Free Loan Payments!
Under the CARE Act, all loans funded through September of 2020 will receive 6 months of Debt Forgiveness
FREE Loan Payments– All Loans funded though September 2020 will receive 6 months of Debt Forgiveness
10% Down– Eligible Small Business can purchase Commercial Real Estate with as little as 10% down
Low 25 Year Fixed Rate– Interest rates are still near all time lows!
Are you a Veteran or Active Duty Service Member? Please ask us about the benefits of our new Veterans Advantage Program!
Check out the video to the right to learn about the basics of the 504 Program!
- A 25 year fixed rate
- Competitive Rates lower than a conventional Bank Loan
- As little as 10% down
- Reimbursement of Professional Fees
Check out our other videos HERE
Our Mission Statement
To efficiently provide capital and services to small businesses located in Rhode Island, Massachusetts, and Connecticut; helping them acquire equipment and commercial real estate to grow their businesses. Also to provide advisory, training and other needed resources to small businesses while fostering a positive work environment that provides employees a place to grow, learn, and develop themselves professionally.
Frequently Asked Questions
What's the Purpose of the 504 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.
Current Debenture Rates
Rates are subject to change, and may vary among Borrowers depending upon credit underwriting guidelines and other risk factors. Please contact a Loan Officer for more detail.
How Does OSBDA Process Applications?
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.
We have over 40 years experience providing loans for small businesses.
Serving businesses throughout RI, and nearby areas of CT and MA.
Licensed and regulated by the U.S. Small Business Administration.
We understand that business owners’ most important commodity is their time.
To improve the regional economy, the Ocean State Business Development Authority, based in Providence, Rhode Island, helps with small business loans.
Please fill out the form to the right to request information about our products and services or to provide feedback about our site.