More than a 504


Real Estate 20-year Fixed


Equipment 10-year Fixed

Financials and Insurance

Submitting Annual Financials and Insurance Certificates

According to your SBA 504 authorization, you are required to send CDC New England a copy of the most recent year-end tax returns or financials statements of the company.

You may send these to Joe O’Garro or Michael Horsman

Joe O’Garro
Senior Vice President

Joe is a Senior Vice President at BDC Capital. He oversees the Capital Access Program (CAP) and the Community Investment Loans. Joe is also portfolio manager for SBA 504 loans portfolio through our affiliate CDC New England. Joe began his banking career at Mutual Bank for Savings in 1981. After leaving Mutual Bank, he joined Shawmut Bank, N.A., in 1987 and subsequently became a Branch Manager and Business Retirement Plan Specialist. He then served from 1992 to 1997 as a Business Development Officer at BankBoston before joining BDC Capital. Joe was educated in London, England at the Hackney College of Further Education.

T: 781-728-1105


Michael Horsman
Credit Analyst

Michael is a Credit Analyst and Underwriter for New England Certified Development Corporation. Mr. Horsman analyzes loans for credit quality and prepares loan presentations for SBA 504 deals. This includes analysis of financial statements, business and industry risk, management, personal credit, and forecasting. He also maintains the role of Loan Processor for the 504 program. Michael graduated from the University of New Hampshire with a Bachelor of Science degree in Business Management with a concentration in Finance, Summa Cum Laude, in 2016.

T: 781-928-1131


Submitting Insurance Certificates and Changes

Like financials, we request a copy of your updated insurance certificates annually as well. We do not require the full policy. It is also necessary that the SBA and New England Certified Development be named as the 2nd mortgage and lenders loss payee. Please provide your insurance companies with the information below:


2nd Mortgagee and/or Loss Payee

US SBA c/o New England Certified Development Corp.

500 Edgewater Drive, Suite 555, Wakefield, MA 01880


Please send these insurance certificates to either Joe O’Garro or Michael Horsman.