Abstract: An improved two-stage process for the preparation of polyester resins is provided which involves an initial reaction of a dicarboxylic acid such as isophthalic acid with an alkylene oxide such as ethylene or propylene oxide in the presence of a catalyst to form an oligoester reaction mixture, followed by a second stage reaction between the oligoester reaction mixture and a dibasic acid or anhydride; a first-stage catalyst is employed which has a thermal decomposition temperature substantially at or below the second-stage reaction temperature. The most preferred first-stage catalyst is benzyltriethylammonium chloride.