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James Tierney
1st Vice President, Commercial Lending at Ocean State Business Development (OSBDA)
Professional Background
James Tierney is a distinguished professional in the field of commercial lending, with extensive experience as a Certified Development Company (CDC) expert. Operating at the forefront of the SBA 504 Program, he has dedicated his career to enhancing economic development in local communities throughout Rhode Island, Massachusetts, and Connecticut. At Ocean State Business Development (OSBDA), James has taken on a multifaceted role that encompasses Business Development, Loan Origination, and Loan Packaging, establishing himself as a vital resource for small business owners seeking financial assistance.
An active participant in the lending community, James employs comprehensive analysis of cash flows related to both existing and new commercial loans, thereby determining debt service coverage, risk ratings, and eligibility for the SBA 504 program. His commitment to finding solutions for his clients ensures that borrowers can purchase properties with as little as 10% down, benefiting from long-term fixed-rate financing at competitive interest rates. By facilitating expedited closings and low legal fees, he significantly alleviates the complexities often associated with securing financing for commercial real estate.
Education and Achievements
James Tierney’s educational journey began at Providence Country Day School, where he laid the foundation for his future endeavors. He then pursued a Bachelor of Science in Finance from Bryant University, further enhancing his understanding of financial markets and lending practices. His thirst for knowledge took him to Hawaii Pacific University, where he continued to refine his skills and expertise.
Throughout his career, James has held key positions that have allowed him to develop a deep understanding of commercial lending and its intricate workings. Before becoming the 1st Vice President of Commercial Lending at Ocean State Business Development, he excelled as a Portfolio Manager and SBA Loan Specialist at OSBDA, leading important initiatives that supported local businesses in securing financial resources. His prior experience as a Credit Analyst for Commercial Lending at Coastway Community Bank equipped him with the analytical skills necessary to assess various lending scenarios effectively.
Achievements
James's achievements in the realm of commercial lending are a testament to his dedication and passion for serving small businesses. He firmly believes that the SBA plays an indispensable role in facilitating lending and that its contributions are vital to the economic landscape. By bridging the gap between larger corporations and small enterprises, the SBA enhances access to credit and provides essential resources for business growth.
Key benefits of the SBA 504 Program that James advocates for include:
- Long-term fixed-rate financing available at rates lower than conventional banks.
- The opportunity for borrowers to obtain up to 90% financing on commercial real estate purchases.
- The assurance of fixed rates for the life of the loan—10, 20, or 25 years—thereby minimizing interest rate risk for his clients.
With the economic climate presenting unique challenges, small business owners often face uncertainty associated with fluctuating interest rates. James effectively communicates the advantages of the SBA 504 Program, emphasizing its ability to cushion borrowers against such risks and provide a stable financial planning environment.
Everything James does revolves around empowering small business owners with the necessary tools and resources to thrive. His expertise in loan structuring and understanding of eligibility requirements within the SBA 504 program enable him to guide borrowers toward achieving their commercial real estate goals with minimal financial burden.
In summary, James Tierney stands as a pillar of support for small businesses in his community, committed to driving economic development and fostering a sustainable lending environment. With a robust educational background and extensive career experience, James embodies the spirit of entrepreneurship and financial success that the SBA encourages throughout Rhode Island, Massachusetts, and Connecticut. His role as 1st Vice President of Commercial Lending further solidifies his commitment to providing businesses with the financial means to flourish and succeed in today's competitive landscape.
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