OSBDA Ranked #1 in PBN Book of Lists!:
OSBDA is proud to be featured in the 2019 Providence Book of Lists! In 2018, we were the #1 SBA Lender in the State of Rhode Island based on total dollar volume at $13,173,000! That means our team as OSBDA has lent more SBA dollars into the RI community than any Bank in the State. Additionally, we are proud to say that OSBDA was also ranked #1 in largest SBA Loan in the State! We cannot wait to continue getting Rhode Island Small Business the capital needed to expand going into 2019!
E. Frances Paper was featured in local publication:
OSBDA congratulates E. Frances Paper on their new Corporate Headquarters!
Founded in 2012 by three Sisters; E. Frances Paper specializes in greeting cards, and paper products that promote positive and unique messaging. The company has products that are for sale in over 600+ stores across the United States, with many more retailers selling their products over seas.
“Working together everyday, creating and growing a business is such a blessing. One of the most amazing feelings is creating jobs, not only for ourselves, but for women in our community. We strive to make all of our products remarkable, both in quality and message”
“A loan from the Small Business Administration– with the help of Ocean State Business Development went a long way”
The company was recently featured on NewportRI.com, and we encourage you to visit their website to view the amazing work they company creates!
For a link to the article, click here
For a link to their amazing website, click here
Linda McMahon visits J. Goodison Shipyard:
Madam Administrator Linda McMahon visited J. Goodison Shipyard on her visit to Rhode Island this February. Currently, Mrs. McMahon is touring the country to meet local small business throughout the country on her SBA Ignite Tour. Jack Goodison gave the Administrator a tour of the facilities, and discussed the economic impact of the 504 program. It was truly an honor for Mrs. McMahon to meet with one of our valued customers and we wish her the best of luck on the rest of her tour!
We encourage you to follow the Administrator on Twitter! You can find her @SBALinda
Russell Gaston featured in Providence Business News:
President Russell Gaston was recently featured in the Providence Business News (PBN). Eli Sherman of PBN sat down with Russell to interview the President of the CDC in the weekly article “Five Good Questions”. To read the article please see below:
New Premium Indoor Shooting Range to open in Richmond, Rhode Island
The shooting range is the business venture of Paul Mihailides, a proven and recognized entrepreneur, who saw a need for a high quality indoor shooting range at his development, The Preserve At Boulder Hills. The Range at the Preserve is the largest indoor range in Rhode Island and the longest indoor range in the U.S., comprised of four 150-yard lanes and an additional sixteen 100-feet lanes. Included in the 50,000 SF facility is The Sporting Shop, a 15,000 SF retail space that will carry the finest brands in sporting attire and equipment, including guns, ammunition, and other items related to the shooting and hunting industry. The range and Sporting Shoppe will be open to non-Preserve members and will open in 2018. This $16 million project was financed by Ocean State Business Development in participation with Pawtucket Credit Union.
Russell Gaston, President of Ocean State Business Development, stated that “Over ninety percent of all U.S. employers are small businesses. They are not only important due to the jobs they create, which bring economic growth and stability to our communities, but also for the innovation and creativity they bring to market for consumers”
See the full article Here
OSBDA announces appointment of new President
PROVIDENCE – (December 2017) Dr. Edward M. Mazze, Chairman of the Board of Directors of Ocean State Business Development Authority, Inc. (OSBDA) is announcing the promotion of Russell Gaston from Executive Vice President and Chief Operating Officer to President and member of the Board of Directors. As President, Russell Gaston will be responsible for overseeing all aspects of the company; including business development.
Previously, Mr. Gaston was SVP – Manager of Business Banking at Coastway Community Bank. Prior to his time at Coastway, Gaston had worked at Textron Financial and BankRI in both underwriting and portfolio management capacities. Prior to joining OSBDA in 2015, Mr. Gaston was a Member of the OSBDA Board of Directors and chaired its Loan Committee.
Gaston is a graduate of Salve Regina University, where he received his Master’s Degree in Business Administration (MBA) with a concentration in management and finance.
His notable honors include a General Assembly Citation from the State of Connecticut, and he is also a recipient of the U.S. Small Business Administration Financial Services Champion Award. In addition, Gaston actively serves on the Advisory Board of the Rhode Island Small Business Development Center (SBDC).
Dr. Mazze stated that Gaston’s promotion was due to the leadership he provided in building a team that made OSBDA the #1 504 Certified Development Company in Rhode Island since 2015. Gaston has also worked with most of the financial institutions in the region, helping them offer their clients an additional way to finance their growth.
Founded in 1981 by Henry “Bud” Violet, OSBDA assists small businesses to acquire low fixed-rate SBA 504 loans. The rate is fixed for 20 years which makes the 504 loan/structure a very powerful tool to help businesses grow. OSBDA is licensed and regulated by the U.S. Small Business Administration to make 504 loans in all of Rhode Island, and certain counties in Connecticut and Massachusetts. OSBDA has provided capital to hundreds of businesses over the years to help them acquire real estate, equipment and other fixed assets.