The Business Development Company Helps Boost Job Growth at Nine Local Companies

PROVIDENCE, RI – The Business Development has provided $2.0 million dollars in loans to small businesses that were not able to obtain the capital they needed from traditional sources.  This new capital is expected to add thirty jobs to the three hundred thirty-two existing jobs.

“It’s exciting to help business owners invest in new products or services and geographic expansion, and that seems to be what’s driving our recent uptick in loan activity.” said Business Development Company President Peter Dorsey.  The nine companies represent a broad cross-section of manufacturing, distribution, construction and services at the start-up, growth and mature life cycle stages. “This lending volume represents the strongest quarter we’ve had in recent years.”

One of the companies is Modular Thermal Technologies.  Ninety-three percent of the nation’s pharmacies stock Modular Thermal’s market-leading, ice-based, pain relief product (CryoMAX).  After acquiring the company in 2014, new management sought funding for a marketing campaign to increase awareness of the CryoMAX brand and for R&D to leverage the core technology into other, new product offerings.  CEO Brad Waugh stated “I’ve worked with The Business Development Company in the past, and I am very pleased to continue a partnership with a lender that understands our business and reacts quickly to our needs.”

The Business Development Company’s strong quarter is a step in the right direction, but Dorsey acknowledged having only scratched the surface of the job creation challenge.  “We’ve got more capital to put to work, so we hope the new loan momentum continues”.

About The Business Development Company:

Established in 1953 with the mission to foster job creation, The Business Development Company has the unique ability to operate outside of traditional lending parameters and be more creative and flexible than a bank.  Loan funds are frequently used for working capital, product development, geographic expansion, and acquiring fixed assets or other business.

The Business Development Company is located at 40 Westminster Street, Suite 702, Providence, RI 02903, Phone: (401) 351-3036, Web: www.bdcri.com.

About Modular Thermal Technologies:

Modular Thermal Technologies manufactures the leading ice-based pain relief product on the market (CryoMAX) in its Quonset facility.  CryoMAX is available in all of the nation’s largest pharmacy chains, and management is excited about the prospects for new products such as a Thermal MAX brand offering heat based pain relief; and an ArticMAX product for ice coolers, food services, and temperature sensitive pharmaceutical products.

Modular Thermal Technologies Inc., is located at 935 Roger Williams Way, North Kingstown, RI 02852, Phone: (401) 667-7401, Web: www.modularthermaltech.com.

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