Bay Colony Development Corp. in the News

Bay Colony Staff Contributes to Toys for Tots

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 $900 worth of toys this year.  We hope that you will consider joining us and contributing to your favorite organization.  Happy Holidays!

Bay Colony Development Corp- Economic Development

Bay Colony Development Corp is proud to be a sponsor of the following organizations in the areas we serve, and encourage you to learn more about the work that they are doing in our communities.

Have a borrower in need of a Microloan?  We can help.

Bay Colony Development Corp is pleased to offer Microloans to borrowers in the territories that we do business.  Below are some highlights of the program.

Who qualifies?
Any for-profit small business in Bay Colony’s approved territory that is not listed as an ineligible business under 13 CFR 120.110.

What is the maximum loan amount?
$25,000.00 maximum.

What is the term?
One to Five Years, based on credit decision.

What is the rate?
Varies depending on credit score, repayment ability, strength of the business, collateral and use of proceeds.  Estimated range is 6% – 15%.

What are the fees?
One-time application fee of $250.00.  If the loan is not approved, $125.00 will be refunded to the borrower. Out of pocket expenditures including legal fees (if any) and title insurance premium/UCC filing (if any). No prepayment fee. A late fee of 5% of the payment amount for payments received after the 15th of the month.

What documentation is required?
Application form Two years of business and personal tax returns Credit report obtained by BCDC

What is the timing for approval?
1-2 business days

When will the funds be disbursed?
7-10 business days

Please download an application on the Small Business Download Tab or contact one of our loan specialists for more information.

Bay Colony Development Corp Names Award of Excellence Winners in Massachusetts

Bay Colony Development Corp. is pleased to recognize some of our borrowers in Massachusetts with our Award of Excellence.  The award recipients were chosen in 5 categories, Woman Owned Business, Veteran Owned Business, Most Jobs Created, Manufacturer of the Year and Minority Owned Business.  Congratulations to our Award recipients, and stop by and support their businesses when you are in the area. 


Award of Excellence for Job Creation in Massachusetts- Northeastern Mechanical located in Canton, MA.  Northeastern Mechanical is a commercial contractor specializing in the installation, service and sales of HVAC systems. SBA 504 financing was provided by Tim Fahey of Middlesex Savings Bank in Partnership with Erik Adams from Bay Colony Development Corp.

Award of Excellence for Woman Owned Business in Massachusetts- RLR Studio located in Framingham, MA.  RLR Studio is a full service salon and photography studio with one simple goal: to make you look and feel like the perfect version of yourself. Beauty Parlr Services offered include: hair, makeup, lashes, thread, micro blading, wax, facials and reiki.  RLR Studio is the photography arm of the business and provides photography for models, beauty, fitness, head-shots, family, maternity and event photography. SBA 504 financing was provided by Middlesex Savings Bank in Partnership with Brad Nichols from Bay Colony Development Corp.

Award of Excellence for Minority Owned Business in Massachusetts- Roger and Julio d/b/a April’s Pub & Grill located in Lynn, MA. April’s Pub & Grill serves a delicious American breakfast, lunch and dinner.  SBA 504 financing was provided by Eastern Bank in Partnership with Brad Nichols from Bay Colony Development Corp.

Award of Excellence for Manufacturing in Massachusetts- Turtle Swamp Brewing located in Jamaica Plain, MA.  Turtle Swamp Brewing is a small production craft brewery with a retail taproom and beer garden.  SBA 504 financing was provided by Cambridge Savings Bank in Partnership with Erik Adams from Bay Colony Development Corp.

Award of Excellence for Veteran Owned Business in Massachusetts- Cinch IT located in Worcester, MA. Cinch IT provides customer focused IT support for businesses of all sizes which include onsite and help desk support, proactive maintenance and a comprehensive cyber security package.  SBA 504 financing was provided by Milford National Bank in Partnership with Brad Nichols from Bay Colony Development Corp.

Bay Colony Development Corp Names Award of Excellence Winners in Rhode Island

Bay Colony Development Corp. is pleased to recognize some of our borrowers in Rhode Island with our Award of Excellence.  The award recipients were chosen in 5 categories, Woman Owned Business, Veteran Owned Business, Most Jobs Created, Manufacturer of the Year and Minority Owned Business.  Congratulations to our Award recipients, and stop by and support their businesses when you are in the area. 


Award of Excellence for Job Creation in Rhode Island- Stoneacre Brasserie located in Newport, RI serves a French Influenced seasonal locally sourced menu and spirits. SBA 504 financing was provided by Sara Hiebner of Centreville Bank in Partnership with Eberto Ranero from Bay Colony Development Corp.

Award of Excellence for Woman Owned Business in Rhode Island- Ocean State Equine located in North Scituate, RI.  Ocean State Equine provides routine wellness care, emergency services and surgery to the Equine community in RI and MA.  SBA 504 financing was provided by David Booth of HarborOne Bank in Partnership with Eberto Ranero from Bay Colony Development Corp.

Award of Excellence for Minority Owned Business in Rhode Island- La Arepa Restaurant located in Pawtucket, RI. La Arepa serves a delicious Traditional Venezuelan Menu featuring delicious Arepas and authentic spirits.  SBA 504 financing was provided by BankNewport in Partnership with Erik Adams from Bay Colony Development Corp.

Award of Excellence for Manufacturing in Rhode Island- Grey Sail Brewing located in Westerly, RI.  Grey Sail Brewing is passionate about brewing great beer, stop by and sample some in the Tap Room in Westerly.  SBA 504 financing was provided by Sara Hiebner of Centreville Bank in Partnership with Eberto Ranero from Bay Colony Development Corp.

Award of Excellence for Veteran Owned Business in Rhode Island- Black Duck Tavern and The Comedy Connection located in East Providence, RI. Black Duck Tavern serves exceptional craft cocktails and dishes in a speakeasy style bar atmosphere.  Have a drink and bite to eat before enjoying a comedy show at the Comedy Connection next door.  SBA 504 financing was provided by Doug Hanson of Centreville Bank in Partnership with Eberto Ranero from Bay Colony Development Corp.

 

Bay Colony Development Corp Named #1 504 Certified Development Corporation in Massachusetts

Bay Colony Development Corp. was recently named the #1 Certified Development Corporation for 504 loan approvals in Massachusetts by the U.S. Small Business Administration.  We are thankful to all of our lending partners in Massachusetts, Rhode Island, Vermont, Connecticut and New Hampshire for their teamwork in FY 18 which allowed us to assist 116 Small Businesses throughout our communities with 504 project financing of over $59 million dollars.  We look forward to another successful FY 19!

Pictured: Bob Nelson, MA SBA District Director, Erik Adams, SVP, Director of Marketing for Bay Colony Development Corp., Mary Katherine Mansfield, President and CEO, Eberto Ranero, Heather Storme and Bradley Nichols, Bay Colony Development Corp. Business Development Team.

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Erik Adams
781.478.3653

Eberto Ranero
781.478.3652

Brad Nichols
781.478.3650

Heather Storme
781.478.3667