SBA 504 Loans Funded in October 2009

November 30th, 2009

Thanks to the American Recovery and Reinvestment Act (ARRA), SBA 504 loan rates were very favorable in October with a rate of 3.92% (compared to 5.63% in October 2008). With rates this low, many small business owners decided to take advantage of the SBA 504 loan program to improve their operations. In October, Bay Colony Development Corp. proudly funded the following projects:

• A textile products company in Leominster, MA received a loan to purchase a 76,000 sq. ft. facility for $2.3 million. By embarking on this new project, they were able to retain 23 jobs with the possibility of creating more in the future with the expansion.
• A seafood company in New Bedford, MA, which prides itself on harvesting completely sustainable and all natural seafood, purchased an 11,575 sq. ft. industrial condo for $830,000. With the purchase of the new facility the company estimates it will create 59 new jobs over the next two years.
• A scallop fishing company based in New Bedford, MA, purchased a 24,175 sq. ft industrial condo for $1.5 million.

With the rates remaining historically low, it’s still a great time to explore the possibility of expanding your business. Bay Colony Development Corp. has been a leading provider of the SBA 504 financing since 1981 and is one of the oldest and most experienced CDC’s in the country. In New England, 98% of businesses meet the basic eligibility requirements for the SBA 504 Loan. Interested in the SBA 504 Loan Program? Check your eligibility here or apply online.

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