Business Development Company of Rhode Island
The Business Development Company of Rhode Island, based in Providence, provides gap financing to companies in Rhode Island and nearby Massachusetts and Connecticut that need funding for working capital, product development, fixed asset purchases and business acquisition.
Regulated by the state of Rhode Island, BDCRI provides sub-debt/mezzanine, SBA 7 (a), SBA 504 loans, and direct loans, as well as limited equity financing.
Typically, we will provide up to $2 million in financing to companies that have a proven management team and a plan for growth. The SBA 504 program will provide up to $10 million to finance the purchase of fixed assets.
Sub-debt/mezzanine lending provides funding to growing companies that need additional capital beyond conventional debt or equity financing channels without owners having to give up ownership. Offered on a fixed or floating rate basis, these loans are available for up to 10 years.
SBA 7(a) loans, offered on a floating rate basis for up to 20 years, are provided as senior loans for pre-bankable companies and junior loans in participation with banks.
SBA 504 loans, which provide financing for fixed assets, construction or renovation, give smaller businesses access to funding at long term, fixed rates that normally are available only to larger organizations.
Direct loans, offered up to 10 years as conventional senior or junior loans to existing and pre-bankable companies, can be used for any reasonable business purpose, such as working capital, capital investment, debt restructuring, mergers and acquisitions.
Contact
Garrett Hunter, President
Address
40 Westminster Street, Suite 702, Providence, RI 02903
Telephone
401-351-3036
Fax
401-351-3056
Email
ghunter@bdcri.com
Internet