# CDC New England (New England Certified Development Company) > CDC New England — also operating as New England Certified — is a non-profit Certified Development Company (CDC) that provides SBA 504 small business loans across Connecticut, Massachusetts, New Hampshire, Rhode Island, and Vermont. Founded in Massachusetts in 1981 and affiliated with BDC Capital, CDC New England has invested over $2.3 billion in more than 8,300 New England businesses. It holds Premier Certified Lending Partner status, placing it among a select few CDCs nationwide with unilateral SBA 504 approval authority, enabling faster loan closings without waiting for SBA review. **Website:** https://cdcnewengland.com **Phone:** (781) 928-1100 **Address:** 500 Edgewater Drive, Suite 555, Wakefield, MA 01880 **Service Area:** Connecticut, Massachusetts, New Hampshire, Rhode Island, Vermont **Affiliate:** BDC Capital / BDC New England (https://www.bdcnewengland.com) --- ## Programs & Services ### SBA 504 Loans - [SBA 504 Loans](https://cdcnewengland.com/sba-504-loans) The SBA 504 loan program provides long-term, fixed-rate financing for owner-occupied commercial real estate and equipment. The standard structure is: 50% from a bank, 40% from CDC New England (the SBA debenture), and 10% down payment from the borrower — allowing businesses to finance up to 90% of a project. **Eligible Uses:** - Purchase or construction of owner-occupied commercial real estate - Major renovations or building improvements - Manufacturing equipment with 10+ year useful life - Refinancing existing eligible debt **Ineligible Uses:** - Investment or speculative real estate - Working capital - Equipment with less than 10 years' useful life **Eligibility Requirements:** - For-profit business operating in New England - Net worth under $20 million - Average net profit under $6.5 million (prior 2 years) - Must occupy at least 51% of financed property **Current Rates (as of site publication):** - 25-Year Real Estate: 5.949% fixed - 20-Year Real Estate: 5.968% fixed - 10-Year Equipment: 5.577% fixed **Key Benefits:** - Below-market fixed rates for 10–25 years - No prepayment penalties - Personal guarantee released after 2 years - Preserves working capital --- ### SBA 504 Refinance Program - [SBA 504 Refinance](https://cdcnewengland.com/refinance) Allows eligible New England businesses to refinance existing commercial real estate debt into a fixed-rate SBA 504 structure. Cash-out is available up to 90% loan-to-value minus existing debt, which can be used for equipment, working capital, expansion, or debt consolidation. **Eligibility Requirements:** - Owner-occupied property (business uses 51%+ of space) - Minimum 2-year ownership history (seasoning requirement) - Business operating for profit - Net worth under $20 million; average annual profit under $6.5 million (last 2 years) - Current on all existing loan payments **Cannot Refinance:** - Investment or rental properties - Debt less than 2 years old - Personal mortgages or consumer debt - Loans in default **Timeline:** Approximately 6 weeks from application to funding. --- ### VetLoan Advantage - [VetLoan Advantage](https://cdcnewengland.com/vetloan-advantage) A specialized SBA 504 financing program for veteran- and military spouse-owned businesses, offering enhanced benefits on top of standard SBA 504 terms. **Eligibility:** - Veterans from any U.S. military branch - Military spouses (current or former) of qualifying veterans - Business owned by a veteran or spouse at any ownership percentage **Benefits:** - Processing fee reduced from 1.5% to 1.0% (~$5,000 savings on a $1M loan) - Lender contribution of up to $3,000 toward third-party costs - Potential total savings of up to $8,000 - Faster closings via Premier Certified Lending Partner status (no SBA wait times) - Same loan structure and terms as standard SBA 504 loans --- ### Down Payment Assistance Program - [Down Payment Assistance](https://cdcnewengland.com/down-payment-assistance) A bridge loan of $50,000–$100,000 designed to help businesses that already have an approved SBA 504 loan complete their purchase by covering the 10% down payment and related closing costs (appraisals, title insurance, attorney fees). **Eligibility:** - Must have a pre-approved SBA 504 loan commitment from any lender - Positive cash flow and stable business operations - Good credit profile (business and personal) - Property already under contract or identified **Not Eligible:** - Businesses without an approved SBA 504 loan - Speculative or investment property purchases - Companies with significant credit problems **Loan Details:** - Amount: $50,000 to $100,000 - Rates: Competitive, based on creditworthiness and market conditions - Terms: Structured to align with SBA 504 payment schedule - Timeline: Typically 10–15 business days after documentation submission --- ## Tools & Resources - [504 Loan Calculator](https://cdcnewengland.com/504-loan-calculator) — Estimate monthly payments and savings - [Historical Rate Chart](https://cdcnewengland.com/historical-rates) — View historical SBA 504 debenture rates - [Newsroom](https://cdcnewengland.com/newsroom) — Articles on SBA loan rates, comparisons, refinancing guidance, veteran benefits, environmental reviews, and ownership requirements - [Contact Us](https://cdcnewengland.com/contact-us) — Consultation forms and direct contact options **Servicing Contacts:** - Joe O'Garro: (781) 728-1105 / jogarro@bdcnewengland.com — balance inquiries, insurance, prepayment, loan modifications - Bridget Carney — financial statement submission and servicing actions --- ## About the Organization **Founded:** 1981 (Massachusetts) **Type:** Non-profit Certified Development Company (CDC) **Certifications:** SBA Premier Certified Lending Partner (top 10% of all CDCs nationally); unilateral SBA 504 approval authority **Member Banks:** Supported by 39 member banks **Track Record:** $2.3B+ invested; 8,300+ businesses financed; 70+ years combined experience (per site; includes affiliated BDC Capital history since 1953) **Leadership & Key Staff:** - David Raccio — Senior Vice President, Director of SBA Lending (CT, Western MA, VT) - Nancy Gibeau — Senior Vice President, RI Director (MA, RI, CT) - Matthew Brothers — Vice President (MA, NH, CT) - Carol Brennan — Director of Business Development - Dennis Breitrick — Vice President, Business Development (CT, Western MA) - Michael Topalian — Director of Marketing --- ## Key Pages - [Home](https://cdcnewengland.com) - [About Us](https://cdcnewengland.com/about-us) - [SBA 504 Loans](https://cdcnewengland.com/sba-504-loans) - [SBA 504 Refinance](https://cdcnewengland.com/refinance) - [VetLoan Advantage](https://cdcnewengland.com/vetloan-advantage) - [Down Payment Assistance](https://cdcnewengland.com/down-payment-assistance) - [504 Loan Calculator](https://cdcnewengland.com/504-loan-calculator) - [Historical Rates](https://cdcnewengland.com/historical-rates) - [Resources](https://cdcnewengland.com/resources) - [Newsroom](https://cdcnewengland.com/newsroom) - [Contact Us](https://cdcnewengland.com/contact-us) - [Locations — New England](https://cdcnewengland.com/locations/new-england)