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.<\/p>\n\n\n\n
When Jessica Mularski, President of Renova Lighting Systems, set out to strengthen her business\u2019s 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\u2019s goal was clear: refinance to free up capital and invest in future growth.
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That\u2019s when she connected with the Rhode Island Small Business Development Center (RISBDC)<\/strong> and business counselor Sandra McNamara<\/strong>. The timing couldn\u2019t have been better. With Sandra\u2019s expertise in navigating small business financing, and Renova\u2019s need, their relationship quickly evolved, with a focus on funding and growth. Sandra introduced Jessica to the Business Development Company of Rhode Island<\/strong>, where she connected with Peter Dorsey to explore financing options. Together, they reviewed Renova\u2019s financials, discussed goals, and crafted a strong loan application package. \u201cI didn\u2019t have much difficulty because Sandra helped me prepare,\u201d Mularski said.<\/strong> With Sandra\u2019s guidance, Jessica had all the tools she needed: detailed financials, projections, and a compelling narrative about where the company was heading. \u201cI had my projections, my growth plan, so when I got there, it was pretty painless,\u201d Sandra\u2019s support wasn\u2019t just technical; it was personal. She worked closely with Jessica to develop her \u201cmoney story,\u201d 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.<\/strong> That product, a BABA-compliant flat panel By refinancing, Jessica didn\u2019t 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.<\/p>\n\n\n\n Looking back, Jessica encourages other Rhode Island entrepreneurs to take advantage of the resources available. \u201cRI is a very small state, and there are a lot of people who are willing and anxious to help, which is amazing,\u201d Mularski said. Her advice for those hesitant about seeking funding? \u201cThe worst they can say is no,\u201d she said. \u201cYou don\u2019t have [funding] now. You have nothing to lose.\u201d 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.<\/p>\n\n\n\n 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\u2019s financial foundation, she knew exactly […]<\/p>\n","protected":false},"author":701,"featured_media":11267,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[44],"tags":[],"class_list":["post-11266","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"acf":[],"_links":{"self":[{"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/posts\/11266","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/users\/701"}],"replies":[{"embeddable":true,"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/comments?post=11266"}],"version-history":[{"count":2,"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/posts\/11266\/revisions"}],"predecessor-version":[{"id":11269,"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/posts\/11266\/revisions\/11269"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/media\/11267"}],"wp:attachment":[{"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/media?parent=11266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/categories?post=11266"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/tags?post=11266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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Mularski added.<\/strong>
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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.
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