Bay Colony Development Corp. now able to serve all of R.I.

BAY COLONY Development Corp., a certified development company, will now be allowed to serve all Rhode Island counties, the U.S. Small Business Administration said Wednesday.
BAY COLONY Development Corp., a certified development company, will now be allowed to serve all Rhode Island counties, the U.S. Small Business Administration said Wednesday.

The U.S. Small Business Administration on Wednesday announced Bay Colony Development Corp., a certified development company, will now be allowed to serve all Rhode Island counties.
Prior to the new designation, the company, based in Waltham, Mass., was allowed to provide fixed-asset financing for all Rhode Island counties except Washington County, according to a press release from the SBA of Rhode Island. Limited market access for out-of-state CDCs is typical when operating in adjacent states. To receive statewide lending authority, companies must meet such requirements as establishing a physical location, forming a lending committee and making other administrative changes, which the SBA of Rhode Island says Bay Colony has done.
“Bay Colony is thrilled to receive to receive this designation. We look forward to working with the small-business community in Washington County in delivering SBA’s 504 loan program,” said Mary K. Mansfield, CEO of Bay Colony, in a prepared statement.
The SBA 504 loan program allows small businesses to partner with certified development companies – such as Bay Colony – and the SBA for long-term, fixed-asset financing that can be used for such reasons as the purchase of land, big-ticket equipment items or the development of facilities among others.
Despite the previously assigned limited designation, Bay Colony last fiscal year still managed to be Rhode Island’s top certified development company, making 14 loans totaling $14.3 million, according to the SBA. Through July 2016, the certified development company made 11 loans in Rhode Island totaling $7.1 million. The SBA fiscal year ends Sept. 30.
“We are pleased to welcome Bay Colony Development Corporation to statewide 504 lending status,” said Mark S. Hayward, SBA Rhode Island district director. “Bay Colony’s expanded status in Rhode Island will allow for full coverage and new 504 opportunities for lenders and small businesses.”
Other certified development companies doing business statewide include Ocean State Business Development, based in Providence, and New England Certified Development Corp., based in Massachusetts. Taunton, Mass.,-based South Eastern Economic Development Corp. lends in every county except Washington County, and Community Investment Corp., based in Connecticut, does business in every county except Bristol County.

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