Bay Colony Development Corp. in the News

Bay Colony Development named the top SBA 504 lender in Massachusetts

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.

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 $1,000 worth of toys this year.  We hope that you will consider joining us and contributing to your favorite organization.  Happy Holidays!

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.

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Erik Adams
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Eberto Ranero
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Brad Nichols
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Heather Storme
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