Bay Colony Development Corp. in the News
Congratulations to Jack’s Abby Craft Lagers on being named Manufacturer of the Year by the Massachusetts SBA
Congratulations to our borrower, Jack’s Abby for being named by the SBA as Manufacturer of the Year.
FRAMINGHAM – When Jack’s Abby Craft Lagers opened in 2011, its founders had no employees, relying on themselves, family and friends to produce and sell the beer they brewed.
Now, Jack’s Abby is in a much larger facility, brews nearly two million gallons of beer a year and employs nearly 150 people.
Due to that growth, the Small Business Administration on Thursday announced that Jack’s Abby has been named the 2018 Small Business Manufacturer of the Year for Massachusetts.
“It’s exciting to win this,” said Sam Hendler, who founded the brewery with his older brothers Jack and Eric. “We were open for two months before we hired our first employee.”
Since opening, Jack’s Abby has grown from serving just the local community to distributing its beers to several states and brewing beer under two brand names — Jack’s Abby and Springdale.
“We’re honored to recognize the Hendler brothers, who grew up in a family that promoted entrepreneurship and hard work,” said SBA Massachusetts District Director Robert Nelson in a statement. “Since opening their new brewery in Downtown Framingham, Jack’s Abby has tripled in size and continues to create jobs for the local community.”
The success has a lot to do with the support the people of Framingham have shown the brewery.
“The core of our success has been local,” said Sam Hendler. “Seventy percent of our sales are in Massachusetts and probably 50 percent of it is within 30 miles of the city.”
Jack’s Abby used a loan from Bay Colony Development Corp., an SBA-certified development company, to open its beer hall at 100 Clinton St. in 2016, moving from its original location on Morton Street.
“At the time, we had 25 employees,” said Sam Hendler. “Now, because of a project that was helped along by them (the SBA), we have nearly 150 employees and we’re being honored by them.”
Currently, Jack’s Abby brews nearly 60,000 barrels of beer (a barrel of beer equals 31 gallons), but has the capacity to grow to 100,000 barrels, Jack Hendler said.
The goal is to continue to grow as the craft brewing industry grows.
“I think the industry is changing,” said Jack Hendler. “We’re going to be a little smarter on implementing things for the business.”
The Hendlers will be honored at the annual SCORE Boston/SBA awards ceremony on May 4 at the Sheraton Needham Hotel. Check out a video below of the brewery.
It’s finally here! After hearing about it for over a year, the SBA has announced that the 25 Year 504 option is available for loan applications approved after April 2, 2018.
Like the 10 and 20 Year 504 options, the loan is designed for small businesses to finance commercial real estate or large equipment for use in business operations. The extended amortization option on the 504 loan will help borrowers to reduce monthly loan payments. Here are some initial details that have been provided:
- The 25 Year option is available for New loan applications approved after April 2, 2018, previously approved loans can not be changed to the 25 Year option.
- The Third Party Lender loan has to have a minimum term of 10 years.
- The first 25 year debenture is expected to be funded July 2018, pricing for the initial 25 year debenture will have a spread no wider than 35 basis points above the current 20 year rate. For example, based on the March rate of 4.99%, an indicative 25 Year rate would be 5.34%. (25 year rate pricing will be based upon supply and will be modified once demand for the option is established).
- Prepayment penalty for the 25 Year loans will be 10 years, the same as the 20 year option.
Give us a call to discuss how this new option can benefit your borrowers!
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!