By William Hamilton
PBN Staff Writer
PROVIDENCE – The Business Development Company of Rhode Island said it recently provided a $150,000 loan to Providence-based Safelight Security Advisors to build its business training for information technology administrators and others.
The financing will be used to expand its product offerings as well as to boost its sales and marketing. Safelight expects to hire up to six people within the next year.
BDCRI – which provides direct and gap financing to company that need funding for working capital, product development, fixed-asset purchases and business acquisition – said it agreed to the five-year loan because of the experience of the company’s management and its prospects for growth. Also, the agency said, Safelight has greater flexibility in managing its expenses when business conditions change.
“Key to Safelight’s growth has been its ability to deliver high quality services to companies that find it more efficient to buy state-of-the-art education programs instead of developing their own,” BDCRI said. “The company’s lean approach to operations has kept overhead and operating expenses low, which has served it well in the current business environment. This approach has also enabled the company to generate funds internally to finance its early growth.”
The Business Development Company of Rhode Island is a Providence-based non-bank lender established in 1953 that provides direct and gap financing to companies in Rhode Island, Massachusetts and Connecticut. Member banks include Bank of America, BankNewport, Bank Rhode Island, Centreville Bank, Citizens Bank, Coastway, Home Loan and Investment Bank, FSB, Sovereign Bank New England, The Washington Trust Co. and Webster Bank, N.A. Additional information is available at www.bdcri.com.