Bay Colony Development Corp. in the News
Bay Colony Development Corp was recently named the top SBA 504 lender in Massachusetts in both number of loans and dollars lent to small businesses in the state. We would like to thank our lending partners for your continued business and trust. In FY 2017 we were able to assist 121 companies with nearly $55 million in 504 project funding in the states we do business. Thank you for a great year and we look forward to a successful FY 2018 with your support.
Pictured is Mark Hayward, SBA Acting Regional Administrator for New England, Erik Adams, Director of Marketing for Bay Colony Development Corp and Robert Nelson, District Director, SBA Massachusetts.
The Staff at Bay Colony is happy to continue our tradition this year of supporting the Toys for Tots mission of providing a new, unused toy for less fortunate children in the community. With contributions from the staff and a matching contribution from the company we were able to purchase over $1,000 worth of toys this year. We hope that you will consider joining us and contributing to your favorite organization. Happy Holidays!
What’s our name? Back in November the SBA announced a re-branding of the 7A loan program and the 504 Loan program with new names of SBA Advantage Loan Program and SBA Grow Loan Program. After much debate in the industry over the new names, we are happy to report that SBA Administrator McMahon has rescinded the name changes and we are once again the 7A Loan Program and 504 Loan Program.
Have you checked out our new interactive website that was just launched this month? In order to make information easier to find for both our bankers and borrowers, we undertook the task of starting to update our site a couple of months back, and we are pretty happy with the finished product. The new site includes links for our existing borrowers to reach our Portfolio Management area for any servicing needs on their existing loans, a FAQ section and eligibility guidelines. It also has a interactive loan calculator that bankers and borrowers can use to get a payment snapshot of what the banks 1st lien and the SBA 2nd lien loans would look like and it includes the SBA fees rolled into the loan payment calculation. And most importantly in today’s mobile world, the site is fully mobile friendly. Check out the new site at www.baycolony.org and let us know what you think. Special thanks to Miele-Fleury Graphics & Ashdown Technologies for the assistance during this process.