental in growing capabilities to match the state’s economic strategy.

“All of those programs, I’m looking to make sure that they are extremely effective and intentionally reaching out to communities and engaging with them in a deep way,” Cowan said.

The lion’s share of this work amounts to Cowan’s passion for blue and green tech and keeping Rhode Island manufacturing within the state’s borders, he said.

“See what you lean into and follow your passion,” Cowan said. “Effective leaders are interested in making sure the people you’re leading are impactful and want to make a difference.” n

MEREDITH WILSHIRE Contributing writer

BUILDING MANUFACTURING: Christian Cowan, executive director of the University of Rhode Island Research Foundation, has helped support the state’s manufacturing sector through his work with Polaris MEP and 401 Tech Bridge.

PBN

PHOTO/RUPERT WHITELEY

‘See what you lean into and follow your passion.’

MARCELINO DE SANTIAGO HOPE GLOBAL President and chief operating officer

TO

MARCELINO DE

SANTIAGO,

president and chief operating officer of Hope Global, leadership is simply the art of clarifying plans, purpose and authority.

“A great leader inspires confidence in other people and moves them to take the actions that matter most,” he said.

Hope Global is a Cumberland-based international manufacturer of automotive and retail textile products. Ninety percent of the company’s products are related to automotive interiors and 10% to apparel. The firm manufactures shoelaces for the military and prominent shoe companies such as Timberland, Red Wing and New Balance. It employs 1,100 people and operates seven global plants across North America, Europe and Asia Pacific.

Fluent in English and Spanish, De Santiago emphasizes building high-performance teams comprised of people who bring diverse perspectives and experiences to work. It’s his job to ensure the company’s goals are met and a plan is in place to protect against financial, supply chain, cybersecurity, and environmental health and safety risks.

Some of his recent efforts include changing business and operational strategies in response to the COVID-19 pandemic, focusing on lean manufacturing and global compliance of all health and safety policies – the company is International Automotive

Ross L. Nelson, Rhode Island Market Vice President

And to all the 2023 PBN Leaders & Achievers

Task Force- and ISO14001-certified. De Santiago is increasing the skills of his workforce, exploring artificial intelligence and establishing a data center in Mexico for data recovery in case of natural disasters.

De Santiago is also incorporating electronic data interchange to activate sales or requests to buy materials and bringing solar energy to Hope Global’s Mexico campus. His dedication to sustainability shines at the Cumberland plant, where the team is recycling resins and using the materials to produce its newly launched line of pet products. De Santiago’s efforts are paying off; he projects Hope Global’s 2023 revenue will be approximately $200 million.

A self-described “situational leader,” De Santiago’s quick evaluation of a problem tells him if he must be with his team, leave them alone or use a combination approach. “I have a great team, which means that usually the issues that reach my desk are complicated matters,” De Santiago said.n

WORLDWIDE LEADER: Hope Global President and Chief Operating Officer Marcelino De Santiago, among other roles, is working to increase the skills of his workforce, exploring artificial intelligence and establishing a data center in Mexico for data recovery in case of natural disasters.

PBN PHOTO/RUPERT WHITELEY

MELANIE KALMAR

Contributing writer

“A great leader inspires confidence in other people and moves them to take the actions that matter most.”

DEAN DETONNANCOURT HOMESMART PROFESSIONALS REAL ESTATE CEO, owner and broker

DEAN DETONNANCOURT WAS IN-

TRODUCED to the world of real estate in his early 20s.

After embarkeing on a career in banking, finance and management, deTonnancourt says he was drawn to real estate when he realized that achieving success in such a competitive field would challenge him in many ways.

His career change certainly paid off as deTonnancourt – CEO, owner and broker for HomeSmart Professionals Real Estate in Warwick – today consistently ranks among the top agents statewide in sales and listings.

In 2014, he founded the first East Coast chapter of the HomeSmart International franchise. That same year, deTonnancourt was nominated by his peers and recognized as the Realtor of the Year by the Rhode Island Association of Realtors.

The company has since grown to more than 250 associates and routinely sits among the top five real estate companies in the state based on both closed transactions and sales volume. DeTonnancourt mainly focuses on creating and promoting valuable training and professional development programming for his team, something he is very passionate about.

“Creation and investment in comprehensive on-demand training and development programs for licensees can significantly contribute to their in-

dividual success,” deTonnancourt said.

“Ongoing career training, mentorship programs and access to industry experts help licensees stay updated with market trends, improve their skills and achieve higher levels of expertise.”

DeTonnancourt also says that by prioritizing the success of licensees, HomeSmart Professionals can strengthen its market position, attract top talent and offer a compelling value proposition to clients. Additionally, deTonnancourt promotes career leverage services for licensees, a powerful tool, he says, in enabling licensees to streamline their workflow, maximize productivity and allocate more time to activities that directly contribute to their personal business growth.

“For nearly 35 years, I have had the pleasure of representing clients in the buying and selling of real estate, and it has been an incredibly rewarding experience,” said deTonnancourt, who also helped establish Keller Williams Realty in Rhode Island in 2000. “My passion lies in ensuring the success of my clients throughout their transactions.” n

JOHN A. LAHTINEN

MAKING DEALS: Dean deTonnancourt, CEO, owner and broker for Warwick-based HomeSmart Professionals Real Estate, has grown his agency to more than 250 associates and routinely sits among the top five companies in the state based on both closed transactions and sales volume.

PBN

PHOTO/RUPERT WHITELEY

Contributing writer

‘My passion lies in ensuring the success of my clients throughout their transactions.’

Deb Faulkner President

SARAH DINKLAGE RHODE ISLAND STUDENT ASSISTANCE SERVICES/COASTLINE EAP Founding director and CEO

BRINGING OUT THE BEST in people both at work and within the community is what drives Sarah Dinklage on a daily basis.

Dinklage, founding director and CEO of Warwick-based Rhode Island Student Assistance Services/ Coastline EAP, emphasizes collaboration within the organization. Her perception of teamwork among others is derived from a certain 1960s British sensation.

“We’re like the Beatles; everyone on the team plays a unique role,” Dinklage said. “I build trust with the team and foster a culture where people are comfortable sharing their challenges.”

Dinklage grew the school-based substance use prevention/early intervention program from a seven-school pilot in 1987 to one that serves more than 55,000 students in 80 middle and high schools today. In 1988, RISAS and Coastline EAP merged into one company, providing school- and community-based programs across Rhode Island, and employee assistance programs to more than 200 companies nationwide.

A colleague said Dinklage has the ability to “bring out the best in people.” Of her leadership style, Dinklage says she instills confidence and empowers her team members to become influential leaders in their own right.

“I try to lead with compassion and love … and I don’t underestimate the

The Business of Belonging

importance of humor,” Dinklage said. “I work to find joy every day in the midst of the struggles and worries.”

A recipient of multiple recognitions, Dinklage gains deep satisfaction from seeing how RISAS has helped tens of thousands of young people achieve their potential, even in the face of challenging situations.

“Research has shown that schools with student assistance counselors have lower rates of alcohol, vaping and [marijuana] use; and lower depression symptoms and suicidal ideation than schools without [student assistance counselors],” she said. Dinklage also credits that success with top-notch staff members who possess the ability to connect and engage with kids.

“My ‘superpower’ is hiring,” Dinklage said. “I always open new employee orientation with prospective employees with that comment.”

Looking toward the future, Dinklage aims to sustain the growth the company has achieved, continue to diversify funding sources and prepare the next generation of leaders. n

NANCY KIRSCH

Contributing writer

CONTINUED GROWTH: Sarah Dinklage, Rhode Island Student Assistance Services/Coastline EAP’s founding director and CEO, has grown the organization from a seven-school pilot program to serving more than 55,000 students in 80 middle and high schools.

PBN

PHOTO/RUPERT WHITELEY

‘I work to find joy every day in the midst of the struggles and worries.’

As a law firm leader and trusted advisor to her business clients, Stacie Collier has spent more than 25 years building workplaces that spark belonging and authenticity. We congratulate Stacie and all of this year’s honorees

F. DURAND NEWPORT HOSPITAL CEO and president

COVID-19 AND A

DISRUPTED

HEALTH CARE SYSTEM presented Newport Hospital CEO and President Crista F. Durand with challenges and opportunities.

Calling herself the “chief cultural officer,” Durand held a deep-listening campaign with staff during the pandemic and then took action. “We added a state-of-the-art mindfulness center, a 24/7 cafe, renovated a gym to offer 24/7 access, and expanded our pet therapy program for staff and patients,” Durand said.

Before the pandemic, the hospital’s 17-bed emergency department was “bursting at the seams,” Durand recalled. Now it includes 29 beds, three triage bays, a consultation room, a results lounge and a four-bed dedicated behavioral health pod.

“By using an integrated design project approach, the [expansion] came in on time and on budget, at $13.5 million,” Durand said.

The President’s Advisory Council and the Bright Ideas program started in 2021 and have been valuable assets at the hospital. The council, which included participation from dozens of employees, has fulfilled 100 recommendations, including input into designing and developing the employee mindfulness center. Approximately half of the more than 160 ideas submitted by employees to the Bright Ideas program

RESPONDING TO COVID-19: Since the COVID-19 pandemic, Newport Hospital CEO and President Crista F. Durand helped expand the hospital that now has 29 beds, three triage bays, a consultation room, a results lounge and a four-bed dedicated behavioral health pod.

COURTESY NEWPORT HOSPITAL

have been implemented, including creating the Newport Hospital 150th Anniversary Employee Cookbook.

“Within 10 business days after an employee submits an idea, we render a response,” Durand said. “As a result, our employee engagement scores have gone up year over year.”

Durand also aims to move from transactional health care to transformative health care. One new initiative she is spearheading in partnership with Bradley Hospital will establish a behavioral health unit with eight beds for adolescents at Newport Hospital.

Durand also mentors both high school and college students, along with her management team. She provides her administrators with tools, resources and skills they need to get to the next level of professional growth and development, and sets them up for success.

“My mentors have taught me how to build teams, deliver results, get involved and give back,” she said, “and don’t apologize for having high expectations, because they’ll take you far.”n

NANCY KIRSCH

Jean Harrington leads the firm’s Business Law team. She has special expertise in M&A, representing sophisticated private investment funds, multi-national corporations, and other market participants in their most challenging transactions. She is known for engineering creative resolutions which unite divergent parties and bring complex deals to fruition.

CRISTA

‘My mentors have taught me how to build teams ... get involved and give back.’

DEBORAH FAULKNER FAULKNER CONSULTING GROUP President

MUCH OF DEBORAH FAULKNER’S

LIFE has been about leveraging her skills to help others.

Her first job out of college was a high-paying consulting gig in Washington, D.C., which, if not fulfilling, at least paid off her student loans.

But consulting turned out to be a great choice. After a stint at a health insurance nonprofit, Faulkner struck out on her own and founded Faulkner Consulting Group. The Barrington-based company provides expertise in health policy, federal and state health program design, and an analytical perspective with an emphasis on data-driven decision-making.

“I never really thought of it as building a business,” she said. “I always thought of it as doing something that needed to be done, [which is] helping Rhode Island do health care better.”

Faulkner’s first job took her around the world and introduced her to the financial analysis that would underpin her career.

One key advantage Faulkner had in those days was her expertise with Microsoft Excel and Word, she said. The now-indispensable programs were relatively unknown among older colleagues.

“I could do fiscal models, financial assessments that most employees couldn’t because they didn’t know how to use computers yet,” she said.

One thing was missing. While she loved the work and the energy surrounding new projects, Faulkner said she didn’t love the topic of financial assessing. She didn’t love “helping big companies make more money,” she said.

Subsequently, Faulkner went back to school and focused on health policy. Faulkner described health policy as an “interesting intersection of business and policy and mission-based work.”

These days, even though it’s expanding to other states, Faulkner Consulting Group sticks to the health policy field. “My team has a passion for health equity, and equity generally,” she said.

Faulkner is quick to emphasize that she couldn’t have done it alone.

“FCG is not just about me,” she said. “I’m very proud of my team. I love having such an empowered group – of women, frankly. I’m proud that we’re a woman-owned business. I never would have predicted that we’d be here.” n

TEAMWORK: Faulkner Consulting Group President Deborah Faulkner says she loves having an empowering group of women working for her business.

PBN PHOTO/RUPERT WHITELEY

SACHA SLOAN Contributing writer

‘I always thought of it as doing something that needed to be done, [which is] helping Rhode Island do health care better.’

CHRISTINE GADBOIS ALWAYS wanted to help people, and caught the bug at a young age.

At 13, she volunteered as a candy striper at the Little Sisters of the Poor Pawtucket assisted living facility, assisting staff caring for the elderly residents. From there, Gadbois went on to pursue a career in nursing. working at Rhode Island Hospital, Fuller Hospital and Butler Hospital, to name a few.

She decided she wanted to transition into leadership when she realized she could make a change in the system, “seeing how things could work better, having ideas that I thought could make things work better and make systems work better,” she said.

“I wanted to impact a population, and training in public health allows you to do that,” Gadbois said. “You have to get into leadership to make substantial change, right?”

After holding a myriad of leadership roles with local health organizations, Gadbois became CEO of CareLink in 2019. She now leads the East Providence-based nonprofit through administrative restructuring to meet new funding priorities, and creating new programs providing community-based supports, health care and wellness.

Gadbois says she enjoyed developing programs that brought expanded care to patients during the COVID-19 pandemic. She also liked creating prevention programs for older adults

and people with disabilities, including fall prevention and loneliness intervention. Gadbois also helped CareLink secure grant funding and launched new programs to provide needed support for adults with dementia.

One volunteer cause Gadbois holds dear to her is working with the Rhode Island Medical Reserve Corps. In late July, she helped administer first aid at the Newport Folk Festival’s field hospital. Other opportunities she participated in include administering immunizations at vaccination clinics and staffing nursing homes during the pandemic.

She is also an adjunct health professor at both Salve Regina University in Newport and Brown University in Providence. As a professor, Gadbois wants to build the next generation of leaders within the health care sector.

Gadbois’ advice for future leaders stresses the importance of collaborating and building relationships within the community, and “to put yourself out there.

“[Older] professionals really do want to help you develop,” Gadbois said, “and see you succeed.” n

JAIME LOWE Contributing writer

PROVIDING LEGAL REPRESENTATION to many over the years has been rewarding for Christopher D. Graham.

Graham, Locke Lord LLP’s Providence office co-managing partner, recently celebrated his 42nd year with the firm. He originally started with predecessor firm Edwards & Angell LLP, which merged with the international law firm Locke Lord in 2015. Now in his current leadership role, including serving as co-chair of the firm’s corporate and transactional department, Graham “has inspired growth and success within the Providence office … by guiding hundreds of attorneys to serve their clients at the highest levels,” said Jeff Jefferson, Graham’s co-office managing partner.

In recent years, Graham has spent much of his time counseling startup businesses. He has helped assist businesses in capital formation, representing emerging companies and private equity investors in different rounds of equity financing, as well as negotiating acquisitions, dispositions and management buyouts.

Graham recently led a team that represented Enhanced Energy Group Inc. in its sale to Caterpillar Inc. Operating as CarbonPoint Solutions, the U.S.-based carbon capture technology company provides cost-effective means of reducing carbon dioxide releases. Graham also represents

Providence-based biotechnology company Nabsys 2.0 LLC and Empath Labs, formerly known as Sproutel, among other startups. Graham says he enjoys working with startups because it is equally challenging and rewarding.

“I can draw on a lot of experience based on what I have seen historically happen to similar entities … and I think I can really help clients figure out how to get from here to there,” he said. “It makes me feel that I’m helping in a meaningful way.”

Graham is also active in the community. He is a member of the Rhode Island Foundation’s long-term education planning committee and the R.I. Supreme Court unauthorized practice of law committee. Additionally, he is an adviser to Slater Technology Fund, a state-sponsored seed fund that invests in Rhode Island technology companies.

“I’ve met so many fascinating teammates, as well as clients and members of the community, by virtue of my being with this firm, so it’s really a very special place to me,” he said.

STARTING YOUNG: Christine Gadbois, CEO of CareLink, first started volunteering in the health care sector when she was a candy striper at the Little Sisters of the Poor in Pawtucket at age 13.

PBN PHOTO/ELIZABETH GRAHAM

‘You have to get into leadership to make substantial change.’

GETTING THEM STARTED: Christopher D. Graham, co-managing partner of Locke Lord LLP’s Providence office, offers counseling to startup businesses in capital formation, representing emerging companies and private equity investors in different rounds of equity financing, among other services.

PBN PHOTO/TRACY JENKINS

n

JENNA PELLETIER

Contributing writer

‘I can really help clients figure out how to get from here to there.’

CHRISTOPHER D. GRAHAM LOCKE LORD LLP Providence office co-managing partner

CHRISTINE GADBOIS CARELINK CEO

A. HARRINGTON

JEAN A. HARRINGTON comes from a family of lawyers and had worked in their offices as a child. She kept up the practice in college and went on to law school to follow the family tradition.

Harrington is proud of her ability to find creative solutions and work on all sides of a transaction. She applies such traits at Providence-based law firm Duffy & Sweeney Ltd., where she has been a partner and the chair of the corporate department for the last 24 years.

“My experience allowed me to just hit the ground running,” Harrington said.

Harrington majored in child psychology and thought she would go into family law. Instead, she drifted toward business law, which was less emotionally taxing.

“I realized that my emotional level – I had a lot of empathy – I couldn’t do that kind of [family] law,” Harrington said. “It would just eat me up from the inside because I wouldn’t be able to take all these people home with me.”

Harrington specialized in business and acquisitions, and enjoys the challenge of the puzzle. When company mergers are reported in the news, it doesn’t sound very fun, she said. But Harrington says there are all kinds of pieces involved in mergers.

“[There are] all kinds of maneu-

vering and moving of the pieces around to get to the final picture, and everybody is going toward that final picture,” she said. “It’s very collaborative, strategic, and I enjoy that a lot.”

As chair of the law firm’s corporate department, Harrington said she seeks out development and growth opportunities for her co-workers. Harrington also said she often mentors people who are interested in enrolling in law school.

Attending law school is going to be challenging, said Harrington, who treated going to classes like a job.

“You need to have perseverance, and you have to realize that it’s a commitment,” she said. “People are going to sit on the other side of a desk or a table and expect me to guide them. It’s a great career, and it’ll take you as long as you want to stay in it.” n

NOEMI ARELLANO-SUMMER Contributing writer

FOLLOWING FAMILY’S FOOTSTEPS: Jean A. Harrington, Duffy & Sweeney Ltd. partner and chair of the corporate department, had family members who were lawyers and she worked in their offices as a child.

PBN PHOTO/TRACY JENKINS

[Legal services is] a great career, and it’ll take you as long as you want to stay in it.’

JEAN

DUFFY & SWEENEY LTD.

Partner and chair of the corporate department

401 TECH BRIDGE

JONATHAN HOUSTON JUSTICE ASSISTANCE Founder and CEO

THE LATE FORMER U.S. Attorney General Janet Reno once recognized Jonathan Houston as “the foremost victims’ advocate I know.”

It is quite the high praise for Houston, founder and CEO of Justice Assistance. His Cranston-based nonprofit that provides resources to people on both sides of the justice system. Houston began Justice Assistance in 1978 when he recognized that former convicted individuals struggled to find employment that would help them get back on their feet and prevent them from returning to prison after being released.

“Our goal has always been to find ways to make the justice system more humane,” Houston said.

Justice Assistance staff members work with individuals to prevent incarceration, help offenders reestablish themselves upon release and support victims in their interactions with the justice system. Over the years, Houston has seen major changes, which he credits to the partnerships and collaborations that Justice Assistance has established.

“It was our good fortune to work with people such as [former R.I. Department of Corrections Director] A.T. Wall and R.I. Chief Justice Paul Suttell. Plus, as a nonprofit, we can function in a way that the government can’t,” Houston said. “We’re not afraid to take a chance, even if we fail.”

According to Houston, change is slowly happening. For example, he described how clients can access several services in one place, including health, education and employment assistance.

“Now more than ever, with continuing workforce shortages, it’s an issue of economics,” he said. “We can no longer afford to lock people out of employment opportunities because of a single offense.”

Houston will retire in three years to be with his family. He also plans to be more involved with Baseball Ireland, an organization dedicated to furthering growth and development of baseball and softball throughout the country.

But work at Justice Assistance continues. The organization recently moved to a new location on Pontiac Avenue, closer to the state prisons and the R.I. attorney general’s office, an example that shows the nonprofit’s strategic future approach.

“It’s a new era for us and we’re putting all the pieces in place to continue for another 45 years,” Houston said. n

HUGH MINOR

JAMES M. LEHANE III

HEALTH CEO and president

JAMES M. LEHANE III IS IMMENSELY PROUD of how far Rhode Island has come in addressing mental health and substance use care.

Lehane, CEO and president of Newport Mental Health, has spent the last decade building the organization’s successful approach to evidence-based practices supporting high-quality, affordable mental health care.

Lehane’s career accomplishments over four decades are plentiful. At Newport Mental Health alone, he has brought in more than $15 million in new funding, sharing more than two-thirds of that funding with partner organizations through provider subcontracts. Lehane’s leadership led Newport Mental Health – based in Middletown – to becoming Rhode Island’s first federally designated certified behavioral health clinic.

“Today, we have to be mentoring and connecting right down to into middle school to educate about careers in behavioral health,” Lehane said “I have a team where we [support career advancement] just the way I was able to be trained and mentored.”

He is also managing partner and board chair of Horizon Pharmacy –Horizon Healthcare Partners is Newport Mental Health’s parent – Lehane has been instrumental in growing Newport Mental Health’s statewide supporting corporation, leading to a projected $1.35 million net profit this year.

“I’m very passionate about helping people and I’m not shy,” Lehane said. “I manage change. My strength is my vision, my skill set is that I have that high-level vision, and my secret sauce is having the clinical background to implement it and make it work.”

Lehane fell in love with clinical patient care during the time he spent working as a psychiatric aide at Yale Community Health Center after earning his bachelor’s degree in the late 1970s. An early career mentor sparked Lehane’s interest in mental health administration.

Lehane is nearing the end of his 40year career that has spanned similar work across four states and many more communities. However, Lehane admits there is still much work to be done in Rhode Island and acknowledges his industry is facing a workforce crisis, with COVID-19 being among the major impacts on the local health care sector.

“It comes down to some real basics. We save lives. [As an administrator], I can help thousands of people,” Lehane said. n

REBECCA KEISTER Contributing writer

HEALTHY FUNDING: As CEO and president of Newport Mental Health, James M. Lehane III has brought in more than $15 million in new funding and shares more than two-thirds of that funding with partner organizations through provider subcontracts.

PBN PHOTO/DAVID HANSEN

A BETTER FUTURE: In 1978, Jonathan Houston founded Justice Assistance, a nonprofit that helps former convicted individuals find employment and education after being released from prison.

PBN PHOTO/TRACY JENKINS

Contributing writer

‘Our goal has always been to find ways to make the justice system more humane.’

‘I’m very passionate about helping people and I’m not shy.’

NEWPORT MENTAL

CAROL MALYSZ RI BIO Executive director

THE LIFE SCIENCES FIELD within Rhode Island is booming, due in no small part to RI Bio, the Providence-based trade group that provides resources and connections to advance the industry.

At the helm is Carol Malysz, the organization’s executive director since 2017 who has guided RI Bio in its groundbreaking new ventures. Since she started with the organization, Malysz has led its development and growth, positioning RI Bio as a leading trade association, recognized both regionally and nationally.

The organization is focused on both expanding the industry while preparing it for the future by providing mentoring and advisory services to local life sciences entrepreneurs.

Malysz and RI Bio will continue to achieve growth and success as she follows the approach that drives her.

To make Rhode Island a more attractive place for businesses and residents, the state has invested deeply in creating a life sciences hub, renewing purpose in what was known as the Jewelry District in the state’s capital city.

In May 2023, executives from Lifespan Corp. and Care New England Health System, as well as Brown University and the University of Rhode Island, spoke before the House Finance Committee in favor of a proposed “hub” that would establish a quasi-public corporate body and state agency tasked

with overseeing life sciences and biotech development in Rhode Island.

In his 2023 State of the State address, Gov. Daniel J. McKee said that Rhode Island “was ready” to become a leader in the life sciences industry.

“I’m so excited to be part of the unprecedented life sciences growth and investment currently happening in Rhode Island,” Malysz said. “Our state’s bioscience sector is on the move. I see a very bright future ahead for RI Bio and for our state’s life sciences community.”

Malysz acknowledges that her work hasn’t been without its challenges, particularly during the COVID-19 pandemic, when the future was uncertain for everyone.

“In the last few years, our resilience has been tested more than ever,” she said. “As a leader, I believe that during times like these it’s important to help others tap into hidden reserves of courage and strength they didn’t know they had.” n

FUTURE GROWTH: RI Bio Executive Director Carol Malysz says she is excited to be part of the state’s growing investment in the life sciences sector.

COURTESY RI BIO

HUGH MINOR Contributing writer

‘I believe ... it’s important to help others tap into hidden reserves of courage and strength they didn’t know they had.’

WHEN ASKED TO DESCRIBE his leadership style, Brave River Solutions Inc. co-founder and President James McAssey keeps it very simplistic.

“I try to treat everybody the way I would want to be treated,” he said. “I lead by example.”

The Warwick-based technology solutions firm offers various services, including digital marketing, web and software development, information technology managed services and project consulting.

Brave River serves a diverse range of nonprofit and for-profit organizations, including law and accounting firms, real estate companies and manufacturers. Most organizations Brave River serves are based in Rhode Island and nearby Massachusetts.

Founded in 2000, the 30-employee company currently serves 300 clients, McAssey said. Soon, the company will serve its 1,000th client since the company’s inception close to a quarter century ago.

McAssey is proud of these longstanding client relationships, which have been built on a foundation of excellent customer service.

“We’re a services company, so the most important thing [we serve] is our people and what they do on a daily basis. Our clients trust us,” he said.

Relationships are also something McAssey keeps at the forefront while

MAINTAINING RELATIONSHIPS: One major element that Brave River Solutions Inc. co-founder and President James McAssey is proud of is that his company maintains long-standing relationships with the clients it serves.

interviewing candidates for open positions. He prefers being the first person from the company to interview applicants to help set the right tone, he said.

McAssey grew up in Rhode Island and entered the field as a programmer after graduating from Bryant University in 1986 – then known as Bryant College. Over the years, he has seen a many changes in the technology industry. Much of Brave River’s success relies on staying on top of what is new. For example, McAssey mentioned the importance of advising clients on the latest web accessibility guidelines, which help ensure that those who have disabilities can obtain information online.

As an IT service provider, being well-versed on the latest issues in cybersecurity and online privacy in order to advise clients is essential, McAssey said.

“When I look at my role and the successful things we’ve done here, it’s about assembling the right team and choosing leaders that can be experts in their area,” he said. “We’re a very collaborative team.” n

MARGUERITE MCLAUGHLIN RECOGNIZES that people are excited and uniquely skilled to bring their best to work each day.

“If you let people use their boundless creativity and skills, you’re going to have the best possible work delivery,” she said. “You’ll also create the best possible place to work.”

As director of education and transformation for Providence-based health consultant Healthcentric Advisors LLC, McLaughlin develops and provides quality improvement initiatives for nursing homes and hospitals in the region. Quality improvement involves taking a systems approach to staffing, clinical processes and culture – areas that became stressed during the COVID-19 pandemic.

program. In the past eight months, the strategy has brought 130 new CNAs to local nursing homes. McLaughlin hopes other facilities in the region follow suit.

“The nice thing about being a regional leader is we’re able to share ideas across the six New England states,” she said.

“Picture an elastic band being stretched to its absolute max but staying that way for three years,” she said. “That’s

how it was for nursing homes.”

Staffing mandates requiring a set number of employees on deck each day didn’t help. Facilities were understaffed due to workers becoming sick and a lack of new recruits. However, McLaughlin and her team devised a solution. They partnered with the R.I. Department of Health to increase the number of nursing homes that offer certified nursing assistant training. To encourage participation, organizations receive compensation based on the number of people who sign up for the

McLaughlin partnered with Brown University and the Conn. Department of Health during the pandemic to pilot the Infection Control Acceleration Network. ICAN is a replicable system for preventing the spread of COVID-19 and other communicable diseases. In 2004, she was among the team that worked with 256 nursing homes across the country to create HATCH, a model for moving from institutionalized care to person-centered care. HATCH is the framework for care at all of the U.S. Veterans Administration’s community living centers.

“Leadership is about making the world a better place,” McLaughlin said. “Everyone has true gifts, talents and value. It’s our job to seek that out and draw it forward.” n

MELANIE KALMAR

PBN PHOTO/TRACY JENKINS

JENNA PELLETIER Contributing writer

‘It’s about assembling the right team and choosing leaders that can be experts in their area.’

HATCHING A PLAN: In 2004, Marguerite McLaughlin, Healthcentric Advisors LLC’s director of education and transformation, worked with 256 nursing homes across the country to create HATCH, a model for moving from institutionalized care to person-centered care.

PBN PHOTO/TRACY JENKINS

Contributing writer

‘Leadership is about making the world a better place.’

MARGUERITE McLAUGHLIN HEALTHCENTRIC ADVISORS LLC Director of education and transformation

JAMES McASSEY BRAVE RIVER SOLUTIONS INC.

Co-founder and president

AN ENTREPRENEURIAL SPIRIT has always been engrained within Leland Merrill.

At first, Merrill had launched a pair of startups that proved successful for him, living the dream of wanting to run a business. The stresses associated with business ownership, however, soured Merrill’s passion.

“I worked 100 hours a week,” he said. “I loved managing the business and strategic planning and forecasting the business and marketing and all that … but I didn’t like the risk associated with it and the time consumption.”

By getting into banking, Merrill, now executive vice president and chief lending officer for Centreville Bank in West Warwick, kept doing what he liked, while cutting out what he didn’t like about working on his startups. Merrill now enjoys helping businesses plan their future and market their companies mostly stress-free, he said.

After selling his startups and getting his MBA from the University of Rhode Island, Merrill was recruited by Citizens Bank N.A. in 1998 but he wasn’t sure what he wanted to do there.

“I had sat on the other side of the table as a business owner, and they said that would be a really great quality for a commercial lender,” he said.

Beautiful,

Even in a managerial role, Merrill is still involved in business relationships. After Citizens, Merrill spent 18 years with BankNewport in various roles, including as chief lending and operating officer from 2018 through 2022. There, he led the federal Paycheck Protection Program project team of 40 staffers, helping distribute more than $134 million in loans to support businesses impacted by the COVID-19 pandemic.

Centreville Bank hadn’t done much commercial lending until recently, Merrill said. He came to Centreville in 2022 specifically because the bank wanted to lend and had a growth strategy. He brought his team along with him, and they have a lot of work ahead of them, he said.

“I love reading loan write-ups and talking to the lender about how the business is doing and what their plans are,” he said. n

NOEMI ARELLANO-SUMMER Contributing writer

C CM MY CY CMY K 2023_10ksb_PBN-GeneralAd_FINAL_REV.pdf 1 8/15/23 1:40 PM

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STRESS RELIEVER: After owning his own startup businesses and dealing with the everyday stresses associated with ownership, Leland Merrill, Centreville Bank’s executive vice president and chief lending officer, went into banking to help businesses plan for their future.

PBN PHOTO/TRACY JENKINS

‘I love ... talking to the lender about how the business is doing.’

LELAND MERRILL CENTREVILLE BANK

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ROSS L. NELSON COX COMMUNICATIONS INC.

ROSS L. NELSON is described by his colleagues and peers as a good listener who is sensitive to the needs of his employees.

Nelson, the market vice president of Cox Communications Inc.’s New England region, sees himself as a positive leader who wants to listen to his employees and build on their strengths.

“I really believe in focusing on people’s strengths, but with that comes accountability. If you set the accountability upfront and people know what the rules and guidelines are and you hold to that, then it takes all the noise away and people can focus on their jobs,” Nelson said, adding he celebrates when his employees are promoted. “When you focus on what people do well, it makes them feel good about themselves.”

Nelson has been with Cox for more than 20 years, with no intention of leaving the West Warwick-based internet and technology communications company. He enjoys seeing family members spanning multiple generations working for Cox.

Technology is a competitive market, Nelson says, but he doesn’t want stress to impact employees where it would stop them from feeling fulfilled in their work.

“The goal is to do the best you can every day and take care of our custom-

MARY O’SULLIVAN ENCORE EXECUTIVE AND PROFESSIONAL COACHING Owner

WHEN MARY O’SULLIVAN advises women on how to make career changes or adjust their professional lives, her advice often boils down to making sure they assert themselves.

“Stand up for yourself [to make changes] and go to the cocktail party,” O’Sullivan said. So, if the boss invites you for drinks, make sure you go and practice how to network professionally, she said.

Men, on the other hand, often need help with motivation, said O’Sullivan, owner of Encore Executive and Professional Coaching in North Kingstown. O’Sullivan also said that she focuses her coaching on communication, emotional intelligence and soft skills.

O’Sullivan has owned Encore Executive for nearly a decade. She focuses on working with leaders to improve their organizations and employees, and has helped professionals make positive changes in their careers and personal lives.

She said she wants to work on morale across companies, as well as build relationships between employees and bosses. O’Sullivan works with leaders in education, medicine, law, business and technology.

O’Sullivan spent more than 30 years in the aerospace and defense industry before getting into professional coaching. She also spent a decade as an English teacher in New York, and also

ers. That’s the No. 1 priority,” Nelson said.

Part of taking care of the customers is also ensuring they have the best service possible. Nelson lobbied Cox’s corporate office to commit $125 million to improve fiber infrastructure throughout Rhode Island.

For Nelson, it was more than just making the deal. It was also about building stability for his employees. “I was able to convince the company that Rhode Island is worth investing in,” Nelson said.

Nelson also believes in giving back to the community and supporting businesses. He brought Get Started, a Cox Business initiative, to the Ocean State. What started as a pitch competition turned into a yearlong program to connect entrepreneurs with resources such as mentoring, pitch development, financial and legal advice.

“I am trying to be an economic driver for the state,” Nelson said. “We need more growth in Rhode Island.” n

ERICA MOURA Contributing writer

delved into working in sales.

After several career transfers of her own, O’Sullivan knows what it is like to find and keep the career you actually want. She has worked with small-business owners and large companies alike on company culture and structure, including CVS Health Corp. and Hasbro Inc., among others.

O’Sullivan has a graduate degree in organizational leadership from Quinnipiac University, as well as a number of coaching certifications and advanced education coursework from several universities. She turned her graduate work into a 2021 book titled “The Leader You Don’t Want to Be: Transform Your Leadership Style from Command and Control to Transformational Visionary.” O’Sullivan has also written several articles on leadership and a focused steps-to-success guide.

O’Sullivan has also served as a volunteer coach at the Massachusetts Conference for Women since 2015. Today, she is focused on positive approaches to improving the professional and personal lives of leaders, as well as the businesses they serve. n

A PRO’S PRO: Mary O’Sullivan, owner of Encore Executive and Professional Coaching, regularly helps business professionals make positive changes in their careers and personal lives.

PBN PHOTO/ELIZABETH GRAHAM

INVESTING IN RHODE ISLAND: Cox Communications Inc. New England Market Vice President Ross L. Nelson persuaded the company’s corporate office to commit $125 million to improve fiber infrastructure throughout the Ocean State. PBN PHOTO/TRACY JENKINS

‘When you focus on what people do well, it makes them feel good about themselves.’

New England market vice president

ANTHONY PELLEGRINO UNDERSTANDS that at the heart of hospitality is people. Whether it’s the guest, the person opening the door for them, or the manager who makes sure everything runs smoothly with traveling and returning to pre-pandemic levels, bringing your best matters to your guests, your employees and yourself, Pellegrino said.

Over the years, Pellegrino has traveled the U.S., built the Ash hotel portfolio and increased the hospitality operations’ capacities. He works on hotel openings, stabilization, ongoing improvements and continued operations of the portfolio, including The Dean Hotel in Providence – Ash’s first hotel.

“Luck favors the prepared,” Pellegrino said. “You have to be ready for it.” This preparedness helped him build teams to grow his portfolio, including The Siren Hotel in Detroit, Hotel Peter & Paul in New Orleans and the Ulysses in Baltimore. He is also working on new Ash hotel projects in Philadelphia and Richmond, Va.

Pellegrino grew up in Rhode Island and started his career in the kitchen at Brown University, learning culinary and people skills. There he learned emotional intelligence, anticipating people’s needs, learning from different types of people, and understanding that the heart of the operation came down to the people.

JOSEPH PERRONI DELTA DENTAL OF RHODE ISLAND CEO and president

AS CEO AND PRESIDENT of Delta Dental of Rhode Island and its subsidiaries, Joseph Perroni regularly performs a delicate balancing act to make positive community changes.

Perroni says he wants to make the Providence-based dental insurer a great place to work for its employees. But, he also wants to really focus on Delta Dental being a good corporate citizen within the Ocean State.

“[We want to be] looked at as an organization or an entity in the Rhode Island marketplace that gives back to the community,” he said.

Perroni has been with Delta Dental for 30 years. In his current role as the company’s top executive, he oversees the senior management team and the board, while making sure that all aspects of the company’s mission are met. During the COVID-19 pandemic, Perroni supported dentists by providing them with personal protective equipment for use.

Perroni said he was drawn to business by the opportunities to create relationships with people and to create a career.

His advice for people wanting to get into business is to own your mistakes. Perroni said he gave the same advice to student leaders at his former high school several years ago, and that teachers came up afterward to thank

“Working to understand better and develop my emotional intelligence helps me understand others and build efficient, highly motivated teams and world-class operations,” he said.

Pellegrino’s leadership comes down to being kind, caring and thoughtful. He holds these same three tenants in every aspect of his business, each balanced to keep people at the heart of what he does. Most important is that he takes into account the emotional intelligence he learned early on in his career.

“The hotel will always tell you what it needs,” Pellegrino said. “Employees will tell you, and the building will tell you. A good leader is humble and listens.”

Pellegrino also believes in service to others. This service touches every hotel in his portfolio and his philanthropic work. Such work is displayed by Pellegrino as a Rhode Island Hospitality Association board member and Class A volunteer for the Special Olympics of Rhode Island. n

MEREDITH WILSHIRE Contributing writer

him for what he said because high schoolers deserved to know these lessons early.

“The last thing I want to ever have is an employee that [messed] something up, points the finger somewhere else, blames the infrastructure or something like that when maybe they made a critical error. I think more highly of the person that owns up to it,” he said.

Perroni shared a time early in his career with Delta Dental when he made a mistake and admitted to it. Later on in 2018, when Perroni interviewed for the CEO position, the leader he had spoken with years ago about that mistake was on the board and remembered his apologetic actions. That apology from years past proved valuable for Perroni.

“[The board member] dug his heels in and recommended me for the [CEO] position. It comes full circle when you do the right thing,” he said. n

NOEMI

ARELLANO-SUMMER

Contributing writer

BEING HUMBLE: Delta Dental of Rhode Island CEO and President Joseph Perroni’s advice for those looking to get into business is to own past mistakes because humility will prove valuable in the long run.

PBN PHOTO/ELIZABETH GRAHAM

‘It comes full circle when you do the right thing.’

ROOM SERVICE: The leadership style of Anthony Pellegrino, head of hotels at the Ash-Dean Hotel, is based on being kind, caring and thoughtful.

PBN PHOTO/ELIZABETH GRAHAM

‘Luck favors the prepared. You have to be ready for it.’

ANTHONY PELLEGRINO ASH-DEAN HOTEL Head of hotels

MARIANNE RAIMONDO RHODE ISLAND COLLEGE School

THERE WAS A TIME when Marianne Raimondo questioned whether she made the right decision stepping back from her career during her 40s to focus on her children.

Raimondo remained active, volunteering with her church before accepting its offer to direct religious instruction. She quickly realized families’ needs transcended classroom education and, at 50, embarked on her fourth degree – a second master’s – to become a social worker, something she’d always aspired to do.

Sitting one-on-one bedside with a client starkly contrasted the corporate boardrooms where Raimondo had guided local, state, regional and national health care policy.

But in July – more than 25 years later – seated as the Rhode Island College School of Business’ newest dean and reflecting on her journey, Raimondo sees how that time bridged her earlier career to her current role.

“All the pieces fit,” she said.

Raimondo’s name is a familiar one within the Ocean State. She is 18 months older than her brother, Warwick-based pulmonologist Dr. Thomas Raimondo, and almost 15 years older than her sister, former governor and now U.S. Secretary of Commerce Gina M. Raimondo.

Raimondo previously was senior vice president of a Burlington, Mass.based health care management consult-

ing firm, a past Hospital Association of Rhode Island vice president and owner/principal of her Smithfield-based health care consulting practice. She also taught at colleges in the area.

Now Raimondo leads the state college’s business school that offers students core business and management competencies, as well as teaching them problem-solving skills across accounting, health care administration, management and marketing, and economics and finance.

“My passion was always: ‘How do we improve the care we deliver?’ ” she said.

In 2013, Raimondo switched from a medical to clinical setting and joined the RIC health care administration’s faculty, becoming program director in 2018.

The 2021 Social Worker of the Year founded the Institute for Education in Healthcare in 2016 at RIC, which trains current and future health care professionals. She served as its executive director until last September. The institute garnered more than $8.8 million in grants during her tenure.

KIMBERLEY EDGAR Contributing writer

VIRGINIA ROBERTS WEBSTER BANK N.A. Senior

director and deputy chief credit officer

VIRGINIA ROBERTS’ ROAD to banking began, oddly enough, in the publishing industry.

While she finished her MBA program at the University of Notre Dame, Roberts received an offer from the Chicago Tribune to work in its advertising and sales department. It was an offer from the city’s prominent news institution that Roberts could not refuse, she said.

When she moved to Rhode Island, Roberts shifted gears toward banking. A lack of newspaper advertising sales roles locally led the new MBA graduate to apply to banks for their credit training program, and Roberts began working for Industrial National – before it changed its name to Fleet Bank.

That change began her 30-year career in credit and commercial lending, to where Roberts is now senior managing director for Webster Bank N.A., which is based in Stamford, Conn., but has branches in Rhode Island.

“My journey has been buoyed by mentors and advocates who pushed me to the next level,” she said. “Furthermore, I have had the opportunity to work with and for colleagues who have helped me grow in my position and expand my responsibilities.”

While at Fleet, Roberts was promoted to manage a team of 11 people and was named to the bank’s senior

credit committee, which reflects one’s credit-approval credentials. Roberts said the benefit at the time of having responsibility for the budget and asset quality represented a tremendous growth opportunity. It was also a recognition that she could be effective both as a line of business leader and as a good steward of the credit culture within Fleet.

Having that dual experience provided Roberts the chance to join Webster Bank 12 years ago as senior credit executive – and subsequently rise through the ranks, she said.

In her current role, Roberts enjoys how broad and diverse her duties are at Webster Bank, combining both strategic and tactical initiatives.

“Every day is different, and the work encourages me to consider all that can be accomplished in a continuous improvement culture,” she said. n

JAIME LOWE

Contributing writer

BUILDING CREDIT: Virginia Roberts, Webster Bank N.A.’s senior managing director, says she has been buoyed by mentors and advocates to rise through the ranks within financial services. PBN PHOTO/ELIZABETH GRAHAM

‘The work encourages me to consider all that can be accomplished in a continuous improvement culture.’

managing

MEETING NEEDS: Prior to becoming dean of the Rhode Island College School of Business in 2016, Marianne Raimondo founded the Institute for Education in Healthcare at RIC, which trains health care professionals.

PBN PHOTO/ELIZABETH GRAHAM

‘My passion was always: “How do we improve the care we deliver?” ’

of Business dean

n

BARBARA E. WOLFE HAS SPENT her 33-year professional career embracing change.

A pivot from psychiatric clinical nursing to administrative roles within the same specialty led to an opportunity to join the faculty at Harvard Medical School. Several other academic appointments, as well as published research in numerous medical journals, shaped her trajectory toward her current position as provost and executive vice president for academic affairs at the University of Rhode Island

“I don’t necessarily think of myself as an overachiever,” she said. “I’m just happy to be engaged, to get the work done and to better the community that I live in.”

Wolfe, who holds a master’s degree in psychiatric mental health nursing from Yale University and a doctorate in nursing from Boston College, is humble about her many accomplishments. She is unabashedly exuberant about the growth she’s witnessed in URI’s academic impact since first arriving there six years ago as dean of the university’s College of Nursing. In January 2023, Wolfe was promoted to provost, succeeding Donald H. DeHayes, who retired.

She points to her work to increase visibility as helping to elevate national program rankings.

“We’re very proud of that. It’s a

HELPING ENTREPRENEURS UNLOCK the next level of success for their business is part of why Karina Holyoak Wood loves her work as the executive director of the Goldman Sachs 10,000 Small Businesses program at the Community College of Rhode Island. Another part is watching that success have positive ripple effects in the community.

“It’s a highly satisfying job because I get to be in a role where I know every day that the work that my team and I are doing is making a really good difference in the community,” Wood said.

So far, the grant-funded growth program has helped more than 400 Rhode Island small-business owners establish goals to take their businesses to the next level, support a healthy and productive work culture, and re-imagine company mission and values. Through one-on-one advising, the free 12-week program teaches cohorts of 60 to 90 entrepreneurs practical skills that can be applied immediately.

Wood is a persistent leader who is strategic in her goals and wants her team to buy into the organization’s mission. She has led the program for seven years and manages a team of eight people who continuously recalibrate the program – from the recruitment process to curriculum – to

very exciting time for URI,” she said. “It’s a thriving environment. It doesn’t feel like work when you’re having fun doing it.”

Part of her success in being a “change agent,” she said, is knowing that people are naturally uncomfortable with change.

“It’s a puzzle and a challenge, but I think what’s important is getting key stakeholders involved, feeling like they’re part of the process, and getting their input because you end up with a better product in the end,” she said.

Regarding her position to help future academic leaders develop, Wolfe stresses the importance of mentorship and creating opportunities. It’s affording opportunities to individuals who might not have thought of themselves as having that skill set of being a leader or even being aware of the notion of being a leader, she said.

“If they have those opportunities, that can be a life-changing event for people,” Wolfe said. n

REBECCA KEISTER Contributing writer

ensure every business owner leaves the program feeling empowered.

“I really enjoy getting the best from people. Everyone’s got their strengths and their assets that they bring to a team,” said Wood, adding she values eliciting ideas from everyone. “A leader has to ensure that there is harmony in a team and that everybody is working at their best level and that we’re really maximizing what we can do together.”

Part of that harmony is Wood recognizing her employees may need flexibility. By giving employees the chance to find balance between work and life’s obligations, Wood believes the team can be grounded with purpose in achieving its goals, all while helping small businesses in Rhode Island flourish.

After being given tools from the program, business owners can increase their profits, hire more people and become involved in their communities by sponsoring little leagues or helping build playgrounds. n

ERICA MOURA Contributing writer

OPEN FOR BUSINESS: In leading the Goldman Sachs 10,000 Small Businesses program at the Community College of Rhode Island, Karina Holyoak Wood has helped more than 400 small-business owners take their operations to the next level.

PBN PHOTO/ELIZABETH GRAHAM

‘I really enjoy getting the best from people.’

HELPING OTHERS: University of Rhode Island Provost and Executive Vice President for Academic Affairs Barbara E. Wolfe says it is important for leaders to mentor others and create opportunities for individuals.

PBN PHOTO/ELIZABETH GRAHAM

‘It doesn’t feel like work when you’re having fun doing it.’

BARBARA E. WOLFE UNIVERSITY OF RHODE ISLAND Provost and executive vice president for academic affairs

KARINA HOLYOAK WOOD GOLDMAN SACHS 10,000 SMALL BUSINESSES Executive director