PBN January 22-February 4, 2021

PROVIDENCE BUSINESS NEWS

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CELEBRATING

35 YEARS: 1986-2021

JAN. 22 - FEB. 4, 2021

FOCUS: INVESTMENTS

5Q

Pandemic sparks more interest in real estate | 21

Tiara Mack | 4

YOUR SOURCE FOR BUSINESS NEWS IN SOUTHERN NEW ENGLAND | VOL. 35, NO. 42 | $5

CORONAVIRUS CRISIS

MINDING THE SHOP

For many planning trips, coverage becomes a must

BY NANCY LAVIN | Lavin@PBN.com

Some independent retailers pay heavier price than others in COVID-19 era

BY NANCY LAVIN | Lavin@PBN.com

JIM MEEHAN WAS SUPPOSED TO be kicking off the new year with a six-week sojourn through Australia, capped off with a stop in Fiji on the way back to his Cape Cod home.

When he booked the trip through Pawtucket-based Collette Travel Service Inc. in December 2019, he also bought Collette’s Travel Protection Plan – which features more extensive coverage than he typically buys – because of the cost and duration of the trip. He never envisioned needing to use the $300 policy, which includes a “cancel for any reason” waiver, as well as extensive medical coverage through a supplemental insurance underwriter.

But as lockdowns started and ­COVID-19 cases spiked last spring,

FOCUS: INSURANCE

SEE TRAVEL

PAGE 17

TWO

HUNDRED FEET – ABOUT A 60-SECOND WALK – separates LuLi Boutique LLC from Frog & Toad LLC in Providence. But the pandemic experiences of the two Hope Street retailers are worlds apart.

Frog & Toad made a splash early on, debuting T-shirts, glassware and other gift items bearing Gov. Gina M. Raimondo’s iconic admonishment to “Knock It Off.” Since then, the novelty gift shop has continued to rake in sales through online and curbside pickup, capped off with what co-owner Asher Schofield says was double the revenue on Black Friday weekend – the unofficial start of the holiday shopping season in November – compared with the prior year.

Catty-corner from Frog & Toad sits LuLi Boutique, which has not bounced back in the same way. Owner Elise Mischel lamented the SEE RETAIL PAGE 12

IN-PERSON SHOPPING: Customers peruse the merchandise at the Wickford Gourmet Factory Outlet in North Kingstown. Sales have held up despite the store not having any presence on the internet.

PBN PHOTO/ ELIZABETH GRAHAM

ONE LAST THING

Colin P. Kane Weathering the storm | 30

FEBRUARY 11, 2021 AT 9AM

FOR MORE INFORMATION, TURN TO PAGE 31

CONTENTS

PBN

COVER STORY MINDING THE SHOP Some independent retailers pay heavier price than others in COVID-19 era................................1

FOR STARTERS

400 Westminster St. Providence, RI 02903

5Q: Tiara Mack............................................................................ 4 Dining Out: Worthy of many accolades..................................... 5 Spotlight: Wickford Wine Co. LLC.............................................6 Something New: includesign LLC..............................................6 Hot Topic: R.I. looks to expand workplace tests....................... 7 Health Matters: Staffing mandate worries nursing home operators.................. 8 Nonprofit in Action: Rhode Island Veterinary Medical Association Companion Animal Foundation...............9 What’s Happening..................................................................... 10

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President & Publisher: Roger C. Bergenheim 680-4848 | Publisher@PBN.com

SPOTLIGHT | 6

ADVERTISING

PBN.COM

Advertising@PBN.com Fax: 401-274-0270

Another Look: City seeks injunction against Apex................. 14 Another Look: McKee open to easing business restrictions.14

Director of Sales and Marketing: Annemarie Brisson, 680-4800

WHO OWNS THE BLOCK?

Kingstown Road, South Kingstown.......................................... 15

Marketing and Events Manager: Donna Rofino, 680-4832

IT’S PERSONAL

Marketing, Events & Social Media Coordinator: Tracy Hoyt, 680-4818

People in the News................................................................... 24 Mackay’s Moral.........................................................................25 Dress for Success: Marc A. Streisand.....................................26 Guest Column: Elizabeth C. Tippett........................................ 27 Editorials and Opinion..............................................................28 One Last Thing: Colin P. Kane.................................................30

Senior Account Managers: Linda Foster, 680-4812 Jim Hanrahan, 680-4816 Advertising Coordinator: Joyce Rylander, 680-4810

FOCUS: INSURANCE

EDITORIAL

For many planning trips, coverage becomes a must The onset of COVID-19 has brought with it many changes, including an increased interest among travelers for insurance policies, especially ones that allow for a cancellation for any reason...............................1

Editor@PBN.com Fax: 401-274-0670

HEALTH MATTERS | 8

Editor: Michael Mello, 680-4820 Managing Editor: William Hamilton, 680-4826

R.I.’s health exchange proves vital during crisis

Web Editor: Chris Bergenheim, 680-4886

HealthSource RI has grown its employer-focused program over the past year, as many small companies in Rhode Island continue to offer health insurance to employees amid the pandemic........................................... 16

Copy Editor: Matt Bower, 680-4824 Special Projects Editor/Researcher: James Bessette, 680-4838

FOCUS: INVESTMENTS

Cryptocurrency taking investors on wild ride

(EDUCATION, NONPROFITS)

Opinions among wealth advisers on whether to invest in cryptocurrency such as Bitcoin are divided, but that isn’t dissuading some investors................................20

Staff Writers: Nancy Lavin, 680-4822 (ENERGY/ENVIRONMENT, ENTREPRENEURSHIP, FINANCIAL SERVICES)

Pandemic sparks more interest in real estate

Mary MacDonald, 680-4830

The pandemic has not only pushed homebuyers to purchase in a seller’s market, but it has forced investors to become their own tenants................................... 21

(HEALTH CARE, MANUFACTURING, REAL ESTATE/DEVELOPMENT)

Cassius Shuman, 680-4884

Lists

(GOVERNMENT, HOSPITALITY/TOURISM, WORKFORCE)

FOCUS: INSURANCE | 16

Employee Benefit Administrators............................................ 18 Wealth Managers.......................................................................22

PRODUCTION Production Director: Anne Ewing, 680-4860 Art Director: Lisa Lagreca, 680-4868

THIS WEEK’S FEATURED COMPANIES AAA Northeast

19

IMT Services LLC

Apex Cos.

14

includesign LLC

Bally’s Corp.

9

Johnson & Wales University

Blue Cross & Blue Shield of Rhode Island

16

LeadingAge RI

Boscov’s Department Store LLC

13

Lila Delman Real Estate of Watch Hill

Brown University

21

LuLi Boutique LLC Nabsys 2.0 LLC

1

Neighborhood Health Plan of Rhode Island

Eliot Rose Wealth Management LLC

20

Frog & Toad LLC Health Concepts Ltd.

24

8

7

Nixon Peabody LLP

24

Rhode Island Free Clinic

23

Collette Travel Service Inc.

16

Rhode Island Foundation

6 12

CIC Providence LLC Delta Dental of Rhode Island

17

Rhode Island Health Care Association Rhode Island Manufacturers Association R.I. Commerce Corp.

1

R.I. Department of Health

7

Rockland Trust Co.

16 7

8 7 13 8 20

Sojourner House

16

Spinnaker Asset Management Inc.

20 13

Northern Rhode Island Chamber of Commerce

16

S&W Television & Appliance

1

North Kingstown Chamber of Commerce

13

Village House Nursing & Rehabilitation Center

8

Providence Place

13

Warwick Mall

13

16

Randall Realtors

23

Wickford Gourmet Factory Outlet

12

Hope Street Merchants Association

13

Rhode Island Assisted Living Association Inc.

WHAT’S HAPPENING? SUBMIT YOUR NEWS AT PBN.COM/PBNCONNECT/

Wickford Wine Co. LLC

www.facebook.com/providencebusinessnews @provbusnews www.linkedin.com/company/providence-business-news

2 | JANUARY 22-FEBRUARY 4, 2021 | PROVIDENCE BUSINESS NEWS | www.pbn.com

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ADMINISTRATION Fax: 401-274-6580 Business Manager: Tammy D’Antuono, 680-4840

©2021 Providence Business News Inc.

8

HealthSource RI

8

CIRCULATION

6 Providence Business News is published every two weeks by Providence Business News, 400 Westminster Street, Providence, RI 02903 (USPS 002-254) (ISSN 0887-8226) Periodical postage paid at Providence, R.I. POSTMASTER: Please send address changes to 400 Westminster Street, Providence, RI 02903.

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www.ribankers.com ~ 401-433-7850

A publication of the Rhode Island Bankers Association, serving member banks since 1915. All data at or for the year ended 12/31/19, except for PPP data which is as of 07/2020.

Member FDIC

Equal Housing Lender

A publication of the Rhode Island Bankers Association, serving member banks since 1915. All data at or for the year ended 12/31/19, except for PPP data which is as of 07/2020.

www.pbn.com | PROVIDENCE BUSINESS NEWS | JANUARY 22-FEBRUARY 4, 2021 | 3

FOR STARTERS 5Q: Tiara Mack R.I. senator, D-Providence

BY ALEXA GAGOSZ | Contributing Writer

1

In the primary, you beat longtime Democratic Sen. Harold Metts to become the first Black LGBTQ state senator in Rhode Island. How have your identities shaped your priorities in the General Assembly?

As a Black, queer, formerly lowincome elected official, I hope to bring my story, and countless others, to policy and shape legislation that is inclusive of the working class here in our state. Black liberation and queer liberation are inherently working against the status quo to demand a system that works for every person, regardless of their identities, and require the system to work in just and liberating ways. Whether it is housing justice, criminal justice, or education justice, or economic justice, we must center the narratives of all marginalized people to transform our system.

2

How are you going to tackle the affordable-housing crisis in the next two years?

Within the next five years, Rhode Island needs to build 25,000 affordable units to keep pace with the projected demand by 2025. The money to do this is in our state now in the form of a tax structure that requires the wealthiest Rhode Islanders to pay their fair share. We can also put an end to

PBN PHOTO/RUPERT WHITELEY

We must center the narratives of all marginalized people to transform our system.

exclusionary zoning, which prevents certain neighborhoods from having multiple family units and [deters] growth of affordable homes in many communities.

3

Can you explain your rent cap proposal?

Rent hikes are outpacing wage increases and more Rhode Islanders are struggling to keep up. By capping rent increases at 4% per year, we can decrease the burden that many working families [experience] each year.

4

How will you incentivize the private sector to provide affordable housing?

Currently, there is no incentive for the private sector to build more housing on identical plots of land. By introducing a land-value tax, which taxes land four times that rate of buildings, we can lower property taxes and encourage landowners to build more housing based on the land that they currently own and increase private-sector growth.

5

How will you incentivize landlords to accept all lawful sources of income, including vouchers, as forms of rent?

Housing vouchers are guaranteed sources of income for landlords. By fighting to make sure there is no source of income discrimination, we can ensure reliable income for landlords. To incentivize this, an imposed 1% vacancy tax would apply for any unoccupied units that owners may be keeping free for “market” changes. n

KEYNOTE SPEAKER THOMAS TZITOURIS

Head of Fixed Income Research, Strategas PANELISTS KRISTEN ADAMO President & CEO, Providence Warwick Convention & Visitors Bureau (PWCVB)

2021

REGISTER NOW

FEBRUARY 11, 2021

VIRTUAL SUMMIT | 9AM #PBNEconomicTrends

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4 | JANUARY 22-FEBRUARY 4, 2021 | PROVIDENCE BUSINESS NEWS | www.pbn.com

FOR STARTERS DINING OUT | BRUCE NEWBURY

Worthy of many accolades THESE ARE NOT the days for restaurant awards.

The food media lost its appetite for ranking chefs, eateries, foods or drinks in 2020. Different kinds of accolades were being sent out – our admiration amidst the realization that we have been taking for granted the vital service our restaurants have been providing us.

During the depths of the COVID-19 pandemic, some critics were writing that the notion of giving awards to chefs as if they were movie stars was a misguided one. It was the inverse of the “participation trophy” – instead of everyone receiving an award, no one gets one. Individual achievement was not to be recognized. All must be reduced to the lowest common denominator.

Now the glimmer of an end to the pandemic is at least on the horizon. And all of us have come to the realization that we always needed our restaurants and their owners and staffs.

Esquire magazine recently published a listing of the “100 Restaurants America Can’t Lose – Restaurants We Love.” It was an alphabetical list so as to give the impression of avoiding favoritism. Otherwise, it was subjective and predictable, with an outsize number of New York City restaurants. No Rhode Island restaurants made the list. The closest was Abbott’s In The Rough in Noank, Conn., which was a summer mainstay for lobster and seafood in an outdoor setting.

Our needs are more than just for food and drink.

Our restaurants are our food supply to be sure.

They are also our gathering place upon which we depend to find companionship, interpersonal dialogue, ideas, inspiration, reassurance, even family.

The word “restaurant” is a derivation of the French verb restaurer, meaning to restore. It stands to reason that if we need a place to restore ourselves, we

must have gotten ourselves into a state of weakness or decline. Hunger and thirst will do that. So will needing a friendly face and an encouraging word.

Once we find such a place, we will revisit whenever we need a “pick-me-up.”

The news these days is that a significant number of restaurants are teetering on the brink of closing their doors forever. While that may be true on a broad basis around the world, it is not necessarily the case in localized areas and among individual restaurants. Rhode Island is one of those localized areas where the toll of closed eateries is not as severe. As always, this in no way minimizes the hardship faced by anyone during this unprecedented time.

There is another publication that calls to mind great restaurants. It is a book of restaurants that have closed over many decades. “Lost Restaurants of Providence” was compiled in 2019 by David Norton Stone. It has summaries and pictures of eateries from the distant past and the recent past, all of which were located in Providence. In thumbing through the book, which includes recipes, a single passage was notable given the state and perception of the industry today.

The author states that during a single week there were three restaurant closings in Providence: Mediterraneo, Paragon and XO Café. The one week was in 2018. There were other restaurant closings in the city and throughout the state that year. As was written at the time and many times before and since, the reasons for the closings were many and varied. There were restaurants that took the place of those shuttered eateries. Many of the staff members at the former restaurants went to work for the new places. Even in non-pandemic times, the turnover rate of restaurants is, if not

Our needs are more than just for food and drink.

GOT IT COVERED: The 2019 book “Lost Restaurants of Providence” is a reminder that groupings of restaurant closings have happened before the COVID-19 pandemic.

statistically significant, perceived to be so.

Hopefully we have come to realize that the significance comes from our individual attachment to these places, the experiences we had, and the memories that endure. From that, we now know that we insist our restaurants remain open any way we can have them. n Bruce Newbury’s radio show and podcast, “Dining Out with Bruce Newbury,” is broadcast on WADK 1540 AM and several radio stations throughout New England. Email him at Bruce@BruceNewbury.com.

PANEL DISCUSSION

Local business experts from various industry sectors providing thoughts on the Ocean State’s economic trends and forecasts for 2021, as well as industry-specific viewpoints.

TOPICS INCLUDE

• Congress has approved a second stimulus package. What is the impact to the markets?

What industries could be helped that were excluded from the first round?

• What are the trends going forward in the commercial real estate markets?

• What is the tone of the current bond market? What should we expect near-term?

And how will the results of the presidential race influence fixed income in 2021 and beyond?

• What are some of the notable provisions from the proposed Biden tax plan and what could be the impact be to companies and individuals?

• How could the change in state leadership impact the RI economy?

• What will it take for the RI hospitality industry to rebound?

PRESENTING SPONSOR

PARTNER SPONSORS

www.pbn.com | PROVIDENCE BUSINESS NEWS | JANUARY 22-FEBRUARY 4, 2021 | 5

FOR STARTERS SOMETHING NEW

SPOTLIGHT

PERSONAL TOUCH: Diana Perkins created the LapSnap, a waterproof canvas bag, to allow wheelchair users to carry items when they go grocery shopping. She learned to sew so she could stitch 10 prototypes to send to test users.

COURTESY INCLUDESIGN LLC

Helping wheelchair users shop

BY ALEXA GAGOSZ | Contributing Writer

AFTER DIANA PERKINS took an inspiring course on disability justice at Brown University, the engineering student found that many wheelchair users had a difficult time going grocery shopping on their own, unable to hold items on their lap.

She created the LapSnap in February of last year, a multipurpose bag made of waterproof canvas for wheelchairs, which has a design based on the body it’s sitting on instead of the chair. It’s collapsible, bringing it to about 3 inches thick.

The product has already garnered some monetary support, such as a grant from Brown’s Nelson Center for Entrepreneurship. The targeted demographic includes female millennials, disabled veterans and new wheelchair users.

Since graduating in the spring, Perkins has worked full time on her company, now named includesign LLC, including learning how to sew so she could personally stitch 10 prototypes and send them to test users.

She plans initially to set a price tag of $50 for each bag. She said the price may eventually be lower when she finds a proper manufacturer.

In the long term, however, Perkins said she wants the LapSnap to be the first of many products for the wheelchair-user community. n

SCOURING THE GLOBE: Cousins Liana Buonanno and Paul Fede, co-owners of Gooseneck Vineyards, work with farmers in six countries to source the grapes for their classic, budget-friendly wines, which they sell in their North Kingstown vineyard shop.

PBN PHOTO/MICHAEL SALERNO

Seeking the best grapes Wine duo works with farmers worldwide

BY ALEXA GAGOSZ | Contributing Writer

FROM THE HILLS OF THE TREVISO in Italy to the stony Wairau Valley river flats in Marlborough, New Zealand, Liana Buonanno and Paul Fede have scoured the world, testing various varieties of wine grapes to produce a better, everyday glass of wine in Rhode Island.

The duo, who are cousins, started Wickford Wine Co. LLC, doing business as Gooseneck Vineyards.

They have partnered with farmers in the U.S. and five other countries to find the perfect grapes in every major wine-growing region to make their nine classic but budget-friendly wines.

Bottles are priced at $16, $18 and $24. “[Before starting Gooseneck], we realized that you have to pay more to get a decent bottle of wine. It is very hard to find a bottle of wine that you are satisfied [with] that is varietally correct,” said Buonanno.

“And not industrialized,” added Fede.

By not trying to “do it all at once,” such as growing the grapes, to fermenting, to answering customer inquiries, the two thought they could simplify the process, chopping up the steps to ultimately

make a better product.

Their idea, said Buonanno, has always been to go after everyday, high-quality varietals.

Varietals such as pinot grigio, chardonnay, pinot noir and cabernet sauvignon are well-known. And instead of turning up their noses at the basics, Buonanno and Fede look to perfect them.

For example, their pinot grigio was crafted with the assistance of Italy’s winemaker of the year at a family-run vineyard that can trace its roots back to the 1800s. The grapes are grown in the Veneto region, a cool climate due to the proximity of the Adriatic Sea. Or their chardonnay: a buttery composition with a slight aroma of oak from the barrels in which the wine is matured after fermentation.

The oak is sourced from Nevers, France. Before bottling, viognier is blended in, a white wine that, on

the nose, smells of honeysuckle.

While the names on the bottle may be recognizable to a wine novice, the tastes inside could delight a sommelier, said Fede.

“If you maximize every single step of the process of wine-making, then the end product will overdeliver,” said Buonanno.

Specialty varietals of last year’s syrah, zinfandel or Fede’s current project of riesling are found only at their vineyard shop, a corner store in the Wickford village of North Kingstown.

So far, their experiments to land a varietally correct wine have paid off. Gooseneck wines can be found in 17 states and have landed on the wine lists of several restaurants.

Wine Enthusiast rated Gooseneck’s pinot noir, which is produced in Oregon, 90 points out of a possible 100 for the 2016 vintage.

While wine drinkers in Rhode Island continue to drink Gooseneck, Fede, who previously worked at Kenwood Vineyards in California, said he looks to continue to educate them on the possibilities.

“I think education goes hand in hand with wine,” he said. “People are like sponges. The more you give them, the more they will absorb.” n

OWNERS: Liana Buonanno and Paul Fede

LOCATION: 4 Brown St., North Kingstown

YEAR ESTABLISHED: 2011

TYPE OF BUSINESS: Vineyard

EMPLOYEES: 11 full time, four part time

ANNUAL SALES: WND

6 | JANUARY 22-FEBRUARY 4, 2021 | PROVIDENCE BUSINESS NEWS | www.pbn.com

FOR STARTERS HOT TOPIC

R.I. looks to expand workplace tests

BY MARY MACDONALD | MacDonald@PBN.com

RHODE ISLAND IS TRYING to double the number of daily tests taken for COVID-19, in part by encouraging more employers to adopt surveillance testing.

Manufacturing companies have already started moving the tests on-site, and schools are expected to follow. Gov. Gina M. Raimondo said the strategy is one of the best ways to curtail the spread of the virus. She said the state has a new goal of 25,000 tests a day.

“We want to make it incredibly easy for you to get tested,” she said.

“At work, get a test.”

Using federal funds, the state last month started distributing the rapid BinaxNOW tests to employers. Outside the entrance of the workplace, workers use the kits to take the tests themselves. Results are available in as little as 15 minutes.

Already, such testing is catching infections in workers before they enter a job site, said David M. Chenevert, executive director of the Rhode Island Manufacturers Association.

He has encouraged other business groups to consider on-site tests.

The testing has a modest cost, about $180 per company to participate. Depending on the size of the

company, some manufacturers are testing their workforce weekly or monthly, Chenevert said.

The test can be required as part of company policy, he said. And he expects more companies to do so in the months ahead. “It’s becoming something we should be doing everywhere,” he said.

The practice, however, does raise privacy issues. How far can an employer go to require an employee to take part? And if a workforce is unionized, should the bargaining units be signing off on the practice?

Andrew Prescott, managing partner for the Providence office of the national law firm Nixon Peabody LLP, said the legal interpretation is nuanced. Since the late 1980s, Rhode Island has had a statute that prevents employers from requiring tests that draw blood, saliva or other bodily fluids from existing employees.

Whether that could be applied to COVID-19 tests is a question that hasn’t been tested in court.

That statute, he noted, is substantially more restrictive than in many states.

“I think one could argue either way whether that statute applies to the [COVID-19] test we’re discussing,” said Prescott.

He would recommend that employ-

‘We want to make it incredibly easy for you to get tested.’

Gov. Gina M. Raimondo

ers “strongly encourage” the employees to take the spot tests, but not require it as a condition of employment.

Employers conducting routine testing say it’s kept employees safe.

A location where COVID-19 tests are offered to employers is in downtown Providence by CIC Health, a subsidiary of Cambridge Innovation Center in Massachusetts.

CIC Health provides polymerase chain reaction tests – commonly known as PCR tests – for COVID-19, according to Rebecca Webber, CIC Providence LLC general manager.

PCR test results are being returned in about 24 hours.

CIC Health offers the testing to company clients, and also offers pooled testing, which lowers the cost of testing by having samples analyzed in batches.

One company participating is Nabsys 2.0 LLC, a biotechnology company. Its executive, Barrett Bready, is an I-195 Redevelopment District Commission member and told other commission members at a Jan. 14 meeting that Nabsys was participating in daily pooled testing.

“We actually found a positive on the first day,” he said. n

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FOR STARTERS | HEALTH MATTERS

Staffing mandate worries nursing home operators

BY ALEXA GAGOSZ | Contributing Writer

JENNIFER

Romagnolo is used to paying her bills on time – both in her personal life and in her role as administrator for the past 10 years at the Village House Nursing & Rehabilitation Center in Newport.

But like many long-term care facilities in Rhode Island, and the country, Village House is struggling to make ends meet, she said, and it closed out 2020 with nearly a $400,000 loss.

Romagnolo contends a state regulation yet to go into effect could make the financial situation worse at Village House, which is owned by Providence-based Health Concepts Ltd., and at many other Rhode Island nursing homes.

In December, the R.I. Department of Health started drafting an emergency regulation on minimum staff-to-patient ratios in nursing homes. The regulation would require 3.8 staff hours per resident per day for nurses, certified nursing assistants and other direct-care workers.

Health department spokesman Joseph Wendelken told Providence Business News recently that the department is still “working through the details.”

Wendelken said most facilities in the state are meeting the needs of residents, but the emergency regulation would bring more structure and consistency to the resident-to-worker-hours ratio across the state, and he said it would ensure that workers have adequate support.

However, the regulation would put an extra financial burden on struggling nursing homes, according to industry leaders.

For Romagnolo, it would mean hiring another six to eight direct-care workers – at the cost of about $20,000 a month in salaries. She said the additional staff isn’t necessary.

“We have the proper number of employees to care for our residents in our nursing department, and they provide quality care,” said Romagnolo, who said 76 of Village House’s 95 beds are filled. Nearly half of them are Medicaid patients. Low Medicaid reimbursement rates means the nursing home is losing about $9 to $12 per patient per day.

With COVID-19 cases continuing to surge, labor unions representing nursing home workers had stepped up lobbying efforts to get the state to implement the staffing-level requirement. A failed bill introduced last year proposed a daily

FINANCIAL WOES: Jennifer Romagnolo, administrator at Village House Nursing & Rehabilitation Center in Newport, says she is concerned about the effects of a new minimum-staffing mandate state officials are drafting.

PBN PHOTO/TRACY JENKINS

‘I can guarantee that other homes will close because of this regulation.’

JENNIFER ROMAGNOLO, Village House Nursing & Rehabilitation Center administrator 8 | JANUARY 22-FEBRUARY 4, 2021 | PROVIDENCE BUSINESS NEWS | www.pbn.com

average of 4.1 hours of direct nursing care per resident.

“Nursing home heroes and our state’s most vulnerable citizens have been the victims of dangerously low short staffing for decades – the pandemic is pushing them to a breaking point,” said Adanjesus Marin, coordinator of Raise the Bar on Resident Care, a union-backed coalition.

“There is a direct correlation between staffing levels and infection-control violations, yet the industry continues to claim they are powerless to stop the spread.”

He added, “It is time our elected officials hold industry leaders accountable to keep nursing home residents and caregivers safe, as their lives are put at risk daily.”

There’s no date set when the regulation could go into effect, but industry advocates say they are worried about many nursing homes shutting their doors because of the financial pressure that would be created by the mandated staffing ratio.

James Nyberg, director of Leading­ Age RI, which represents 14 nonprofit facilities that offer care for older people, said he is opposed to the ­regulation.

In a letter addressed to Gov. Gina M. Raimondo and Health Director Dr. Nicole Alexander-Scott in early December, Nyberg joined Scott Fraser, CEO and president of the Rhode Island Health Care Association, and David Bodah, executive director of the Rhode Island Assisted Living Association Inc., in denouncing the staffinglevel requirement.

They argued that there is no pool of workers for facilities to hire from to meet the more stringent requirement. And even if there were plenty of people to hire, “our homes do not have the extra funds to pay for this,” the letter said.

“We hear the governor imploring people to work at the field hospitals that have opened up, but where does she expect people to materialize to help a nursing home meet the [3.8hour] requirement? There is a real disconnect there,” Nyberg told PBN. Fraser said the regulation setting 3.8 staff hours per resident per day would be the highest mandate of the 25 states that have some type of mandatory staffing level.

“It’s not just a matter of if a home closes, but it’s where do you find places for these folks to be cared for,” said Fraser.

Back at Village House in Newport, Romagnolo said her facility has largely kept COVID-19 out of the building, reporting between two to four cases since March.

If the staffing regulation goes into effect, she said she will have to compete with the other long-term-care facilities to hire additional high-quality employees.

“These additional monthly losses won’t be sustainable,” said Romagnolo, who noted that Village House wages start at $16 an hour for CNAs with no experience and about $18 an hour for CNAs with experience, with a 3% raise each year. “I can guarantee that other homes will close because of this regulation,” she said. n

NONPROFIT IN ACTION | FOR STARTERS RIVMA helps pet owners in need

BY CASSIUS SHUMAN | Shuman@PBN.com

THE RHODE ISLAND VETERINARY Medical Association, through its Companion Animal Foundation, is providing a first-of-its-kind assistance program to low-income animal owners who need essential services for their pets.

The organization, located on South Angell Street in Providence, is assisting pet owners by funding the cost of exams and vaccines and the treatment for illness or injury using a voucher program. Through Dec. 31, the group issued 742 vouchers, of which 321 have been redeemed. For comparison, during all of 2019, those numbers were 370 and 197, respectively.

Since its inception in 2004, the foundation has dispersed grants recommended by veterinary practices that are association members. In 2019, the foundation distributed more than $75,000 throughout the state to aid in the treatment of hundreds of animals of low-income pet owners.

Each association member practice receives an annual allocation from the foundation based on the number of veterinarians on staff and dollars that are available for the practice to use in assisting low-income clients.

“For low-income pet owners, vouchers from RIVMA CAF are the difference between watching their beloved pet suffer and being able to address their pet’s health care needs,” said Elizabeth Suever, who is the vice president of government affairs at Bally’s Corp. in Lincoln and has been the organization’s voluntary president since February of 2020. “Many Rhode Islanders rely on their pets for companionship, so keeping their pets healthy is important for their mental well-being, especially during this pandemic.”

Suever said other programs that assist low-income pet owners have been referring pet owners to RIVMA CAF because they have been unable to continue their operations at normal levels amid the pandemic, and she expects this trend to continue through 2021.

Suever said the foundation is experiencing fundraising challenges after it had to cancel its golf tournament last year, the organization’s biggest source of revenue. “The board of directors has had to come up with some creative ways to raise funds, like an online raffle, and we are sending out more mail and email appeals to supporters, but we need to fundraise like crazy to meet the demands of our budget.”

Suever said it is rewarding to help low-income pet owners. “We recently had a phone call from an elderly woman who lives in public housing,” she said. “She lost four friends to COVID-19 and was unable to leave her apartment to socialize or meet new people. Her daughter gave her a kitten, but she could not afford to bring it to the vet for shots or other basic care. This woman wanted to do the VOLUNTEER: Rhode Island Veterinary right thing for her new pet Medical Association Companion Animal but needed some financial Foundation President Elizabeth Suever, support. That is where pictured with Neala, volunteers her time RIVMA CAF stepped in.” serving the organization, which is providing For more information, invouchers to assist low-income pet owners cluding eligibility requireduring the COVID-19 pandemic. ments and program options, COURTESY ROBERT KNYCHALSKI visit ripets.org. n

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www.pbn.com | PROVIDENCE BUSINESS NEWS | JANUARY 22-FEBRUARY 4, 2021 | 9

FOR STARTERS | WHAT’S HAPPENING

EXECUTIVE SESSION: One SouthCoast Chamber of Commerce CEOs Rick Kidder, left, and Mike O’Sullivan will have an online conversation for members on Feb. 4.

COURTESY ONE SOUTHCOAST CHAMBER OF COMMERCE

EDITOR’S CHOICE

One SouthCoast Chamber CEOs to discuss agenda, programs ONE SOUTHCOAST CHAMBER of Commerce will hold an online conversation with the Chamber’s two CEOs, Mike O’Sullivan and Rick Kidder.

The two will discuss the Chamber’s agenda, programs and strategic partnerships to ensure the Chamber remains a catalyst for members, the business community and the southeastern Massachusetts region.

THURSDAY, FEB. 4, 9:30-10:30 A.M. Free Online.

Understanding your strengths

Tips to improve work from home

THE CENTRAL RHODE ISLAND Chamber of Commerce will hold an online workshop that will help attendees understand their strengths and weaknesses, which will allow them to target the right opportunities and radically increase their chances for success. Attendees will also learn how to turn their weaknesses into strengths.

TUESDAY, JAN. 26, 8-9 A.M. Free

THE RHODE ISLAND Small Business Development Center will hold an online workshop, titled “Working Out How To Work From Home 2.0,” in which attendees will learn tips and tricks on how to reboot their work-from-home experience. RISBDC counselor Maggie Longo will lead the discussion.

WEDNESDAY, JAN. 27, 11 A.M. TO NOON. Free

Online.

Online.

INFO AND REGISTRATION: tinyurl.com/yxupdry4

INFO AND REGISTRATION: risbdc.org/ workshop.aspx?ekey=70410005

Sharing ideas

Healthy habits

THE GREATER PROVIDENCE Chamber of Commerce will hold an online networking event for members to gather and meet their peers. The event will allow participants to chat, connect and share ideas with one another for 60 minutes in a casual and fun way. Registered attendees will receive a Zoom link and more information before the meeting.

TUESDAY, JAN. 26, 8:30-9:30 A.M. Free

THE CENTER FOR WOMEN & Enterprise will hold an online workshop that will focus on welcoming the new year with a positive outlook. Attendees will be provided with tips on how to build healthy habits for the long haul. The discussion is part of the center’s new Wellness Wednesday monthly series.

Online.

INFO AND REGISTRATION: tinyurl.com/y3ka5rle

Interested in having your business-related event included in What’s Happening? Contact PBN Researcher James Bessette at (401) 680-4838 or Bessette@PBN.com.

INFO AND REGISTRATION: tinyurl.com/y3tj5lg7

HENDERSON BRIDGE TRAFFIC CHANGES PROVIDENCE AND EAST PROVIDENCE

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Starting January 22, RIDOT will shift travel lanes

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eastbound traffic toward East Providence and reduce travel lanes from two to one in each direction. Be alert for temporary traffic signals on the East Providence side of the bridge.

Learn more at www.ridot.net/Henderson.

Department of Transportation Two Capitol Hill Providence, RI 02903 401-222-2450 www.ridot.net

10 | JANUARY 22-FEBRUARY 4, 2021 | PROVIDENCE BUSINESS NEWS | www.pbn.com

WHAT’S HAPPENING | FOR STARTERS WEDNESDAY, JAN. 27, 5:30-7 P.M. Free Online.

INFO AND REGISTRATION: tinyurl.com/yxwdo3m6

Leadership lessons THE NORTHERN RHODE ISLAND Chamber of Commerce will host Kat Cole, chief operating officer of FOCUS Brands North America, for an online presentation on how Cole’s personal and professional experiences molded her as a leader. She will share important lessons she learned about leadership and as a young child growing up with a single mother.

THURSDAY, JAN. 28, NOON TO 1 P.M. $10

WEDNESDAYS, FEB. 3, FEB. 10 AND FEB. 17, 11 A.M. TO NOON. Free

Online.

INFO AND REGISTRATION: tinyurl.com/y2r9cyrm

Online.

INFO AND REGISTRATION: tinyurl.com/y3b7h5n2

Online.

Chamber celebration

Nonprofit networking

Theatre Performing Arts Center in Woonsocket.

WEDNESDAY, FEB. 10, 3:30-5 P.M. $25/members; $35/nonmembers INFO AND REGISTRATION: tinyurl.com/y356tfy9

THE NORTHERN RHODE ISLAND Chamber of Commerce will hold its 30th anniversary celebration.

The event will feature live music, a keynote speaker and the presentation of the Barbara C. Burlingame and Ben Mondor awards. The event will be livestreamed from the Stadium

THE TAUNTON AREA Chamber of Commerce will hold an online networking event for nonprofits to meet virtually, share ideas and explore opportunities for collaboration.

THURSDAY, FEB. 4, 10-11 A.M. Free

UPCOMING PBN EVENT: The 2021 Book of Lists Premier Event will be held virtually at 4 p.m. on Thursday, Jan. 28. For more information, visit PBN.com.

For sponsorship opportunities, contact Advertising@PBN.com.

Online.

INFO AND REGISTRATION: tinyurl.com/y53zea6c

Connect with professionals ONE SOUTHCOAST CHAMBER of Commerce will hold an online networking event that will feature a variety of breakout rooms and activities to help connect you with professionals of all industries. Jonathan Pogash, owner and mixologist of the Cocktail Guru, will teach attendees how to make cocktails while guiding them through the creation of two unique drinks.

THURSDAY, JAN. 28, 5:30-6:30 P.M. Free Online.

INFO AND REGISTRATION: tinyurl.com/yxtun8ph

Building new relationships RHODE ISLAND BUSINESS Networking will host a virtual Network After Work session for business leaders and entrepreneurs to meet and build business relationships with one another.

Participants can be part of the event from home or office and can consume a beverage of their choice.

THURSDAY, JAN. 28, 6-8 P.M. Free

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Developing your website THE RHODE ISLAND Small Business Development Center will hold a threepart online workshop series on website development for businesses. The sessions will discuss how to create a user-friendly website, how businesses can sell more online, and how to plan and develop the site. RISBDC marketing counselor Julie Loffredi will lead the discussion.

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www.pbn.com | PROVIDENCE BUSINESS NEWS | JANUARY 22-FEBRUARY 4, 9/3/20 202112:16 | PM11

CORONAVIRUS CRISIS RETAIL

CONTINUED FROM PAGE 1

litany of challenges her clothing and jewelry boutique has faced: creating an e-commerce store on the fly, laying off employees and struggling to qualify for state or federal relief programs. That she was forced to shutter her doors while launching the e-commerce store at the start of a state shutdown, while big-box retailers remained open, only added to the pain. While the holiday season proved better than Mischel expected, it still did not bring in “normal” holiday sales numbers, she said.

The experiences of the two seasoned Hope Street merchants – Mischel has been in business for 10 years while Schofield has nearly 20 years under his belt – have played out across the state and the country, with certain retailers thriving while others have been battered during a health and economic crisis that is far from over.

There has been no clear secret to survival, big or small, tech-savvy or not. The fates of retailers have been difficult to predict based simply on size or technological capabilities. One thing is certain, according to retail analysts: The way consumers shop and how retailers court those customers have been forever shifted.

“It’s a fallacy that we will just bounce back and return to the way things were,” said Kristen Regine, a marketing professor in Johnson & Wales University’s College of Business. “If I’m ever going to go into a store again, there better be a compelling reason. If not, why waste my time?”

For many shoppers, the comfortability with e-commerce has never been higher – a record 60% of consumers surveyed in October by the National Retail Federation planned to shop online during the 2020 holiday season due to the safety concerns, supply-chain shortages and state restrictions imposed by the pandemic.

‘INCREDIBLY SCRAPPY’ While internet giants such as Amazon.com Inc. are perhaps the biggest “winners” of the pandemic, including the all-important holiday season,

SIGN OF THE TIMES: Asher Schofield, co-owner of Frog & Toad LCC in Providence, has kept the retailer’s two locations closed to foot traffic during the pandemic, but Frog & Toad has been able to offset that loss of business with online sales and curbside pickup.

PBN PHOTO/PAMELA BHATIA

‘I’ve never seen the groundswell of support for locally owned businesses I’ve seen this year.’

ASHER SCHOFIELD, Frog & Toad LLC co-owner small and midsized businesses with robust online presences stand to benefit, too, said Kate Ferrara, principal in Deloitte Touche Tohmatsu Ltd.’s Risk & Financial Advisory practice.

Schofield says combining personalized touches that small-business owners already offer with e-commerce and savvy social media strategies can make all the difference.

“No one is going to survive a devastating financial year like this one better than a small business, because we’re so incredibly scrappy,” Schofield said.

“It’s not just about being accountable to shareholders; it’s being accountable to ourselves.”

Frog & Toad still hasn’t reopened its Hope Street or downtown Providence brick-and-mortar stores, instead focusing all of its efforts on e-commerce and curbside pickup. The transition was by no means seamless – there were layoffs and retraining of employees who previously worked storefront jobs, and changes to the type of

WHAT’S IN STORE? Elise Mischel, owner of LuLi Boutique in Providence, says sales during the holiday season were better than expected, but they were still lower than in previous years.

inventory the company ordered.

But its ability to react quickly and establish an even more-defined niche of kitschy, Rhode Islandcentric products – everything from the “Knock It Off” gear and pandemic essentials to collections such as “Gifts for Your Racist Grandmother” or “Gifts for Your Confusing Gen Z Child” – were the key to success, Schofield said.

“It’s a way to set yourself apart from the bigbox retailers selling mad volume but without the personality,” he said.

Mischel, who did not have a robust e-commerce store before the pandemic, struggled to gain momentum. Since reopening her store in the summer, she has seen an uptick in sales – both online and in person – but “nothing like a year ago.”

The lack of an e-commerce store, or even a website or Facebook page, hasn’t proven to be a roadblock for Wickford Gourmet Factory Outlet. The North Kingstown kitchen supplies retailer saw a boom in business soon after it reopened over the summer, despite its nonexistence on the internet.

Joe Dubet, who owns the shop with his wife, Donna, credited their success to their longtime presence in the community, as well as demand for the products they offer – more time at home has prompted many people to begin or renew their interest in cooking, which means a need for the dishes, appliances and gadgets they sell at factory outlet prices.

“When everyone is home and eating on the same plates, they realized they needed to replace some stuff,” he said.

Yet Dubet remains stubbornly against bolstering his sales through an e-commerce store, or even a website, even if a second shutdown were to force him to lock his doors again. Yes, he knows his attitude might put his business at a disadvantage, but at 77 years old – a self-described “dinosaur” – he is not interested in venturing into the online world.

He would just as soon sell his business to a more tech-savvy owner, if it came to that.

PBN PHOTO/PAMELA BHATIA

LOCAL FLAVOR 12 | JANUARY 22-FEBRUARY 4, 2021 | PROVIDENCE BUSINESS NEWS | www.pbn.com

CORONAVIRUS CRISIS ‘It’s a fallacy that we will just bounce back and return to the way things were.’

KRISTEN REGINE, Johnson & Wales University marketing professor While the streets of Wickford village in North Kingstown – usually filled with throngs of shoppers during the holiday season – were virtually empty last month, the small-business community remains in high spirits.

One source of optimism: a strong commitment among shoppers to spend their dollars locally.

The “shop local” idea – touted especially during the holiday shopping season through events such as Small Business Saturday – has long had local support. But in 2020, perhaps more than ever, more customers appeared to be following through.

“I’ve been in this game for 20 years beating the drum of shopping local, and I’ve never seen the groundswell of support for locally owned businesses I’ve seen this year,” Schofield said.

Kristin Urbach, executive director for the North Kingstown Chamber of Commerce, agrees.

“People are realizing, if we don’t have small businesses that are the character of our community, every town will be cookie-cutter,” she said.

The safety appeal of a smaller, less-populated store can also help small businesses compete with big-box retailers, Mischel said. That customers know, and can see, owners are wiping down door handles after every new person walks through, puts them at ease – which at this time offers even more allure than a closeout discount.

Indeed, the rebound that began in June, when many state sanctions lifted and stimulus money hit bank accounts, appeared to reverse in November, with a 1.4% drop in national retail sales, according to the U.S. Department of Commerce.

A Jan. 15 Commerce report showed that sales continued to slide in December, falling 0.7% from a month earlier. The loss in sales was even steeper when automobiles, gasoline, food services and building materials were removed: a 1.9% decline from November to December.

In some cases, small businesses have been immune, or less impacted, by the supply-chain shortages that left national competitors out of inventory for months.

Among them was S&W Television & Appliance, which continued to receive new products faster than its big-box competitors as a result of its participation in a large buying group of independent dealers, said co-owner Dave Exter.

The family-owned East Providence business set record numbers in traffic and sales each month in 2020, adding three people to its existing 15-person staff to meet increasing demand, Exter said. Its success was so great that Exter opted not to apply for popular federal and state relief programs.

That meant that 8,000 of the 8,200 workers in the 50 stores operated by the Pennsylvania-based retailer, including the one in Providence Place mall, were furloughed when shutdowns began last March, forced to rely only on unemployment benefits, according to CEO and Chairman Jim Boscov.

With Boscov’s entire inventory in closed stores, even online orders were difficult to fill during the initial shutdown, Boscov said. Adding insult to injury was the fact that big-box stores such as Walmart Inc. and Target Corp. that sold many of the same products were allowed to remain open because they were dubbed “essential.”

“I wish we had sold milk, butter and eggs so we could have remained open,” Boscov said.

But since shutdowns lifted, the regional department store has seen a rebound, bringing back most of its laid-off workers with online and in-store sales picking up, though Boscov declined to share numbers.

That the company had no debt heading into the pandemic was an advantage, helping it to avoid the bankruptcy filings, closures and liquidations faced by a slew of major retailers this year. Some of those that filed for Chapter 11 bankruptcy, such as J.C. Penney Co., have since found investors or struck deals that could allow them to reemerge from bankruptcy.

CHANGED LANDSCAPE J.C. Penney also announced that more than 200 of its stores would close – neither of the two Rhode Island stores were affected. There are no additional closures planned, a company spokeswoman said in an email. The retailer declined to comment further on how the pandemic has affected its business, including at the Warwick Mall anchor store.

Like its retail tenants forced to close during the three-month shutdown last spring, the Warwick Mall suffered a significant setback. But since the phased reopening that began in May, pent-up demand for home goods, jewelry and loungewear has revived many stores, with steady sales numbers

that continued through the holiday season, said Domenic Schiavone, mall general manager.

It was still a far cry from the typical midnight Black Friday opening – the first time in 20 years Schiavone didn’t have to spend the night at the mall monitoring the usual mayhem. And the days of large crowds piled up outside of stores may never come back.

Still, Schiavone is confident that some elements of brick-and-mortar shopping – particularly for furniture and clothing that customers want to see, touch and try on before purchasing – will survive in the post-COVID-19 era. That the mall is locally owned and operated – even if most of its tenants are national companies – also gives customers the satisfaction of supporting their local community over a nationally managed mall, he said.

Brookfield Property Partners LP, a global real estate firm that owns and manages the Providence Place mall, declined to comment for this story.

Asked whether big-box and national chain stores were more likely to survive the pandemic versus their small-business counterparts, many business owners and industry insiders and observers see arguments on both sides. But ultimately, size may not matter as much as ingenuity to adapt to a changing retail landscape, Regine said.

“It’s not big or small, it’s who’s invested in technology, who’s personalized the customer experience, offered curbside pickup, all those things,” she said. “If you haven’t invested in marketing, built a communications strategy, it’s going to be really difficult to recoup those lost sales and customers.”

Despite the challenges posed by continued health and economic turmoil, Mischel is optimistic for the year ahead, bolstered by what she describes as an outpouring of support from the local community and a more-prominent e-commerce presence.

“In retail, in general, you always are hopeful, always optimistic,” she said. “If you’re not an optimist, it’s very hard to be in business for yourself.” n

UNEVEN ASSISTANCE For others, small-business support through programs such as the U.S. Small Business Administration’s Paycheck Protection Program and the state’s Restore Rhode Island grants have been crucial lifelines. Yet criticism remains that federal and state aid programs – offering billions of dollars of relief – still didn’t help some businesses.

Mischel, for example, received a Restore RI grant but did not apply for a PPP loan, believing the forgivable payroll loan would be of little help for a business the size of LuLi Boutique – she has just one employee besides herself.

The Hope Street Merchants Association, of which Mischel serves as vice president, did get a grant through R.I. Commerce Corp.’s Take it Outside program to set up a weekly outdoor holiday market in December.

Midsize companies such as Boscov’s Department Store LLC were also excluded from these programs.

A QUIETER PLACE: Domenic Schiavone, right, Warwick Mall manager, says the mall’s retail tenants r­ eported steady sales through December, but he acknowledges Black Friday – the start of the holiday s­ hopping season – wasn’t as hectic as it has been in the past.

PBN PHOTO/MICHAEL SALERNO

www.pbn.com | PROVIDENCE BUSINESS NEWS | JANUARY 22-FEBRUARY 4, 2021 | 13

PBN.COM | ANOTHER LOOK City seeks injunction against Apex

BY NANCY LAVIN | Lavin@PBN.com

(Editor’s note: A version of this story was first published on PBN.com on Jan. 12.)

PAWTUCKET – Tensions between the city and owners of the Apex department store property continue to mount, with the Pawtucket Redevelopment Agency now turning to the courts.

The agency voted unanimously on Jan. 12 to authorize its legal counsel to file a lawsuit against Apex Cos., seeking an injunction to allow access to the riverfront site in the city’s downtown for environmental testing. The decision was discussed in a closed session, with the vote made public in accordance with state public information laws.

Pawtucket Commerce Director Jeanne Boyle said in a statement to Providence Business News that seeking legal action comes after several months in which the PRA and property owners have been unable to reach an agreement that would allow the agency to conduct standard environmental testing.

“The process is simply taking too long,” Boyle said.

According to Boyle, the city sent notice to Apex Cos. in November of its intent to conduct testing, in keeping with the state’s eminent domain statute, which lets redevelopment agencies enter private property, with a written notice, for environmental testing to determine if property

acquisition is possible. The city first started trying to seize the property by eminent domain in October, subsequently authorizing the agency to borrow up to $20 million to buy and redevelop the site.

City tax assessor records show that the 6 acres of land and the 100,000-square-foot building at 100 Main St. were valuated at $4.3 million in 2018.

Joshua Glass, an attorney for Apex Cos., addressed the agency at the meeting, saying the access agreement proposed by the agency was “objectively unfair.” Glass called for the city to afford the company the “basic rights” property sellers have in standard commercial transactions – including keeping any findings from the environmental review private until a deal is reached or the property is seized by eminent domain.

Glass also called for a 30-day deadline to allow the parties to reach a consensual sale, saying the company remains open and willing to work with the city but has not received a comprehensive offer from city officials in almost a year.

“If the city is serious about doing a deal, it should act accordingly,” Glass said. “The parties should be negotiating a deal, or at least making a real attempt, before they expend massive – and potentially avoidable – legal fees.”

Theodore Orson, PRA legal counsel, said Glass’ claims were ethically,

THE APEX PROPERTY, at bottom right, is the focus of eminent-domain efforts by the Pawtucket Redevelopment Agency.

PBN FILE PHOTO/ARTISTIC IMAGES

legally and factually inaccurate, and he recommended the injunction.

“It would be tremendously irresponsible and a violation of public trust to acquire property … without knowing what lies beneath the property,” Orson said.

The Apex department store site was originally slated to be included in

the multimillion, mixed-use Tidewater Landing project slated for Pawtucket’s riverfront, but the property owners later pulled out from the project. The parcel was also a sticking point in prior plans for a new baseball stadium. It would require significant environmental remediation, according to previous studies. n

McKee open to easing business restrictions

BY CASSIUS SHUMAN | Shuman@PBN.com

(Editor’s note: A version of this story was first published on PBN.com on Jan. 14.)

WARWICK – Lt. Gov. Daniel J. McKee says that as governor he will be open to easing COVID-19 restrictions on the state’s businesses, but it will “depend on the infection rate and science.”

McKee, who will become Rhode Island’s next governor if Gov. Gina M. Raimondo is confirmed as U.S. Secretary of Commerce, said the response to the pandemic would be his administration’s top priority, and part of that focus will be on aiding small business and education.

His administration’s slogan: “Stay positive. Test negative.”

McKee spoke for about 40 minutes in a socially distanced banquet room at Chelo’s Restaurant in Warwick during a press conference on Jan. 14.

Upon stepping to the microphone, he took a deep breath and said, “Here we go.”

He outlined plans for transitioning into office, and said he has begun the process of assembling his leadership team, some of which could be members of Raimondo’s staff.

“My message to Rhode Island today is we’re going to work through this together, and we will come out of this crisis stronger than when we went in,” said McKee, noting that he intends to be transparent while governing.

“I want to make it clear that we have had direct contact with all of the department heads, including Rhode Island Commerce,” said McKee. “Commerce

has been very responsive to my calls, and I believe they have made a number of adjustments along the way to make it better for small businesses. And we’re going to continue to do that.”

FIRST BRIEFING: Lt. Gov. Daniel J. McKee, who is due to become governor if Gov. Gina M. Raimondo is confirmed as U.S. Secretary of Commerce, addresses the news media during a press conference at Chelo’s Restaurant in Warwick on Jan. 14.

PBN PHOTO/CASSIUS SHUMAN

14 | JANUARY 22-FEBRUARY 4, 2021 | PROVIDENCE BUSINESS NEWS | www.pbn.com

McKee said that if his administration does not aid “small businesses, it will be very difficult to recover. The best thing we can do for businesses is contain the virus, and infection rates, and to get the vaccine distributed. Businesses want to open up, and we’re going to do everything we can to make that happen.”

As for easing restrictions on businesses, McKee said that he is open to it, but it depends on the infection rate. “Health is the absolute top priority,” he said. “And I think we need to be intelligent about when it makes sense to do that and when it doesn’t. If expansion increases infection rates, then you have to be cautious about that.”

McKee noted that there are advancements being implemented to respond to the pandemic, including rapid testing that could be used by businesses.

“So, there are areas we can loosen up, as long as we keep the infection rate and distribution of the vaccine as a top priority,” he said.

McKee said that his family has been operating small businesses in Rhode Island for more than 100 years. “That’s one of the reasons why we chose to be here at Chelo’s today,” he said. “The Chelo’s family and my dad went to high school together.”

McKee, who served as a town council member and mayor of Cumberland, where Chelo’s is headquartered, said he has experience with making transitions, as he has transitioned five times during his career. He said he expects a “smooth transition” to the governor’s office. n

WHO OWNS THE BLOCK? Kingstown Road South Kingstown (Between High Street and Railroad Street)

1205 KINGSTOWN ROAD (1899) OWNER: Tase-Rite Co. TENANTS: Tase-Rite Co., Mythic Bike Works

D OA

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1210 KINGSTOWN ROAD (1930) OWNER: Saggs Properties LLC TENANT: Pete’s Barbershop

TOW

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KE BI

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1202 KINGSTOWN ROAD (1920) OWNER: Saggs Properties LLC TENANT: Jayd Bun

1227 KINGSTOWN ROAD (1940) OWNER: Tase-Rite Co. TENANT: Sweet Cakes Bakery and Café

1214 KINGSTOWN ROAD (1900) OWNER: Edith E. Klem TENANT: Bosgraaf Stained Glass Studio HIG

HS

GS KIN

1231 KINGSTOWN ROAD (1890) OWNER: The Jonnycake Center TENANT: The Jonnycake Center

TO WN

RD

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1218 KINGSTOWN ROAD (1900) OWNERS: Julie A. Marzilli and Stephen J. Brown TENANT: Amici Salon and Wellness Center

1237 KINGSTOWN ROAD (1885) OWNER: Lois C. Hamblet Revocable Trust TENANT: Ethnic Concepts

520 HIGH ST. (1930) OWNER: NJD Realty LLC TENANT: Patsy’s Package Store

1250 KINGSTOWN ROAD (1940) OWNER: Gary J. Dinonsie TENANT: George’s Auto Repair

1220 KINGSTOWN ROAD (1930) OWNER: Daniel Pearce Et Al TENANTS: The Collective, Massage Therapy, Rob Levine & Associates

529 HIGH ST. (1950) OWNER: South County Hand Car Wash & Detail LLC TENANT: South County Hand Car Wash & Detailing

PBN RESEARCH AND PHOTOS/CASSIUS SHUMAN | PBN GRAPHIC/ANNE EWING

www.pbn.com | PROVIDENCE BUSINESS NEWS | JANUARY 22-FEBRUARY 4, 2021 | 15

FOCUS | INSURANCE

R.I.’s health exchange proves vital during crisis

BY MARY MACDONALD | MacDonald@PBN.com

DESPITE

a worsening pandemic and business closures and restrictions that have contributed to thousands of layoffs, many small companies in Rhode Island have continued to offer health insurance to employees.

HealthSource RI, the state’s health insurance marketplace, has grown its employer-focused program over the past 12 months.

The exchange had 824 businesses and nonprofits participating in December 2019. That number has grown to 890, as of last month.

Exchange-purchased insurance covers 6,070 people as of Jan. 1, an increase of about 4% from the 5,830 covered as of December 2019.

Director Lindsay Lang said she wasn’t sure what to expect when the pandemic struck last March, but she found that employers wanted to hold on to health coverage for employees. The HSRI small-group team worked closely with businesses, she said.

“One of the main things I can attribute it to is employers that have always offered health coverage are very motivated

to do so,” Lang said. “Our employers feel very strongly about protecting their employees.”

The HSRI for Employers program is available to employers who have between two and 50 employees. With the enrollments to date, it represents about 12% of the small-group market in the state, according to HSRI. Most of the growth in the smallbusiness enrollments in 2020 came before the pandemic struck, said spokeswoman Robin Dionne. The number of employers has grown, but the number of people covered under the plans has remained relatively flat since April.

While individuals are required to have health insurance, or pay a tax penalty, small employers with 50 or fewer employees are not required to provide it, under the Affordable Care Act. Despite that, most small employers do provide health insurance to their workers because they recognize it is a benefit that attracts talented people, said Elizabeth Catucci, CEO and president of the Northern Rhode Island Chamber of Commerce.

“Especially in the situation we’re in now, it’s really hard to find good talent,” she said. “It’s become a competitive ad-

INTO THE ­UNKNOWN: Lindsay Lang, director of HealthSource RI, admits she wasn’t sure what the future held for the state’s health insurance marketplace when the pandemic hit last spring.

PBN PHOTO/MICHAEL SALERNO

‘Employers that have always offered health coverage are very motivated to do so.’

LINDSAY LANG, HealthSource RI director 16 | JANUARY 22-FEBRUARY 4, 2021 | PROVIDENCE BUSINESS NEWS | www.pbn.com

vantage [to offer insurance]. It’s talent recruitment for the small business.”

Small businesses do, however, have concerns about the premiums. “They do seem to go up every year,” Catucci said.

The General Assembly will need to take care when considering changes that would impact small businesses this year, she said, such as the new push to move the state to a $15 minimum wage. Small businesses may decide that scrapping health insurance, or a 401(k) plan, is the only way they can afford that new expense.

The small-business market is one of two exchanges operated by HealthSource RI. The one for individuals and families had an enrollment of 29,436 as of Jan. 11.

This lags slightly behind the number for 2020, Lang said. She attributed some of this to a pandemic-related federal emergency order, which allowed Rhode Islanders who were qualified for Medicaid in 2020 to continue that benefit under the public health emergency. Otherwise, some might have had increased income or other factors that disqualified them from Medicaid and sent them to the exchange for insurance.

Businesses can choose to enroll in HealthSource RI at any time during the year. Individuals and families have an annual deadline. This year, due to the pandemic and other factors that may have distracted people in the fall, when the notifications were issued, the exchange has extended that deadline for individuals and families seeking coverage. The new deadline is Jan. 23.

Typically, the deadline for enrollment is Dec. 31.

Anyone who is unemployed as a result of the pandemic can sign up for insurance that would be effective as of Feb. 1. If people lose their jobs through 2021, they can sign up at that time.

For 2021, the exchange includes health and dental plans offered by carriers such as Blue Cross & Blue Shield of Rhode Island, Neighborhood Health Plan of Rhode Island and Delta Dental of Rhode Island.

Costs have increased, she said. The small-group market rate hikes for 2021 were about 1% to 3% higher, depending on the insurance carrier and the plan chosen by the employee.

One of the advantages of the state’s insurance marketplace for employers is the option to provide a menu of plans for workers.

Vanessa Volz, executive director of Sojourner House, a nonprofit that advocates for survivors of domestic or sexual violence, was an early adopter of HealthSource RI. The organization had been using a single provider prior to the state’s marketplace being created.

When it formed, Volz was attracted by the options available to Sojourner’s 40 employees.

“The way we structure our benefits, our agency pays a certain amount toward health insurance,” she said. “It gives staff members flexibility. They can buy up. They can buy down.” n

INSURANCE | FOCUS TRAVEL CONTINUED FROM PAGE 1

Meehan saw no way his early 2021 travel plans would play out safely.

The insurance allowed him to cancel and rebook the trip for October, saving at least the $4,000 deposit he had already put down, plus any rebooking fees he might have otherwise been charged. An avid traveler, the retired Texas Instruments employee said he will likely never set foot outside the country without travel insurance again.

Indeed, interest in travel insurance, particularly cancel-for-anyreason, or CAFR, policies, has spiked since the onset of COVID-19.

Warwick-based IMT Services LLC, which runs the website InsureMyTrip.com that allows consumers to purchase and compare prices and packages from a host of carriers, reported a significant increase in CAFR-inclusive policies sold since Jan. 21, 2020, when the pandemic became a “named” event corresponding to new travel insurance policies and protections.

Jeffrey Roy, Collette’s executive vice president of revenue management and pricing, said he also observed an uptick in travel insurance purchases, especially as new travel CONTINUES ON PAGE 19

PEACE OF MIND: Jeffrey Roy, executive vice president of revenue management and pricing at Collette Travel Service Inc. in Pawtucket, says the company recently saw a 10% increase in travel insurance purchases.

PBN PHOTO/MICHAEL SALERNO

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FOCUS ||EMPLOYEE EMPLOYEEBENEFIT BENEFITADMINSTRATORS ADMINISTRATORS

(ranked localemployees employeeswhowhoprovide provide employee benefit services) (rankedbybythe the number of local employee benefit services) 2021 rank

1

2020: 1

Company | Website CEO/President

Address Phone

AmWINS Group Benefits | amwins.com Samuel Fleet, president, group benefits division

50 Whitecap Drive North Kingstown, R.I. 02852 (877) 739-3330

No. local employees providing employee benefit services

170

CLOSER LOOK

Types of services provided to employers

Claims and customer service administration, medical and prescription drugs, retiree, smallgroup and voluntary benefits

Total local employees providing employee benefit services:

375 2

2020: 2

Hilb Group of New England | hilbgroupne.com Robert Calise, president of benefits; Joseph Padula, president of property and casualty

931 Jefferson Blvd.

Warwick, R.I. 02886 (800) 232-0582

3 2020:

USI Insurance Services LLC | usi.com Michael Sicard, chairman and CEO

475 Kilvert St. Warwick, R.I. 02886 (855) 874-0123

4 2020:

London Health Administrators | londonhealthusa.com Christopher Cote, managing director

40 Commercial Way East Providence, R.I. 02914 (401) 435-4700

3

4

5

2020: 5

6

2020: 6

6

2020: 6

8

2020: 8

9

2020: 9

10 2020: 10

11

2020: 11

11

2020: 11

91

32

Employee benefits advisory, human resources consulting, retirement plan services and benefit administration

Employee benefit advisory and consulting

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27

401(k)s, COBRA, flexible spending, health reimbursement, health savings accounts, TaftHartley trusts, wellness incentives

WD & Associates Inc. | wdandassociates.com William Delmage

34 Hemingway Drive East Providence, R.I. 02915 (401) 435-4239

18

Actuarial services, benefits consulting, claims data analysis, HR consulting, risk management, self-funding

James Raiola CFP & Associates | jjrcfp.com James Raiola, principal

125 Metro Center Blvd.

Warwick, R.I. 02886 (401) 837-6200

10

Group and individual dental, disability, health and life insurance, investments and annuities, retirement plans

Gallo|Thomas Insurance Agency Inc. | gallothomas.com Thomas J. DiSanto

125 Metro Center Blvd., Suite 3001 Warwick, R.I. 02886 (401) 732-9100

10

Group benefits, including dental, disability, life, medical and vision; COBRA, FSA, HRA and HSA

Provider Group | providerig.com William M. Darcey

275 Promenade St. Providence, R.I. 02908 (401) 762-0922

6

Analysis of claims experience, benefit funding options, compliance, HR support, technology, wellness

The Good Neighbor Alliance Corp. | goodneighborall.com Lyanne N. Perras, president

635 Arnold Road Coventry, R.I. 02816 (401) 828-7800

4

Dental, disability, health, life and Medicare insurance; FSA, HRA and HSA plans, Section 125 plans

Butler & Messier Insurance | butlerandmessier.com Roger L. Messier, president

1401 Newport Ave. Pawtucket, R.I. 02861 (401) 728-3200

3

Group health, dental and voluntary benefits

Lathrop Insurance Agency Inc. | lathropinsurance.com John Lathrop, president

85A Beach St. Westerly, R.I. 02891 (401) 596-2525

2

Health benefits, life and disability benefits

OceanPoint Insurance Agency | oceanpointins.com Douglas Mayhew

500 West Main Road Middletown, R.I. 02842 (401) 847-5200

2

Group benefits, including dental, disability, health and life; health and welfare plan administration

18 | JANUARY 22-FEBRUARY 4, 2021 | PROVIDENCE BUSINESS NEWS | www.pbn.com

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INSURANCE | FOCUS CONTINUED FROM PAGE 17

plans take shape thanks to optimism about COVID-19 vaccines.

While a majority of Collette customers opted for the travel protection plan even before the pandemic, the latest round of trips booked following holiday-season promotions saw a 10% increase in travel insurance purchases, Roy said. He attributed the increase directly to the uncertainty over travel plans amid new lockdowns and spiking case counts, but also to a long-term shift in awareness of and appreciation for the “just in case” security that insurance offers.

“The whole point of insurance is to cover you for things unforeseen and unknown,” Roy said. “This pandemic has been shocking, but it’s the very reason why you purchase it.”

However, not all forms of travel insurance, particularly those purchased prior to the pandemic, covered the barrage of problems the coronavirus has caused. Canceling a trip out of fear of contracting the virus – versus due to travel restrictions or medically forced quarantine – would not be covered without a “cancel for any reason” clause, said Ronni Kenoian, manager of marketing and e-commerce for InsureMyTrip.com.

Whether forced group quarantines were covered – situations in which countries or states ordered certain visitors into quarantine – was also

‘This pandemic has been shocking, but it’s the very reason why you purchase [insurance].’

JEFFREY ROY, Collette Travel Service Inc. executive vice president of revenue management and pricing

unclear, and largely determined on a case-by-case situation, said Michael Rotondo, managing director for travel services for AAA Northeast.

Most insurance providers tried to offer some flexibility even for policies that didn’t strictly cover health or cancellation-related concerns, evidenced by what Kenoian termed an “astronomical” number of claims paid out, along with refunds and deferments.

Allianz Travel Insurance, which offers insurance plans through partners, including AAA Northeast, paid out “millions of dollars” in refunds and claims to customers due to temporary accommodations instituted at the start of the pandemic, according to Daniel Durazo, a spokesman for Allianz Partners. For travelers whose trips were canceled because of travel bans, Allianz also issued full refunds for travel insurance premiums paid, or it let customers move the dates of their coverage to reflect rescheduled trips.

In response to increasing interest from prospective customers, insurance providers have also begun beefing up their offerings. Rewriting policies is a slow process subject to intense regulatory scrutiny, but in the meantime, many providers with InsureMyTrip have started offering “add-on” packages that expand the maximum dollar figure for medical coverage, for example.

Countries such as Costa Rica have also imposed their own set of insurance requirements for travelers, prompting insurance providers to adjust protections to meet these criteria.

Better insurance often translates to a higher price tag; InsureMyTrip estimates that travelers typically spend 4%-10% of the trip cost in insurance, but if they want the add-on protections, they should expect to pay toward the higher end of that range, Kenoian said.

Durazo also anticipated that insurance premiums may rise given the higher cost to carriers to cover what has become a large volume of claims since COVID-19 hit.

“We and others in [the] industry are working hard to develop products that balance consumer needs and value with affordability and financial prudence so that we can responsibly meet market demand,” he said in an email.

Meehan was hopeful but still uncertain what the fall would bring in terms of the status of the pandemic.

It would be disappointing to delay his excursion again come October, but at least his concern isn’t the money he might lose.

“Because I have the insurance, I can always just rebook it again if I have to,” he said. n

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FOCUS | INVESTMENTS

Cryptocurrency taking investors on wild ride

BY NANCY LAVIN | Lavin@PBN.com

AS

a private-capital investor who also manages his own personal portfolio, David Homonoff has always watched the market with close attention.

When he saw the dollar value sink in late summer 2020, he sought to offset potential losses by staking claim in a new asset: Bitcoin.

Homonoff, who is based in East Greenwich, bought about $15,000 in Bitcoin – not the first investment he’s made in the cryptocurrency but much larger than before.

“I look at it primarily as an inverse dollar play,” he said, adding that he thinks of Bitcoin less as an ultra-secure form of digital money and more as an investment commodity that, in part thanks to its perceived scarcity, has increasing value, especially amid the rollercoaster economy ushered in by COVID-19.

After reaching an all-time high of more than $40,000 per coin in early January – the peak of a run that began in November – the high-profile crypto­ currency tumbled more than 13% in days directly following the violence in Washington, D.C., on Jan. 6.

To some local investment advisers, Bitcoin’s abrupt rise and fall points to

why cryptocurrency is still too risky.

But others point to an expansion of infrastructure to accommodate cryptocurrency, along with backing of big-name institutional investors, as evidence that cryptocurrency is an asset class worth the risk.

A 2020 Fidelity Digital Assets survey found that 60% of investors said alternative investments outside traditional equity, cash and income categories should be part of a portfolio.

Indeed, alternative investments have skyrocketed from 6%, or $4.8 trillion, of the global investable market in 2013 to 12%, or $13.4 trillion, in 2018, with predictions that these types of investments may reach 24% of the market by 2025, according to the Chartered Alternative Investment Analyst Association.

The pandemic had a “massive impact” on that interest, said Ria Bhutoria, Fidelity Digital Assets research director.

Near-zero interest rates, “unprecedented” quantitative easing and other interventions by central banks worldwide have forced even conservative investors typically wary of risky assets such as cryptocurrency to recalibrate their port-

‘People really understand the story this time around.’

RIA BHUTORIA, Fidelity Digital Assets research director 20 | JANUARY 22-FEBRUARY 4, 2021 | PROVIDENCE BUSINESS NEWS | www.pbn.com

MODERATION: Ronald W. Kent Jr., president of Spinnaker Asset Management, recommends that less than 2% of a retail investor’s portfolio should go to ­cryptocurrency.

PBN PHOTO/ MICHAEL SALERNO

folios, Bhutoria said.

Fidelity Digital Assets offers a platform for investors to store and trade cryptocurrency, including its own Bitcoin fund launched in August, but the company does not give investment recommendations.

Still, Bhutoria said the maturation of the market and increasing number of channels through which investors can mine or trade Bitcoin were “encouraging trends.”

She acknowledged that the currency’s history was a volatile one. But to compare the meteoric rise and crash of Bitcoin’s value in 2018 to its current market swings would be a mistake, she said.

“In 2017 and 2018, Bitcoin was a reserve asset of the cryptocurrency ecosystem,” she said. “People were allocating Bitcoin just to participate in other investments. ... People really understand the story this time around, versus just making an investment.”

Gary Friedmann, vice president and portfolio manager for Rockland Trust Co.’s investment management group, offered a different take. In his view, the rising value of and interest in Bitcoin was still largely a function of retail investors taking a gamble, driven by “speculative fervor” and the attraction of a limited supply of coins left – roughly 19 million of the 21 million cap are now in circulation.

“It’s a beauty contest,” he said.

Jason Siperstein, president and wealth adviser for Eliot Rose Wealth Management LLC in West Warwick, echoed Friedmann’s concerns.

“You want something that’s a proven asset class versus just speculative,” Siperstein said, adding that while investment advisers can look at metrics such as price-to-earnings ratios for stocks and starting yields for bonds to predict future performance, cryptocurrency has no such traditional indicators.

Siperstein hesitated to recommend it as an investment. His company doesn’t actually invest in cryptocurrency on behalf of any of its clients.

Few advisers in the state or region do, he said.

But to dismiss its future value as an asset class would be a disservice to his company and clients, he said.

Ronald W. Kent Jr., president of Spinnaker Asset Management Inc. in Warwick, also noted the merits of cryptocurrency as a way to hedge against a falling dollar and Federal Reserve economic controls.

He recommended that less than 2% of a retail investor’s portfolio should go to cryptocurrency, though institutional investors more able to handle volatile swings in value through the future or options market could put in more. Younger investors who have longer investment horizons could also see more value in the nascent asset class.

Homonoff set a 5% cap on his Bitcoin portfolio investment, although he said that as the volatility declined, he might allocate more.

“I generally want to be in lower volatility asset classes, but I also want the return like any investor,” he said. n

INVESTMENTS | FOCUS Pandemic sparks more interest in real estate

BY CASSIUS SHUMAN | Shuman@PBN.com

FOR THREE YEARS, Phoebe and Michael Koval rented a small onebedroom apartment in Providence before deciding to venture into the real estate market to purchase their first home.

The move was made partly out of necessity. Phoebe Koval, a graduate student at Brown University, was pregnant with their first child, and the couple wanted some permanency in their living arrangements, as well as a good real estate investment.

So, in a seller’s market amid a pandemic, the Kovals looked to purchase a home.

They bought the first house they saw in June, a 15-year-old, three-bedroom colonial with 2½ bathrooms on a 5,200-square-foot lot in Providence’s North End. Phoebe Koval gave birth shortly after they moved in.

“It wasn’t the smoothest process, but we got it done,” she said, recounting the negotiation CONTINUES ON PAGE 23

NEW HOME: Michael and Phoebe Koval, with their 4-month-old son, Barry, in front of their new home. The couple was renting a one-bedroom apartment in Providence before deciding to purchase a single-family property in the city’s North End. At right is their real estate agent, Shannon Buss, broker associate at Randall Realtors.

PBN PHOTO/MICHAEL SALERNO

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FOCUS | WEALTH MANAGERS (ranked by total assets for local accounts under local management) FOCUS | WEALTH MANAGERS (ranked by total assets for local accounts under local management) Company | Website Principal(s)

Address Phone

Assets under management 1 No. of accounts

Merrill Lynch Wealth Management | ml.com Gary Hernandez

1 Citizens Plaza, Suite 1000 Providence, R.I. 02903 (401) 863-8600

$8.6 bil.

NA

Edward Jones | edwardjones.com John E. Leary, principal, financial adviser and region leader

469 Angell St. Providence, R.I. 02906 (401) 751-4599

$3.7 bil.

11,600

Full-service financial services

NA

78 1922

Washington Trust Wealth Management | washtrustwealth.com Kathleen Ryan, executive vice president and chief wealth officer

23 Broad St. Westerly, R.I. 02891 (800) 582-1076

$3 bil.

2,950

Financial, retirement and tax planning; investment management

NA

98 1902

4 2020: 4

Janney Montgomery Scott LLC | janneyprovidence.com Steven Pitassi, senior vice president and branch office manager

1 Turks Head Place Providence, R.I. 02903 (401) 274-8600

$2.3 bil.

6,400

Asset management, college savings, estate planning and trust services, retirement planning

South Kingstown

28 1832

5 2020: 5

Wells Fargo Advisors 2 | wellsfargoadvisors.com Charles W. Scharf, CEO and president; Christopher Yalanis, managing director and Newport branch manager

100 Westminster St., and 7 Brown & Howard Wharf Providence and Newport, R.I. 02903 and 02840 (401) 459-6800 and (401) 848-9949

$2 bil.

NA

Brokerage, financial advisory, retirement planning

NA

35 1985

Parsons Capital Management Inc. | parsonscapital.com Peter Hunt, president

10 Weybosset St. Providence, R.I. 02903 (401) 521-2440

$1.5 bil.

1,596

Investment management and financial planning

Denver; Hobe Sound, Fla.

18 1993

Professional Planning Group | ppgadvisors.com Malcolm Makin, founder, CEO and president

9 Granite St. Westerly, R.I. 02891 (401) 596-2800

$1.3 bil.

1,694

Charitable giving, estate planning, investment management

NA

18 1975

Rockland Trust Co. | rocklandtrust.com David B. Smith, managing director and chief investment officer

10 Memorial Blvd.

Providence, R.I. 02903 (401) 273-4093

2021 rank

1

2020: 1

2

2020: 2

3 2020: 3

6

2020: 6

7 2020: 7 8

2020: 8

9

Services offered

Additional offices

No. of local employees Year founded

Financial solutions for individuals and business owners

NA

98 1914

$1 bil.

1,245

Full range of financial planning and investment-management services

8 additional locations

17 1907

101 Dyer St. Providence, R.I. 02903 (401) 854-0993

$900 mil.

NA

Investment management, wealth management

NA

10 2009

Corrigan Financial Inc. | corriganfinancialinc.com Daniel Corrigan, president

747 Aquidneck Ave. Middletown, R.I. 02871 (401) 849-9313

$864 mil.

1,100

Investment management, personal financial planning, tax preparation

NA

28 1989

2020: 11

Capital Wealth Management | capitalwealthllc.com Lee A. Duckworth, CEO and president

1300 Division Road West Warwick, R.I. 02893 (401) 885-1060

$675 mil.

460

401(k) and retirement plan fiduciary consulting, wealth management

NA

16 1989

12

Van Liew Trust Co. | vanliewtrust.com Alfred Van Liew, founder

1 Regency Plaza Providence, R.I. 02903 (401) 272-2510

$570 mil.

575

Asset management, estate planning and trust services

NA

13 1984

F.L. Putnam Investment Management Co. | flputnam.com Thomas Fay, regional president, Providence

10 Weybosset St. Providence, R.I. 02903 (401) 861-0424

$421 mil.

578

Investment management, financial, estate and legacy planning

Portland, Maine; Wellesley, Mass.; Wolfeboro, N.H.

8 1983

Blue Fin Capital | bluefincapital.com Richard Carolan and Mars J. Bishop, principals

91 Main St. Warren, R.I. 02885 (401) 831-1000

$332 mil.

400

Wealth management

NA

4 1996

2020: 15

SK Wealth Management LLC | skwealth.com Jason Archambault, CEO

50 Holden St. Providence, R.I. 02908 (401) 331-1575

$323 mil.

282

Fee-only financial planning and investment management

NA

8 1998

16 2020: 16

KLR Wealth Management LLC | klrwealth.com Peri Ann Aptaker, managing director

951 North Main St. Providence, R.I. 02904 (401) 274-2001

$269.3 mil.

172

Asset protection; environmental, social and governance investing; investment consulting; personal CFO services; wealth management

Newport

194 1975

LEVATUS | levatuswealth.com Susan Dahl, CEO

33 Wilcox St. Bristol, R.I. 02809 (617) 505-4710

$60 mil.

65

Investment management, wealth counsel

Boston

5 2017

Spinnaker Asset Management | spinnakerassetmgt.com Ronald Kent

400 Commonwealth Ave. Warwick, R.I. 02886 (401) 884-3210

$9 mil.

114

Financial planning, investment management, portfolio construction

NA

3 2008

10

2020: 10

11

2020: 12

13 2020: 13 14

2020: 14

15

17

2020: 17

18

2020: 18

Total assets under management:

$27.8 billion LIST RESEARCHED BY James Bessette

Endurance Wealth Management | endurancewealth.com J. Michael Costello, managing partner

2020: 9

CLOSER LOOK

22 | JANUARY 22-FEBRUARY 4, 2021 | PROVIDENCE BUSINESS NEWS | www.pbn.com 1 Financial figures for assets under management are based on accounts that are located in Rhode Island and/or Bristol County, Mass.

2 Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services LLC, member of the Securities Investor Protection Corp.

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

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FOOTNOTES j Financial figures for assets under management are based on accounts that are located in Rhode Island and/or Bristol County, Mass.  Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services LLC, member of the Securities Investor Protection Corp.

INVESTMENTS | FOCUS CONTINUED FROM PAGE 21

­ rocess that involved their agent, p Shannon Buss, broker associate at Randall Realtors. “We feel like this is home for us.”

The Kovals are part of a shift in the real estate market as the pandemic drives people to seek shelter of one type or another. Real estate professionals say that not only has the crisis pushed people who are longing for stability to buy in a seller’s market, it has forced investors to become their own tenants, residing in homes that were intended to be sources of rental income but are providing distance from COVID-19 hot spots.

“People began to rethink their lives,” said Lori Joyal, managing broker of Lila Delman Real Estate of Watch Hill in Westerly. “Do I want to be in a city on a subway or on the T or in an elevator? Or do I want to be in our beautiful coastal state of Rhode Island close to the ocean and enjoy peace in a beautiful place?”

Joyal said the effects were immediate after the pandemic first hit last March. While businesses were closing and people were heeding stay-at-home orders, the real estate market along the Rhode Island coastline never cooled off, fueled by people looking to flee dense population centers such as New York City and Boston, where COVID-19 cases were climbing quickly.

Properties of all types in the Westerly area were white-hot commodities, she said.

“If I could find a nice rental in March of 2020, they were scooped up immediately by buyers as the exodus from the cities began,” Joyal said.

Enabling that exodus was the ability for people to work remotely, so properties that would normally serve as vacation homes to be rented out for additional income became primary residences and virtual workplaces for the owners.

Danielle Hale, a chief economist

‘If I could find a nice rental in March of 2020, they were scooped up immediately.’

LORI JOYAL, Lila Delman Real Estate of Watch Hill managing broker

for realtor.com, noted this trend in her housing forecast for 2021. She said there was a spike in home sales in 2020 as investors sought the purchase of investment properties that some occupied as a haven to ride out the pandemic.

“One of the big winners [in the pandemic] has been the housing market, which saw home sales and prices hit decade-plus highs following decade lows in the span of a few months,” Hale said, adding that as remote work extends in 2021, home listings will put more emphasis on features such as home offices and high-speed internet connections.

And it’s not just vacation homes in coastal communities.

As real estate prices climb across the spectrum of properties, so too are rents. That is persuading tenants who can afford it to leap into a hot real estate market with the promise of fixed monthly payments that go toward building equity and the possibility that such an investment will pay dividends in the long run.

Further prodding buyers are low interest rates. The rate for a 30-year fixed mortgage as of January 2021 is 2.93%, compared with 3.62% for the same month a year ago, according to bankrate.com.

“For a consumer who qualifies for a mortgage, purchasing a property makes more sense than renting because many times the payment is comparable,” said Buss. “The problem, of course, is that the inventory is so low that these first-time buyers are competing with everyone else.”

Indeed, the market is clearly in the favor of sellers at the moment. In a balanced market, there is a six-month inventory of homes for sale, according to real estate professionals. That number has been declining in Rhode Island. A year ago, the inventory was 2.6 months, already a strong seller’s market. As of November, the number had sunk to 1.7 months.

As the economic effects of the pandemic continue to play out in 2021, the pendulum may start swinging toward the buyer. Homeowners struggling with financial hardships such as a job loss might sell to access home equity.

“It will be interesting to see if we start experiencing a wave of distressed properties this year when the dust settles,” Buss said. “I would expect that investors will reenter the market as those opportunities present themselves.”

For the Kovals, the low interest rates and a chance to invest in their future overcame concerns about the pandemic and high real estate prices.

“House shopping in 2020 was strange to say the least,” said Phoebe Koval, recalling how the couple had to sign the purchase-and-sales agreement through the window of their car in a grocery store parking lot.

“Operating as a buyer instead of a renter allowed us to be picky about our living situation,” she said. “It made us feel more in control about our decisions and about what we asked for in our home.” n

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IT’S PERSONAL Ghazal awarded Murray Prize MARIE GHAZAL, CEO of the Rhode Island Free Clinic, was recently honored as the 2020 recipient of the Rhode Island Foundation’s $50,000 Murray Family Prize for Community Enrichment. Ghazal received the award in recognition of her commitment to helping Rhode Islanders with cultural and language barriers and economic challenges obtain affordable health care.

What was your reaction to being the recipient of $50,000 and the Murray Family Prize for Community Enrichment?

When [Rhode Island Foundation CEO and President] Neil Steinberg called me to tell me the good news, I was overwhelmed with gratitude and shared with him that this year has been perhaps the most challenging year in my 43-year career in health care. Due to COVID, many of us have been faced with uncertainty, pain and loss, and have seen the inequalities in health care, especially in our underserved and minority communities. I am deeply humbled, especially now for this achievement in my career.

What inspires you to do the work you do to help people get the health care they need?

I have always had a deep passion to increase access to health care for those in need. I started my work in Central Falls in 1981 as the director of a one-room clinic.

Now at RIFC, I lead hundreds of volunteers and donors to care for thousands of our state’s uninsured. Imagine the feeling of ending a lottery system of care, opening a new dental clinic to serve someone who never saw a dentist, or creating a partnership for patients to receive free medications. It has been an honor for me to do this work.

What are the biggest challenges you are facing at the clinic and how are you trying to address them?

COVID has disrupted our model of care, which relies

on volunteers, partnerships and philanthropic giving.

Since COVID, we have had fewer volunteers, students and academic placements to staff our clinic, and our fundraising efforts are reduced, and we have resorted to virtual and social media. Our small workforce is affected daily by COVID and we have had to transform our delivery model while operating a new COVID test site, adapting to telehealth and providing more behavioral health services. Positively, I have been inspired by kindness, selflessness and hard work of so many people, especially front-line workers at our clinic and in the community, to help those in need during this pandemic.

What do you hope to accomplish during your tenure as executive director of the clinic?

I consider my work reducing health disparities and inequalities for the safety net – a forgotten segment of America’s health care system – to be my legacy. I have brought partners together to innovate and implement new ideas that have enriched the [lives] for marginalized communities. I will continue to build sustainable programs to improve the lives of economically disadvantaged populations and transform care models for the underserved. Hopefully, my work at RIFC will continue to address root causes of poor health that will create lasting change toward health inequity in our country. n

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IT’S PERSONAL MACKAY’S MORAL | HARVEY MACKAY

The school of experience HAVE YOU EVER HEARD the expression “seeing the elephant”? It came out of the California gold rush. Those planning to go west in search of gold told their friends that they were “going to see the elephant.” Those who turned back discouraged claimed they had seen “the elephant’s tracks” or the “elephant’s tail,” and admitted that view was sufficient.

The Oxford Dictionary defines it this way: “to see the elephant: to see life, the world, or the sights; to get experience of life, to gain knowledge by experience.”

Here’s my take on it: To know the road ahead, ask those coming back.

Or take the road yourself and see what you learn. Of course, it’s a lot easier to learn from others’ mistakes, and often much less costly.

But for most of us, we have to experience things for ourselves. When the outcome is good, we call it a successful experience. But when things don’t work out as we hoped, we call it a “learning” experience.

Experience is the name everyone gives to their mistakes. It is an expensive teacher sometimes. Experience is the dividend you get from your mistakes. Reportedly, Thomas Watson, an early CEO of IBM, was asked if he was

going to fire an employee who made a mistake that cost IBM $600,000.

He said, “No, I just spent $600,000 training him. Why would I want somebody else?”

I’ve always said if you want to triple your success ratio, you have to triple your failure rate! I would submit that we learn as much from our failures as we learn from our successes. That may sting a bit, but there is no free tuition in the school of experience. Every time you graduate from the school of experience, someone thinks up a new course.

Consider the man who asked his boss why three other people were promoted past him. He said, “Boss, I have 20 years of experience in this job.”

The boss replied, “No, you don’t have 20 years of experience. You have one year of experience 20 times.

You’ve been making the same mis-

takes since you first started.”

And the most important lesson we should learn from our experiences is that we can move past failures and put the errors to work, preparing us for better days ahead. Realize that the lessons learned are valuable, even if they are embarrassing, depressing or seemingly insurmountable. Giving in to failure is letting the bad experience win.

As tempting as it can be to want to forget about bad experiences, don’t.

Those who cannot remember the past are condemned to repeat it. The past should be a guidepost, not a hitching post. Use those difficult lessons to demonstrate your resilience and ability to learn from your mistakes.

Even better, learn from the mistakes of others. I strongly encourage newcomers to connect with a mentor and extend that advice to folks at all

Experience enables you to recognize a mistake every time you repeat it.

stages of their careers. The experience you can absorb is priceless, and the guidance that might prevent you from having too many bad experiences is invaluable.

Here’s a story to further illustrate my point: The promoter for a local boxing champion arranged a match with an opponent he had never seen.

He had simply asked for an experienced fighter. On the day of the fight, a middle-aged man with a crooked nose, a punch-drunk manner and two huge cauliflower ears arrived in the dressing room. The promoter was aghast.

“I asked for an experienced fighter,” he complained, “but not a damaged one.”

Experience is a good teacher, but a hard one. It gives the test first and the lesson afterward. Experience enables you to recognize a mistake every time you repeat it.

Mackay’s Moral: There is no free tuition in the school of experience. 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. | SPONSORED CONTENT |

PEOPLE ON THE MOVE HEALTH CARE Jared Neirinckx is the Senior Sales Executive at East Side Clinical Laboratory (ESCL) headquartered in East Providence.

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Jared has 15 years of healthcare experience and previously supported Rhode Island clinics during the national opioid epidemic setting up Toxicology and Opioid Testing programs.

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ACCOUNTING KLR, one of the largest accounting and business consulting firms in New England announced the promotion of Moshe Golden, CPA, MST to Partner. Moshe has over 23 years of experience in taxation in both public accounting and private industry. His primary tax experience is with closely held companies and their owners, high-networth families, as well as large multistate corporations. Moshe is a summa cum laude graduate of Providence College, where he received his BS degree in Accounting. He received his MS degree in Taxation from Bryant University.

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www.pbn.com | PROVIDENCE BUSINESS NEWS | JANUARY 22-FEBRUARY 4, 2021 | 25

IT’S PERSONAL DRESS FOR SUCCESS | MARC A. STREISAND

Show style, feel comfort HERE’S HOPING THAT WE CAN PUT last year in the rearview mirror and finally say goodbye to a very difficult period. As the vaccine slowly rolls out to medical professionals and front-line workers, I am looking forward to the opportunity to have my place in line. But with the vast majority of the public not looking at a vaccine until the summer, many of us will likely continue to work from home or in an office with limited person-to-person contact, making the forecast for a new spring and summer wardrobe bleak.

Clothing has the unique ability to transform the way we see ourselves.

Do you remember a time in your life where something great happened to you, something that made you feel like you were on top of the world? I bet that you were wearing something that was on par with that experience.

One of my favorite accomplishments was when I was taking a college course in business management.

Most students would attend the earlymorning class in sweats or jeans.

One particular day, we had a special guest – the vice president of customer experience for AT&T in New York.

At that time, I was interning at a large commercial printing company as a junior salesperson. That day, I walked into class like I was going to a business meeting (I had purchased a great suit, shirt, tie and shoes) because I had to go into my internship and I felt like a million dollars.

Not only did I get the attention of my classmates but also of our special guest, who came up to me afterward and asked if my company would come do a presentation to his group at AT&T. I later found out that he spoke to my boss after our presentation and

Clothing has the unique ability to transform the way we see ourselves.

said he liked that I got dressed up and showed pride in my internship.

Clothing makes an impression.

However, over this last year, many clients and friends have relayed the feeling of not caring about their appearance because of the lack of person-to-person interaction and working from home. However, by taking away the feeling that wearing something nice evokes, it changes your mental attitude.

There has been a huge shift in dressing over the past two decades, and as much as I don’t love the morecasual look, I certainly appreciate how it fits into society. I love wearing a suit, and not just any suit, a threepiece suit. I love how I feel when I walk into a room and am the most overdressed person there. I command respect, I feel sophisticated, I feel powerful and in control. Most of all, I am comfortable.

Technology has really made it easy to be comfortable in clothing.

With the advent of new fibers, some man-made and some combined with natural fibers, designers have been able to manipulate the “classics” into new hybrids, making it possible to look great and still be comfortable.

Take a chance and elevate your

FASHION-CONSCIOUS: Dressing with style, such as a navy merino wool swacket – a sweater jacket – can improve how you feel about yourself.

COURTESY MARC ALLEN FINE CLOTHIERS/ MATT FRANCIS

look. How you present yourself – even on Zoom – speaks volumes about how you perceive yourself.

Let’s make 2021 as successful as ­possible. n Marc A. Streisand is the owner of Marc Allen Fine Clothiers in Providence.

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IT’S PERSONAL GUEST COLUMN | ELIZABETH C. TIPPETT

HR comes knocking after D.C. riot CAN YOU BE FIRED for joining a violent mob that storms the Capitol?

Of course you can.

Among the jarring images of white insurrectionists who broke into the U.S. Capitol on Jan. 6 was a man marching through the building holding a Trump flag with his work ID badge still draped around his neck.

It didn’t take long for internet sleuths to zoom in on the badge and alert his employer, Navistar Direct Marketing, a Maryland direct-mail printing company.

The company promptly fired the man and contacted the FBI, issuing a statement that “any employee demonstrating dangerous conduct that endangers the health and safety of others will no longer have an employment opportunity.”

Even though the Capitol Police let all but 14 of the rioters walk away, the FBI and District of Columbia police have tracked down many of them. Other companies have also taken action against employees identified in the many photos from inside the Capitol. Even the CEO of a data analytics firm found himself without a job following his arrest.

Based on my experience as a law professor and lawyer specializing

Re a c h YO U R target a u d ie n c e w it h

PBN’s

in employment law, I doubt that Navistar management is losing sleep over whether its decision was legally justified.

It’s not even a close case. Nonunionized workers in the United States – about 90% of all workers – are employed at-will. That means you can be terminated at any time, without notice, for any reason. It doesn’t even have to be a good reason. Unless the company has guaranteed your job in writing, or there is a specific law that protects your conduct – such as laws protecting union organizing or whistleblowing – your fate is up to them.

The law is more protective when it comes to unionized workers and government employees. These workers may have the right to be terminated only for cause, and they might get

a hearing process prior to being disciplined. Government workers are also protected by the First Amendment, particularly when it comes to free speech in their capacity as citizens rather than speech related to the workplace.

That’s why the teachers and offduty police officers spotted at the Capitol have only been suspended pending investigations, rather than fired outright. For these workers, their fate may depend on whether they were peacefully participating in the day’s earlier rally – an activity that would be considered protected speech – as opposed to engaging in violence or joining the Capitol invasion, which would be unprotected illegal conduct.

Things get murky if these government workers were displaying

Even the CEO of a data analytics firm found himself without a job.

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white supremacist symbols, such as a Confederate flag, at the rally. Courts have recognized limits on the public speech of police officers to uphold public confidence, community relations and department morale.

But as the Brennan Center, a liberal-leaning law and public policy institute, observed in an August 2020 report, “few law enforcement agencies have policies that specifically prohibit affiliating with white supremacist groups.” The absence of such policies could make it harder for departments to later discipline off-duty police officers for their role.

State lawmakers who participated are a different matter. Because they were elected by the people, they can’t be removed like ordinary employees.

That might require a recall election or a state impeachment process.

But for most of the folks who snapped selfies in the Capitol – or ended up in someone else’s – if they haven’t gotten a knock on the door from the FBI, they may have gotten one from HR. n Elizabeth C. Tippett is an associate professor at the University of Oregon School of Law. Distributed by The Associated Press.

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OPINION EDITORIALS

Gov. Raimondo falling short of her own leadership standards

RADIO SILENCE: Gov. Gina M. Raimondo speaks in Delaware on Jan. 8 to accept her nomination as United States secretary of commerce. She’s spoken publicly in Rhode Island once since Dec. 22 and has not taken questions from the media since then.

SCREENSHOT OF BIDEN CABINET NOMINATONS ANNOUNCEMENT

Since the earliest days of the pandemic, Gov. Gina M. Raimondo has shown consistent leadership in tackling the twin public health and economic crises it has created.

She’s been smart, decisive, compassionate and generally open-minded enough to at least listen to critics, who at times have included her soon-to-be successor and fellow Democrat, Lt. Gov. Daniel J. McKee. They’re all qualities that contributed to a relatable leadership style that, along with her six-year record as governor, no doubt went a long way toward her nomination as the next United States secretary of commerce.

But since that Jan. 8 nomination, Gov. Raimondo has regrettably fallen short of her own leadership standards.

Only once since then, at a Jan. 13 public briefing on the pandemic, has she spoken publicly in the state. She did not take questions from the media at that briefing and her office has continued to issue the same vague responses to press inquiries about her being focused on the transition and “continuing to manage the public health response.”

In a state still operating under a state of emergency she ordered last March, such lack of transparency is unacceptable.

It matters not whether she and other Cabinet nominees of President Joe Biden are following direction or advice from the president’s staff to lay low. A governor’s commitment to transparency and accountability should never take a back seat to personal – or even presidential – ambitions or agendas.

That’s not who she’s been as governor, nor what Rhode Islanders deserve each day from the state’s top elected leader. n

Employers have role in testing Most local employers have already greatly contributed to controlling the spread of COVID-19 by following – and in many cases exceeding – state workplace guidelines.

But the state is advocating for what could be a final, crucial step: on-site testing for the virus.

The state last month started distributing rapid tests to employers, as part of a new goal of 25,000 tests a day.

Manufacturers and some other companies have already begun the on-site testing, which costs businesses about $180 to participate.

Early results from some companies are encouraging, but requiring, rather than simply offering, the testing could raise legal privacy issues for already stressed employers.

Most COVID-19-weary employees, however, will be eager to sign up.

They’ll see free tests delivered to the workplace as an opportunity to exercise some control amid the chaos of a pandemic; the days for which may soon be ­numbered. n

Read even MORE business news on PBN.com

POLL CENTRAL EXECUTIVE POLL

PBN.COM POLL

Are you optimistic your business will fare better in 2021?

Should layoffs and furloughs of state workers be part of the state’s budget planning for fiscal 2022? JAN. 8-14

2021 prospects Yes: 63%

Are you optimistic the region will be vaccinated enough for normal life to return this year?

Yes: 60%

Unsure: 25% Unsure: 27% No: 13% No: 13%

Do you plan to have your physical operations return to normal in 2021?

No, we plan to have some operations stay remote: 60% Yes, we plan to be fully back in the office: 40% No, we plan to stay fully remote: 0% Our operations did not change throughout the pandemic: 0%

Yes, it will be necessary to avoid excessive budget cuts elsewhere

No, adding to the state’s unemployment rolls will only lengthen the economicrecovery period

23%

73%

I don’t know 4%

Do you plan to keep your operations local in 2021?

Yes: 93% No: 7%

The Providence Business News Executive Poll is a weekly survey of 70 business leaders throughout the state, representing small and large companies in a variety of industries.

Should Rhode Island businesses offer employees on-site COVID-19 tests?

THIS WEEK’S POLL:

•Y es, it is another way to help limit the spread of the virus • Yes, but only if it is voluntary for employees • No, that could raise legal issues for already overwhelmed employers • No, only health care professionals should administer such tests • I don’t know To vote, go to PBN.com and follow the link on the home page

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OPINION OPINION

For some, new higher-ed model needed

REBECCA L. WATTS GUEST COLUMN

In the midst of national and statewide economic uncertainty, heightened by the COVID-19 pandemic, business leaders across Rhode Island continue to express a common, shared concern about the economic outlook of the state. Moody’s Analytics Chief Economist Mark Zandi said recently in a call with reporters that recovery for Rhode Island could take up to twice as long (six years) as national job recovery and that things are going to get worse before they get better.

It’s understandable to have lingering doubts about the economy. Though the number of Rhode Island-based jobs rose since September, the state’s unemployment rate of 7% in October was about that of the national average of 6.9% but double what it was a year ago.

Because of the pandemic, Rhode Island also saw a decline in undergraduate college enrollment by 8.1% in 2020, double the national average drop of 4.4%. This deepens to an alarming 14.2% decline when segmented for four-year private, nonprofit colleges.

This does not bode well for would-be students looking to secure or improve their careers. Experts note that 78% of unemployed Rhode Islanders do not have a college degree and 25% of them are nonwhite.

National data from the National Student Clearinghouse Research Center shows that the steepest decline is with male enroll-

ment in community colleges: Black males (19.2%), Hispanic males (16.6%) and white males (14%). This is especially worrisome as historically we have seen an increase in community college enrollment in times of economic weakness, with unemployed workers seeking new skills to change careers.

Rhode Island’s outstanding colleges are continuing to provide life-changing education for many, making a positive difference for individuals, families and communities.

For some people, however, another approach might make getting a degree or industryrelevant certification more attainable. This is especially true for historically underrepresented communities – including first-generation college students, low-income populations, students of color and working adults.

Western Governors University’s accredited, online, competency-based model has proven to be extremely effective for students and employers alike.

Competency-based education measures skills and subject knowledge rather than time or “hours” spent in a classroom. Each WGU student individually progresses through courses as soon as they can prove they have mastered the material, rather than advancing only when the semester or term ends. Students accelerate through their learning at their individual pace, fitting their studies into the spaces of their lives.

The academic needs of Rhode Islanders continue to evolve and change.

Mentors provide individualized learning support to keep learners on track to complete their degrees.

As Rhode Island’s economy moves forward in a landscape dramatically changed

by COVID-19, innovative approaches to college education provide a key long-term strategy for workforce investment and labormarket recovery. Without a top-notch talent pool prepared with relevant 21st-century skills, Rhode Island businesses face the possibility of failing to remain viable and competitive. It’s critical to establish alliances with local businesses to support their human resource objectives and expand access to higher education for their employees. WGU’s workforce-development efforts include skills mapping – an industry-by-industry, sectorby-sector, job-by-job description of needed skills and their value in the workplace.

Innovative learning models are complementary to traditional higher education options in the state, expanding opportunity to fill existing gaps. The academic needs of Rhode Islanders continue to evolve and change, as do regional workforce needs and the demand for specific skill sets. Higher education has a duty to transform as well, and to help connect talent with professional opportunity by offering a variety of ways to train Rhode Island’s workforce with the credentials employers trust. n Rebecca L. Watts is a regional vice president for Western Governors University, a nonprofit, accredited online university based in Salt Lake City, Utah. The university says it has 500 students and alumni in Rhode Island.

Biden to fight climate change in a novel way BILL RITTER JR. GUEST COLUMN

Joe Biden is preparing to deal with climate change in a way no U.S. president has done before – by mobilizing his entire administration to take on the challenge from every angle in a strategic, integrated way.

The strategy is evident in the people Biden has chosen for his Cabinet and senior leadership roles: Most have track records for incorporating climate-change concerns into a wide range of policies.

Energy policy isn’t just about electricity.

It’s about how homes are built, how they generate power and feed it into the grid and how the transportation, industrial and agriculture sectors evolve. It’s about regulations, trade rules, government purchases and funding for research for innovation. Coordination and collaboration among agencies and different levels of government is crucial.

Here are some of the biggest challenges ahead and what Biden’s “all hands on deck” approach might mean.

Dealing with all those climate policy rollbacks. From its first days, the Trump administration began trying to nullify or weaken U.S. environmental regulations. It had rolled back 84 environmental rules by November 2020, according to a New York Times analysis of research from Harvard and Columbia law schools.

Pressuring other countries to take action.

Biden can quickly bring the U.S. back into

the international Paris climate agreement.

But reestablishing the nation’s leadership role with the international climate community is a much longer haul.

Former Secretary of State John Kerry will lead this effort as special envoy for climate change, a new Cabinet-level position.

Cleaning up the power sector. The BidenHarris climate plan aims to cut greenhouse gas emissions from the power sector to netzero by 2035.

While 62 major utilities in the U.S. have set their own emission reduction goals, most leaders in that sector would argue that requiring net-zero emissions by 2035 is too much too fast.

One problem is that states are often more involved in regulating the power sector than the federal government. And, when federal regulations are passed, they are often challenged in court.

What to do about vehicles, buildings and agriculture. Transportation is now the nation’s leading emitter of carbon dioxide.

Decarbonizing it will require a quicker transition away from the internal combustion engine.

Again, this is a challenge that requires many parts and levels of government working for the same goal. It will require expanding carbon-free transportation.

That involves regulations and funding for

research and development from multiple departments, as well as trade agreements, tax incentives for electric vehicles and a shift in how government agencies buy vehicles.

The other “hard-to-decarbonize” sectors – buildings, industry and agriculture – will require sophistication and collaboration among all federal departments and agencies unlike any previous efforts.

A new comprehensive climate bill. The best way to tackle these sectors would be a comprehensive climate bill that sets a cap, or limit, on emissions and tightens it over time.

Here, the problem lies more in the politics of the moment than anything else. Biden and his team will have to persuade lawmakers from fossil fuel-producing states to work on these efforts.

Until Congress passes comprehensive climate legislation, Biden will have to rely on agencies issuing new rules, which are vulnerable to being revoked by future administrations.

To meet its ambitious goals, the administration will need everyone, progressives and conservatives, state and local leaders, and the private sector, to work with them. n Bill Ritter Jr. is director of Colorado State University’s Center for the New Energy Economy. He is a former Colorado governor.

Distributed by The Associated Press.

www.pbn.com | PROVIDENCE BUSINESS NEWS | JANUARY 22-FEBRUARY 4, 2021 | 29

ONE LAST THING Weathering the storm

SINCE

starting my career as a 21year old U.S. Navy officer, any success is a result of selfless partners, team members, employees and family. During the Great Recession, our young company experienced the prospect of insolvency due to an overnight shift in real estate values. I had no experience in the devastation wrought by a global lack of liquidity and didn’t have a full night’s sleep for 24 months.

Remarkably, our vendors, lenders, customers and investors kept us afloat by providing shortterm credit and accelerated payments, and the more experienced of them provided invaluable moral support and advice. As a result, Peregrine emerged in 2012 as a stronger and far more capable organization with immutable bonds built with the partners that saved us.

For some industries, the consequences of the pandemic mirror the challenges of 2007-2011.

My advice for business leaders facing today’s extraordinary headwinds is: n Communicate with creditors. They will be

far more sympathetic when there is open and frequent communication about the company’s circumstances. n Share the truth with employees. Your team

is your most valuable resource and will surprise you with their willingness to sacrifice. n Don’t be afraid to ask for help. Entrepreneurs

tend to believe they know all the answers, or are embarrassed to admit weakness. n Talk to your family. Sharing your angst will

help you sleep better. n Never forget those who helped. When the

storm has passed, reward the loyalty of the vendors and customers who threw you a life ring.

Colin P. Kane Peregrine Group LLC founding principal Colin P. Kane helped establish Peregrine Group LLC in 2001.

The real estate development and advisory firm has offices in East Providence, Newport and Boston.

n Help the next time. Be the first to help others in the next gale! n

PBN PHOTO/RUPERT WHITELEY

30 | JANUARY 22-FEBRUARY 4, 2021 | PROVIDENCE BUSINESS NEWS | www.pbn.com

OUR PANELISTS WILL DISCUSS WHAT THIS LATEST BILL COULD MEAN FOR SMALL BUSINESSES AND NONPROFITS. Some of the specific highlights of be discussed include: • What are the latest provisions of the $284B Payment Protection Program and who is eligible to apply?

• What you need to know to apply for funds and how to use these funds to most effectively to support your business.

• What are the tax implications for anyone who received PPP funds in the first round?

• How much is RI slated to receive and how will that be allocated?

• How is local philanthropy helping ensure that stimulus funds are leveraged to serve the industries and the RI’ers most in need?

JOIN PBN AND OUR PANEL OF INDUSTRY EXPERTS AS WE BREAK DOWN THE LATEST STIMULUS PACKAGE

February 11, 2021 9am

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www.pbn.com | PROVIDENCE BUSINESS NEWS | JANUARY 22-FEBRUARY 4, 2021 | 31

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32 | JANUARY 22-FEBRUARY 4, 2021 | PROVIDENCE BUSINESS NEWS | www.pbn.com