About us

Bay Colony Development Corp. is a Certified Development Company (CDC) whose purpose is to stimulate economic development through the creation and preservation of jobs by providing healthy companies with fixed asset financing at affordable rates and reasonable terms. Bay Colony has funded quality loans in excess of $350 million to well over 700 growing businesses throughout Massachusetts, Rhode Island, New Hampshire, and Vermont representing nearly one billion dollars in total project financing.

Bay Colony Development Corp . is a private non-profit corporation. Our twenty-five members are drawn from industry, banking, economic development, real estate, government, and management consulting. These different sectors are also represented on our Board of Trustees.

By working with bank loan officers, accountants, real estate brokers, attorneys and their clients to identify and structure the most beneficial financing program appropriate to the needs of the project, Bay Colony has grown to be one of the larger certified development companies in the nation. Bay Colony was formed in 1981 and was one of the first SBA Accredited Lenders (1991) and Priority Lenders (1996) in the country.

In addition to providing Section 504 Loan Program financing, Bay Colony works with lending institutions and the SBA to assist small businesses with loan guarantees under the Section 7(a) Guaranteed Loan Program.

Areas we serve

• Massachusetts: All counties
• New Hampshire: Belknap, Cheshire, Hillsborough, Merrimack, Rockingham, and Strafford counties
• Rhode Island: Bristol, Kent, Newport, and Providence counties
• Vermont: Addison, Bennington, Chittenden, Rutland, Windham, and Windsor counties
• Connecticut: Hartford, Litchfield, Tolland, and Windham counties

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Meet our staff

DAVID KING, President As part of the National Development Council in 1980, he helped formulate the original 503 program (now known as 504) as a response to the need of small and medium sized businesses for low cost, long term financing for fixed assets. Initially, he guided the establishment of several city government based CDCs in New England. Later, recognizing the need to serve a larger area, in 1981 he founded Bay Colony as an independent CDC. David is a graduate of Tufts University and Harvard Business School. MICHAEL TOPALIAN, Senior Vice President Mike Topalian is responsible for sales and marketing outreach. Having joined Bay Colony recently from Bank of America, where he was Senior Vice President/Senior Client Manager, his skills at identifying and satisfying client’s financing requirements are proving to be invaluable. For the last twenty years Mike has advanced through nearly every position in banking, credit and lending in leading New England institutions. He has both an undergraduate degree in Management and an MBA in Finance from the University of Massachusetts at Amherst. Mike is an avid bicyclist, hiker and scuba diver and is very active with the American Red Cross and American Diabetes Association. MARY KATHERINE MANSFIELD, Senior Vice President Mary Mansfield, with Bay Colony since 1985, oversees closing and servicing of the 504 loans. She holds a B.S. in Liberal Arts from Assumption College in Worcester. In addition to her responsibilities at Bay Colony, she is active in the National Association of Development Companies (NADCO), chairing the Servicing Committee and serving on the Sacramento Loan Processing Committee, Streamlined Closing Committee, and Technical Issues Committee. She is also one of two NADCO instructors for the 504 Loan Closing Courses, the completion of which is required for all CDC attorneys closing 504 loans. In addition to her professional commitments, Mary also served as the Chairperson of her Town’s Community Center. BARRIE KING, Chief Financial and Compliance Officer Barrie oversees the financial management, compliance, administration and financial reporting for the company. She has more than 30 years experience in banking and finance. Barrie joined Bay Colony in 1996 after working in corporate finance and lending at American Express, Bank of Boston and Fleet Bank. In the public domain, Barrie has worked as the Treasurer for several non-profit agencies on whose boards she has served for many years. Barrie earned her BA in Art History from Lake Erie College and did her graduate course work at Simmons College in Art Therapy and Psychology. She is an enthusiastic traveler, skier, hiker, and garden designer. JIM NORRIS, Vice President Jim Norris joined Bay Colony in 1991 and is responsible for loan origination within Bay Colony’s footprint. Jim brought ten years of diverse banking experience to Bay Colony, having held positions as a commercial lender, workout officer, Manager of an Emerging Industries Group and later a Manager of Private Banking, and has become one the area’s leading authorities on Section 504 financing. Jim’s interests include motorsports, World War II aviation, skiing, fishing, and cycling and each Fall looks forward to participating in the Rodman Ride for Kids. He has a BA from Canisius College,an MS from the University of Georgia, and an MBA from Boston University. ERIK ADAMS, Loan Specialist eadams@baycolony.org Erik Adams recently joined Bay Colony as a Loan Officer. After graduating from the University of Massachusetts in Amherst, he moved to California to begin his career in SBA Lending. For the past six years, Erik has worked as a Loan Officer for a statewide Certified Development Company. During that time he concentrated in providing expanding companies in Southern California with 504 financing. Now with Bay Colony, Erik is helping to make such financing available to firms in New England. Outside of his professional life, Erik enjoys golf, playing guitar, and travel. He and his wife are awaiting the arrival of their first child in the fall of 2010. BETTY ULE, Vice President Betty Ule is responsible for overseeing Credit, Underwriting and Loan Packaging. She has twenty years experience in commercial lending as well as five years experience in the commercial real estate development and management industry. Betty was a commercial lender at several high profile lending institutions including US Trust, Boston Trade Bank, Bank United of Texas (Chicago office), and Cambridgeport Bank. Prior to joining Bay Colony in 2003, Betty was a member of Bay Colony’s Board of Trustees for five years. Betty earned her B.S. in Finance from Nichols College. She is an avid golfer, skier, hiker, and bicyclist. CAILEEN DRIVER, Assistant Vice President Caileen Driver is responsible for the servicing and maintenance of the 504 portfolio. Prior to joining Bay Colony five years ago, she was an administrator for several technology companies in the area. Caileen earned her B.S. in Business Administration from Eastern Nazarene College in Quincy, MA. An active volunteer within her Town Service Council, Caileen enjoys skiing, biking, and spending time with her young family.