The RISBDC helped Renova Lighting Systems secure better financing, bring a new product to market, and position their Rhode Island business for long-term growth.
Renova Lighting Systems Finds Bright New Future With Help From the RISBDC
When Jessica Mularski, President of Renova Lighting Systems, set out to strengthen her business’s financial foundation, she knew exactly what she needed: lower interest rates and the right people to help her navigate the process. Based in Rhode Island, Renova Lighting specializes in energy-efficient lighting products for
commercial and institutional clients. Like many growing businesses, Renova had secured an SBA loan, but at a steep 12% interest rate. Jessica’s goal was clear: refinance to free up capital and invest in future growth.
That’s when she connected with the Rhode Island Small Business Development Center (RISBDC) and business counselor Sandra McNamara. The timing couldn’t have been better. With Sandra’s expertise in navigating small business financing, and Renova’s need, their relationship quickly evolved, with a focus on funding and growth.
Sandra introduced Jessica to the Business Development Company of Rhode Island, where she connected with Peter Dorsey to explore financing options. Together, they reviewed Renova’s financials, discussed goals, and crafted a strong loan application package.
“I didn’t have much difficulty because Sandra helped me prepare,” Mularski said. With Sandra’s guidance, Jessica had all the tools she needed: detailed financials, projections, and a compelling narrative about where the company was heading. “I had my projections, my growth plan, so when I got there, it was pretty painless,”
Mularski added.
Sandra’s support wasn’t just technical; it was personal. She worked closely with Jessica to develop her “money story,” a clear explanation of how Renova was spending its resources and how additional funding would accelerate growth. That preparation made all the difference.
The result? Jessica secured a lower-interest loan and was able to redirect those savings into developing a new product. That product, a BABA-compliant flat panel
light fixture, is now in the final stages of development. Samples have already been sent out, and early demand have signaled a strong market interest with potential revenue in the hundreds of thousands of dollars.
By refinancing, Jessica didn’t just improve her bottom line. She unlocked resources to invest in new technology, expand her product line, and position Renova for long- term growth. These steps could lead to new jobs, increased revenue, and a stronger footprint in the commercial lighting industry.
Looking back, Jessica encourages other Rhode Island entrepreneurs to take advantage of the resources available. “RI is a very small state, and there are a lot of people who are willing and anxious to help, which is amazing,” Mularski said. Her advice for those hesitant about seeking funding? “The worst they can say is no,” she said. “You don’t have [funding] now. You have nothing to lose.”
Thanks to the support of the RISBDC and the right financial connections, Renova Lighting Systems is brighter than ever, ready to innovate, grow, and continue lighting the way for others.
