Bay Colony Development Corp. in the News

SBA Officials announce a 25 Year Debenture is on the way for 504 Loans

SBA officials announced last week at NADCO’s Spring Summit that the Office of Management and Budget (OMB) has cleared the way for the issuance of 25-year debentures in the SBA 504 program. This structure has long been sought by the industry to provide its small business borrowers a longer-term option in addition to the existing 10- and 20-year loan products. Improved cash flow is of vital interest to all businesses, especially those served by the 504 program, and the longer maturity is a vehicle that can serve that purpose. The announcement was very well received by Spring Summit attendees.
The new 25-year debenture is a FY18 initiative, and the details are being finalized by SBA and the other parties involved in the debenture funding process. While specifics of the timeline for the launch of the 25-year debenture were not discussed, due to the number of parties involved in this new issuance, it is likely the launch will not occur until after the first quarter of FY18.

SBA Administrator McMahon rescinds program name changes

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  After much debate in the industry over the new names, we are happy to report that SBA Administrator McMahon has rescinded the name changes and we are once again the 7A Loan Program and 504 Loan Program.

Bay Colony Development Corp launches new website

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.

Bay Colony Development Corp. Continues Its Expansion with Statewide Coverage for New Hampshire

Bay Colony Development Corp. is pleased to announce that the SBA has approved our expansion request for full state coverage in New Hampshire. We are excited to be able to provide our bankers and borrowers in the Granite State with additional SBA 504 lending opportunities in New Hampshire as well as statewide in Massachusetts, Vermont, Rhode Island and Northern Connecticut. Have a project that we can assist you with in one of these states? Give one of our Loan Specialists a call!

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Erik Adams
781.478.3653

Eberto Ranero
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Brad Nichols
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Heather Storme
781-478-3667