OSBDA named top 9 most efficient CDCs in the Country!

Last week, on the U.S. SBA’s 504 Quarterly Connect Call, Ocean State Business Development (OSBDA) was recognized by the Sacramento Loan Processing Center as a top Certified Development Company for quality of 504 underwriting submissions over the last six months. A total of nine CDCs were recognized out of 200+ active CDCs in the country offering the SBA’s 504 Program.

“SLPC recognized Ocean State Business Dev. Authority for your quality loan submissions over the past six months.  On behalf of all the Loan Officers at the SLPC I would like to thank you and your staff for helping to make our jobs easier during this period of unprecedented loan volume.”

We would like to give a special thank you and congratulations to our underwriting team, Amber Perry, AVP, Portfolio Manager, and Brianna Lukowicz, Credit Analyst/Portfolio Manager, for this achievement! Additionally, we would like to thank our Board of Directors for their continued support!




OSBDA Celebrates Employee Appreciation Day!

The team at Ocean State Business Development was hosted by R1 Indoor Karting for our annual Employee Apprecation Day!

Every year OSBDA and our team celebrates our hard work with an employee outing. This year, we had such a blast throwing axes and racing go carts. Thank you to everyone at our team who works hard throughout the year, supporting our small businesses. We look forward to continued success in 2020!

For more information on R1 Indoor Karting click the link here

OSBDA meets with Linda Reilly!

The team at Ocean State Business Development was hosted by Linda Reily, Chief of 504 Policy & Program from the SBA Office of Financial Assistance. We were fortunate enough to meet with Linda at both a CDC Fireside Discussion and the following day at the International Trade & Expo Forum. It was a very exciting 2 days meeting with Linda as she shared her insights on 504 Lending and how it impacts Exporters. Thank you Linda!

OSBDA Supports Border to Border Charity!

The team at Ocean State Business Development, as well as Attorney Adam Thayer, of Sayer Regan & Thayer, LLP, and Sean McIntyre of BankNewport had a great time at the Annual: Border to Border for Megan and Friends Charitable Golf Tournament!

Thank you to Border to Border for Megan and Friends Golf Tournament for hosting a wonderful event every year!

For more information about the organization, please visit their website at http://meganandfriends.org/

OSBDA Hosts Board Appreciation Day 2019!

On August 7th 2019, OSBDA held our Annual Board Appreciation day, sailing around beautiful Newport RI on the ‘Gansett. We were proud to support our customer Gansett Cruises, which was rently awarded a 2019 Travelers Choice Award!

The Staff at OSBDA, along with its Board of Directors, enjoyed a lovely day together on the water, and we were so fortunate to catch a perfect day!

For more information on Gansett Cruises and their tour packages. Click Here

OSBDA Attends CEO Round Table

OSBDA President Russell Gaston attended the SBA CEO Round-table; which was hosted by SBA RI District Office. The round table discussion was moderated by SBA Acting Administrator Chris Pilkerton, and Bill Manger, SBA Associate Administrator for Capital Access.  It was a pleasure meeting with various Senior Managers and a very informative discussion! 

OSBDA Attends SBA Congressional Luncheon:

OSBDA, and members of our Board of Directors were proud to sponsor the 2019 SBA Congressional Luncheon. The event was in recognition of this years Small Business Award Winners. Congratulations to all!

OSBDA Ranked #1 in this weeks Providence Business News:

Per this week’s Providence Business News issue, OSBDA is excited to be the number one-ranked Rhode Island SBA Lender by number of loans, as of March 31, 2019!


Additionally, we are excited to have the largest SBA-504 loan in the state this fiscal year, and the fourth largest SBA loan overall!


The year isn’t over yet, and we’re just getting started! We are excited to see what the rest of 2019 has in store for us, and our customers!

OSBDA Supports the Arts:

Last night members of our team/ Board of Directors, and our friends, showed their support for Riverzedge Arts – a Woonsocket-based non-profit that teaches entrepreneurial skills through the arts. Ocean State would like to congratulate Riverzedge Arts for hosting a successful event!

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:

Five Good Questions with Russell Gaston

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.

 About OSBDA:

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.