The Board of Directors of Bay Colony Development Corp are pleased to announce the election of Mary Katherine Mansfield as President and CEO. Mary has been with Bay Colony since 1985 and has been an integral part of the growth of our company and a strong advocate of the SBA 504 program. Mary will continue to oversee the day to day operations and maintain a close involvement with the closing department for Bay Colony which she was previously in charge of. In addition to her roles at Bay Colony, Mary has also served as Chair of the Board for NADCO (National Association of Certified Development Companies) since 2015. Mary has previously served as NADCO’s Vice Chair as well as being involved in various NADCO committees over the years, including SLPC Servicing and Liquidation, OCRM, Re-invigoration of the Annual Meeting. Mary has also taught the Introduction to 504 and 504 Loan Closing Courses for NADCO. Mary is a past recipient of the Massachusetts and New England SBA Financial Services Champion Award.
David King, our immediate Past President will continue to work with Bay Colony Development on special projects. David served as part of the National Development Council in 1980, where he helped formulate the original 503 program (now known as 504) as a response to the need of small and medium sized businesses for low cost, long term financing for fixed assets. Initially, he guided the establishment of several city government based CDCs in New England. David founded Bay Colony as an independent CDC in 1981.
Bay Colony would like to thank David for all his work and support of the 504 program over the past 35 years.
Congratulations Mary, we look forward to the continued growth and success of Bay Colony Development under your leadership.