The Business Development Co. reports strongest quarter in years

PETER C. DORSEY JR., president of The Business Development Company, left, is shown with Robert Manning, president of Gray's Point Investment and chairman of the Cherrystone Angel Group. Dorsey's company has provided $2 million in loans to nine small businesses unable to obtain capital from traditional sources. / PBN FILE PHOTO/RUPERT WHITELEY
PETER C. DORSEY JR., president of The Business Development Company, left, is shown with Robert Manning, president of Gray's Point Investment and chairman of the Cherrystone Angel Group. Dorsey's company has provided $2 million in loans to nine small businesses unable to obtain capital from traditional sources. / PBN FILE PHOTO/RUPERT WHITELEY

PROVIDENCE – The Business Development Company provided $2 million in loans to nine small businesses unable to obtain capital from traditional sources during its fiscal third quarter, an infusion of funding that is expected to create at least 30 jobs.
One of the companies that received a loan is Modular Thermal Technologies. Its ice-based, pain relief product, CryoMAX, is stocked at 93 percent of the nation’s pharmacies, according to the Business Development Company.
New management took over Modular Thermal Technologies, located at the Quonset Business Park in North Kingstown, last year, and sought funding for a marketing campaign to increase awareness of the CryoMAX brand, and for research and development to leverage the core technology into other, new product offerings.
Modular Thermal Technologies CEO Brad Waugh said, “I’ve worked with The Business Development Company in the past, and I am very pleased to continue a partnership with a lender that understands our business and reacts quickly to our needs.”
In addition to Modular Thermal Technologies, companies that received loans represent manufacturing, distribution, construction and service sectors at the startup, growth and mature life cycle stages.
“It’s exciting to help business owners invest in new products or services and geographic expansion, and that seems to be what’s driving our recent uptick in loan activity,” Business Development Company President Peter C. Dorsey Jr. said in a statement.
“We’ve got more capital to put to work, so we hope the new loan momentum continues,” Dorsey said, adding that Modular Thermal Technologies was the only company in the third-quarter recipients that wanted to be identified at this time.
Dorsey said the third-quarter lending volume represents the strongest quarter the company has had in years. The company’s third quarter runs November to January.
The Business Development Company was established in 1953 with the mission to foster job creation. It operates “outside of traditional lending parameters,” allowing it to “be more creative and flexible than a bank,” according to a statement from the BDC. Loan funds are frequently used for working capital, product development, geographic expansion and acquiring fixed assets or other business.

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