May 26, 2021
BDC Capital holds its annual meeting in May of each year, and this May celebrates our 68th year in business. The annual meeting of the member banks was held remotely, but we’re anticipating that next year, we’ll hold our Boston annual meeting reception (the “banker’s ball”) in person!
The following reflections on 2020 were presented to our member banks by Paul F. Flynn, Jr., President of BDC Capital.
The year 2020 reflected the continued expansion of BDC Capital on several fronts. While the COVID pandemic muted general business activity, BDC’s mission-based approach to supporting New England based business owners continued to be impactful. BDC Capital approved over $100 million in loans and investments to over 300 New England based companies.
This included asset-based loans, term loans, and mezzanine investments, as well as BDC managed loan programs, including the Small Business Capital Access programs, the Recycling Loan Fund, and the Goldman Sachs 10,000 Small Business Program.
Maintaining credit prudence in the face of a pandemic is critical, and we are pleased to report no past due, no non-earning, and no loan losses at 12/31/2020.
Record low interest rates coupled with government sponsored COVID stimulus programs, such as the Payroll Protection Program, provided strong tail winds for SBA 504 loans through our affiliate, New England Certified Development Corp. (NECDC) with over 100 loans.
Despite the challenges presented by the COVID pandemic, the BDC team delivered outstanding results in 2020. There are many individual, personal stories that underlie the numbers, and we thank and congratulate the BDC staff for the delivery of superior results during these challenging times.
Since 1953, BDC’s commitment to the delivery of economic development solutions to New England based business owners has been balanced with the need to be responsible financial stewards. This balancing act can only be successfully accomplished with the support of a committed Board of Directors, our member banks, shareholders, and an engaged staff. On behalf of the thousands of successful business owners who benefitted from one of our programs, thank you!
For more information, visit our web sites or call us at 781-928-1100.