The Business Development Company is a non-bank lender that works closely with its member financial institutions to provide gap funding to assist promising, but often undercapitalized companies grow and expand.
When The Business Development Company was established by legislative charter in 1953, it aimed to be a source of supplemental financing that would allow established, as well as emerging, companies to participate more fully in our nation's postwar prosperity. Since its inception, The Business Development Company has played an instrumental role in helping hundreds of companies become strong competitors and has also helped to put thousands of Rhode Islanders to work.
Our portfolio companies include manufacturers and distributors as well as service providers in a variety of industries, such as: software, medical technology, and other high-tech businesses. Financing is most often used for working capital, product development, purchase of fixed assets and acquisition of existing business. Many of our applicants also benefit significantly from the business counseling they receive as part of our application and review process. As a Small Business Administration lender, we also use the SBA guarantee program on occasion to further enhance our loans.