Serving local businesses since 1953, The Business Development Company marks a landmark anniversary with a continued commitment to job creation through loans to area businesses.
PROVIDENCE –The Business Development Company was established in 1953 to provide capital to stimulate local business expansion and create jobs in the local economy. Since then, and through seven recessions, we have funded companies that were otherwise unable to obtain required capital through traditional bank sources.
“Small growing companies are essential to creating jobs, and those businesses sometimes have unique capital requirements” noted current Business Development Company President, Peter Dorsey. “Looking back at portfolio companies served in our earliest years, it’s exciting to see names like Kenney Manufacturing, Raytheon and Speidel”.
The Business Development Company’s sixtieth anniversary celebration is really about the success of committed, disciplined management teams. “There’s a reason traditional funds are not available to a company, and experience has proven betting the right jockeys is the key to balancing credit risk with helping companies grow,” according to Dorsey. The Business Development Company looks forward to continuing to serve as a valuable partner to businesses in the regional economy.