Theater School in Lynn, MA Project was for purchase of real estate $560,000 total project $203,000 was the Bay Colony portion Ed Lamasney of Eastern Bank was the lender Company anticipates creating two jobs Media Management Company in Salem, MA Project was for purchase of office condo $340,000 total project $141,000 was the Bay Colony [...]
New England Small Business Loan Volume sees 93% Increase in FY09
January 7th, 2010
Despite the economic downturn and recession, we’ve had one of our best years to date at Bay Colony! Our track record of success is proof that New England’s small businesses are thriving and helping bring our country out of the worst economic conditions in recent history. Check out some of our 2009 statistics:
- In Bay Colony’s 28-year history, the SBA has only declined two of our loans, the last one being six years ago.
- In FY 2009, which ended 9/30/09, SBA 504 Loan volume experienced a 27% nationwide decline. Bay Colony recognized a 93% increase in loan volume for this same period and had the second largest year-over-year dollar volume increase in the country.
- In FY 2009, during a recession, SBA 504 Loan volume still exceeded $195,000,000 in New England alone.
- Most loans are fully approved in less than 2 weeks, usually before the bank has reached a final decision.
- Our loan volume for the quarter ending 12/31/09 is on pace to be one of, if not the biggest quarter in Bay Colony’s 28 year history.
If you are you interested in expanding your business in 2010, look here for more information about the SBA 504 Loan or start your application process here.
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