CONCORD, NH – Jack Donovan, who has led the Business Finance Authority (BFA) for the past 23 years, will retire the end of 2016. During his tenure as Executive Director, the statewide business credit organization helped more than 5,000 companies access more than $1.6 billion in credit for business operations and expansion.
“Jack is amazing, and we have been so fortunate to work with him,” said BFA Board Chair Ed Caron. “Our next step is to conduct a national search to find someone with the knowledge of business, finance, and of course, New Hampshire, to lead the BFA. Jack leaves the organization in great shape, and we are ready to continue to meet the ever-changing credit needs of New Hampshire's business community.”
Donovan launched the re-chartered organization in 1993 in the middle of a statewide banking crisis. BFA guarantees helped dozens of companies refinance their debt, saving the businesses and thousands of jobs. In 2012 he and the BFA developed a financing structure that enabled Rochester to attract the $110,000,000 Safran Aerospace Composites manufacturing facility.
Additionally under Donovan’s guidance, the BFA small business credit programs were expanded and tax-exempt bond programs were revitalized. New Markets Tax Credit and State Small Business Credit Initiative programs were added. The BFA was also a catalyst in the formation of Borealis Granite Fund, New Hampshire’s only in-state venture capital fund. All of this was accomplished at no cost to the state of New Hampshire.
“I have thoroughly enjoyed my time at the BFA, but the time is right, both for me and the organization, for a change,” Donovan said. “I want to thank all those people – especially past and present board members and staff, who have supported me over the years and made the BFA a success.”
Donovan is the former President of the Council of Development Finance Agencies, a national economic development organization. He is also a past recipient of the NH Division of Economic Development’s Commissioner’s Extra Mile Award for his work on the Safran project.
The Board of Directors is currently working with Ford Webb Associates, Inc. in the search for Donovan’s successor.
The BFA was created in 1992 to foster economic development and create jobs in New Hampshire. Today, the BFA works with New Hampshire's banking, business, and economic development sectors to develop and implement programs to expand the availability of credit in the state. The BFA’s financing has supported manufacturers, small and medium-sized businesses, health care providers, and non-profit educational and cultural organizations.
# # #