Bay Colony Development Corp. in the News
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 After much debate in the industry over the new names, we are happy to report that SBA Administrator McMahon has rescinded the name changes and we are once again the 7A Loan Program and 504 Loan Program.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!
SBA Administrator Maria Contreras-Sweet Talks About SBA 7A and 504 Re-Branding
Promotions and Retirements at Bay Colony Development
Bay Colony Development Corp. is pleased to announce the following promotions and retirements:
Betty Ule has been promoted to CFO and Chief Compliance Officer. Betty has been a member of the Bay Colony family since 2003 and previously served as the SVP and Underwriting Manager. Betty has over 25 years years of commercial lending and management experience and is a graduate of Nichols College with her B.S. in Finance.
Rosemarie Finn has been promoted to Underwriting Manager. Rosemarie joined Bay Colony as VP and underwriter in 2012. Prior to joining Bay Colony, Rosemarie was at Fleet Boston/Bank of America for over 20 years specializing in commercial real estate lending and portfolio management. Rosemarie received a BS in Finance from Bentley University and an MBA from Campbell University.
Barrie King will be retiring from Bay Colony Development Corp at the end of June. Barrie has served as our CFO and Chief Compliance Officer since joining Bay Colony in 1996. Prior to joining Bay Colony, Barrie worked in corporate finance and lending at American Express, Bank of Boston and Fleet Bank. In the public domain, Barrie has worked as the Treasurer for several non-profit agencies on whose boards she has served for many years. Barrie earned her BA in Art History from Lake Erie College and did her graduate course work at Simmons College in Art Therapy and Psychology. Barrie plans on spending her retirement traveling the world and enjoying the beautiful landscapes in Arizona.
Congratulations Betty and Rosemarie on your new positions.
Congratulations Barrie on your retirement and thank you for your 20 years of service to Bay Colony Development and the 504 Program. We look forward to seeing many pictures from your new adventures.
