PROVIDENCE – The Business Development Co. provided a record $3.7 million in loans in the fiscal year ended April 30, with the goal of enhancing the Rhode Island workforce, according to the company Tuesday.
Business Development Co.’s loans to 11 companies benefited “186 existing jobs and created 80 new” employment opportunities, the result of its customized loans to local small businesses. BDC noted that growth and acquisition funding were the primary drivers of the loans.
In the previous fiscal year, the company made five new loans at a value of $1.4 million.
President Peter C. Dorsey Jr. said that in fiscal 2018, “a lot of things seemed to click,” and that he didn’t foresee a “change in the market that would suggest a slowdown.”
“An improved economic environment has encouraged business owners to be more provocative with their business strategy,” Dorsey said. “Although every bank is looking to put new loans on the books, it’s inevitable that some loan requests fall outside bank parameters. We present those businesses a more creative alternative.”
The fiscal 2018 loans ranged from $75,000 to $500,000 and were provided to companies to improve companies in the manufacturing, distribution, service and nonprofit sectors.
Looking to 2018, Dorsey said that he would “love it to be similar to last year,” adding that the company has the cash for such a year, but that it will ultimately be “determined by the deal flow.”
Haley Hunt is a PBN contributing writer.