BDCRI Names Claudine Tikoian as Vice President of Credit Administration

PROVIDENCE -- (May 19, 2009) -- The Business Development Company of Rhode Island (BDCRI), the state’s pre-eminent provider of gap financing, today announced that Claudine Tikoian has joined the company as vice president of credit administration.

Tikoian, most recently a loan portfolio manager with the Rhode Island Economic Development Corporation (RIEDC), will assist with maintaining current portfolio clients and underwrite new loans, as well as engage in new business development.

“Claudine has the experience that will enable us to continue to serve growing companies that are creating and retaining jobs,” said BDCRI President Garrett B. Hunter. “Her knowledge of the local business landscape and familiarity with the lending community will let her contribute from the start. We’re delighted she has joined us.”

In her role at the RIEDC, Tikoian managed a $13 million loan portfolio comprising 100 companies and was responsible for underwriting loans for small business and bond programs. She also developed loan participation opportunities with other lenders.

Previously, Tikoian served as a middle market portfolio manager at Sovereign Bank where she was responsible for underwriting loans, including lines of credit, term loans, commercial real estate, and SBA loans. Before that she held positions at Fleet Boston Financial and Fleet Bank.

Tikoian received her B.S. degree in finance and an MBA, both from Bryant University. She has been involved with a number of local community organizations, including the Northern Rhode Island Chamber of Commerce and the Rhode Island Special Olympics.

Gap financing provides funds to borrowers beyond what their senior lender, usually a bank, is willing to lend. BDCRI financing fills that gap by providing needed capital, often in the form of mezzanine debt or equity.

About the Business Development Company of Rhode Island

The Business Development Company of Rhode Island (www.bdcri.com), based in Providence, provides direct and gap financing to companies in Rhode Island and nearby Massachusetts and Connecticut that need funding for working capital, product development, fixed asset purchases, and business acquisition.

Member banks of the BDCRI include Bank of America, BankNewport, Bank Rhode Island, Centreville Bank, Citizens Bank, Coastway, Home Loan and Investment Bank, FSB, Sovereign Bank New England, The Washington Trust Company, and Webster Bank, N.A.