Other 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.
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.
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?
What is the term?
One to Seven 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 7% – 10%.
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.