History of the Company
Ocean State Business Development (OSBDA) is a non-profit lender authorized to package and service US Small Business Administration (SBA) loans utilizing the 504 lending program.
President, Henry A (Bud) Violet created OSBDA in affiliation with the City Of Providence In 1976 as a Local Development Company twice authorized to administer the SBA 502 program. In 1981, the program was renamed the 503 program and OSBDA was the first Company in the nation to receive SBA approval to administer the newly created Congressional 503 program. It was renumbered 504 in 1987.
Initially, the geographic territory was limited to 4 counties in the State Of Rhode Island. Today, our financing is made available to small business concerns to include the entire State Of Rhode Island. While expansion is restricted by SBA regulations, OSBDA has received approval from SBA to operate in contiguous areas in Massachusetts and Connecticut.
We also provide financial assistance and advisory services to companies considering the possibility of selling their business or contemplating a merger or acquisition
Since our inception, we have participated with our valued bank lending partners in transactions for over $500 million.
Communities we serve:
All of Rhode Island
New London County (CT)
Middlesex County (CT)
Windham County (CT)