Bay Colony Development Corp. in the News
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.
- Center for Women and Enterprise — www.cweonline.org
- New Hampshire Community Loan Fund — www.communityloanfund.org
- Vermont Community Loan Fund (VT) — wwwww.investinvermont.org
- NewVue Communities (MA) — www.newvuecommunities.org
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.
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.
Bay Colony Development borrower Feldman Surveyors named as a recipient of the Preservation Achievement Award
Bay Colony Development Corp would like to congratulate Feldman Surveyors as being named as a 2018 Preservation Achievement Award Recipient. As neighborhoods change over generations, it’s important that touch points to their past both remain in place and sensitively evolve to maintain their relevance. Old becomes newly pertinent, rejuvenated, present.
Sometimes work focuses on high-level restoration techniques. Other times stronger modern interventions with a sensitive nod to the context of their surroundings are at play.
Regardless of place on the spectrum of intervention, this engagement with a neighborhood’s past both anchors a community and provides a foundation for its future. The projects recognized with the Alliance’s 2018 Preservation Achievement Awards do just that—connecting past, present, and future in diverse ways. http://www.bostonpreservation.org/advocacy-project/feldman-headquarters
