PROVIDENCE – The Business Development Co. – a provider of term loans, SBA loans and lines of credit – has named two tech-savvy businessmen to its board of directors.
The company named William K. Wray, the chief operating officer and former chief information officer of Blue Cross Blue Shield of Rhode Island, and Kenneth J. Pereira, president of McCabe Software Inc., to its board of directors.
“Adding Bill and Ken is noteworthy,” company President Peter C. Dorsey Jr. said in a statement “as it further improves our ability to finance companies in the growing tech sector.”
“Emerging and established technology based companies in our area often find it difficult to obtain funding from traditional banks who are less able to meet the needs of non-brick and mortar businesses,” said Dorsey adding: This is exactly where The Business Development Company can help.
Founded in 1953, the company provides loans and lines of credit to business in Rhode Island, southeastern Massachusetts and eastern Connecticut, which can be used for working capital, product development, purchasing fixed assets, financial restructuring and acquiring existing businesses.