A Rhode Island Certified Development Company specializing in SBA 504 Loans for both Real Estate ventures as well as Equipment Loans. Purpose of the Program: The US Small Business Administration 504 Program is designed to provide financing for the purchase of fixed assets at a fixed rate throughout the entire life of the loan. Operating as a Certified Development Company (CDC), Ocean State Business Development is a nonprofit corporation established to contribute to the economic development of local communities in Rhode Island, Massachusetts, and Connecticut. Why it is Beneficial o Long-term fixed rate financing at below market rates. o Customer can obtain up to 90% financing o Borrower receives an expedited closing and low legal fees The 504 programs gives the borrower the advantage of having a fixed rate for the entire life of the loan (10/20/25 years). This is important because it hedges the borrower from any interest rate risk associated with a conventional bank loan. Interest rate risk is inherent from the interest rate environment that we live in today, and can provide a fair amount of uncertainty for small business owners. This is the case with adjustable rate and ballooning loans. The 504 program gives business owners peace of mind, so that they can plan their future cash flows! Our Process: Our team will guide you through the process from application to closing. We here at OSBDA pride ourselves in customer service and emphasize communication with Banks, and most importantly our Borrowers. We understand that a business owner’s most important commodity is their time. Our lenders will work with you to ensure satisfaction throughout the entire process. Communities we serve: All of Rhode Island New London County (CT) Middlesex County (CT) Windham County (CT) Worcester County (MA) Norfolk County (MA) Bristol County (MA)