Lenders › Bay Colony Development Corporation
504 CDCWaltham, Massachusettscertified development company15th of 182 by approvals
Bay Colony Development Corporation
SBA 504 loan approvals by fiscal year, where they went, how large they were, and how loans from earlier years turned out.
SBA approvals by fiscal year. The federal fiscal year runs 1 October to 30 September, so FY2025 is 1 October 2024 to 30 September 2025. *FY2026 is open: approvals to 30 Jun 2026 only.
Bay Colony Development Corporation, based in Waltham, Massachusetts, is a certified development company (CDC) that makes SBA 504 loans. SBA approved 625 of its 504 loans worth $436M in FY2021 to FY2025, which places it 15th of 182 active CDCs by number of approvals.
In FY2025, the latest complete fiscal year, it had 111 approvals totalling $89.7M, about level with FY2024 (104). FY2026 to 30 Jun 2026 adds 61 more.
The median approval was $417K, against $657K for the 504 program as a whole; 10.6% of its approvals were for $150,000 or less (program: 4.6%).
Its loans went to businesses in 5 states and territories and 34 counties, led by Massachusetts (76.6%), Rhode Island (9.9%) and New Hampshire (9.4%). The largest industry group was accommodation and food services at 17.9% of approvals, and 4.2% of approvals were to franchise businesses.
Of 1,064 disbursed loans approved in FY2010 to FY2021, SBA records 14 as charged off (1.3%), 453 as paid in full and 597 still outstanding; the 504 program figure for the same approval years is 1.2%, so the rate here is close to it.
Loan status is as recorded by SBA at the data date; charge-off rates are computed on loans approved at least five fiscal years ago. Jobs supported are self-reported estimates from the SBA loan application, which SBA does not review, audit or validate. Loans appear under the lender they are assigned to today, so a lender's figures include loans it took over. Data through 30 Jun 2026.
Approvals by fiscal year
| Fiscal year | Approvals | Dollars approved | Median approval | Average approval | Jobs supported, as reported |
|---|---|---|---|---|---|
| FY2026* | 61 | $52.1M | $538K | $854K | 323 |
| FY2025 | 111 | $89.7M | $535K | $808K | 526 |
| FY2024 | 104 | $72.8M | $400K | $700K | 522 |
| FY2023 | 86 | $63.8M | $437K | $742K | 459 |
| FY2022 | 158 | $106M | $454K | $668K | 660 |
| FY2021 | 166 | $104M | $358K | $626K | 765 |
| FY2020 | 114 | $64.7M | $270K | $567K | 400 |
| FY2019 | 117 | $66.7M | $348K | $570K | 433 |
| FY2018 | 116 | $59.1M | $338K | $509K | 497 |
| FY2017 | 121 | $56.0M | $278K | $463K | 479 |
| FY2016 | 105 | $54.8M | $272K | $522K | 655 |
Approvals are counted in the year SBA approved them and include approvals later cancelled. In the five fiscal years before the current window (FY2016–FY2020) the lender had 573 approvals. First approval on file: FY2010.
How earlier loans turned out
Only loans approved at least five fiscal years ago (FY2010–FY2021) are counted, because newer loans have had little time to be paid in full or charged off. "Charged off" is SBA's status for a loan on which it has written off the remaining balance.
| Loans approved FY2010–FY2021 | This lender | Massachusetts | 504 program |
|---|---|---|---|
| Approvals in these years | 1,314 | 3,213 | 85,591 |
| Cancelled or never disbursed | 250 | 565 | 12,514 |
| Disbursed loans | 1,064 | 2,648 | 73,077 |
| Paid in full | 453 | 1,185 | 35,491 |
| Charged off | 14 | 40 | 905 |
| Still outstanding (status exempt from disclosure) | 597 | 1,423 | 36,681 |
| Charged off, share of disbursed loans | 1.3% | 1.5% | 1.2% |
| Dollars charged off, share of disbursed dollars | 1.4% | 1.6% | 0.9% |
| Dollars charged off | $7.4M | $23.8M | $499M |
By approval year
| Approved in | Disbursed | Paid in full | Charged off | Charged off, share | 504 program, same year |
|---|---|---|---|---|---|
| FY2021 | 138 | 16 | 0 | 0.0% | 0.1% |
| FY2020 | 90 | 15 | 0 | 0.0% | 0.1% |
| FY2019 | 96 | 20 | 0 | 0.0% | 0.3% |
| FY2018 | 91 | 31 | 1 | 1.1% | 0.4% |
| FY2017 | 100 | 38 | 1 | 1.0% | 0.8% |
| FY2016 | 80 | 32 | 0 | 0.0% | 1.0% |
| FY2015 | 82 | 41 | 2 | 2.4% | 1.2% |
| FY2014 | 81 | 51 | 0 | 0.0% | 1.3% |
| FY2013 | 88 | 61 | 0 | 0.0% | 1.4% |
| FY2012 | 97 | 65 | 5 | 5.2% | 2.0% |
| FY2011 | 65 | 42 | 2 | 3.1% | 2.1% |
| FY2010 | 56 | 41 | 3 | 5.4% | 3.4% |
A share is shown only where at least 30 loans from that year were disbursed.
Against the 504 program
| FY2021–FY2025 | This lender | 504 program |
|---|---|---|
| Median approval | $417K | $657K |
| Average approval | $697K | $1.0M |
| Approvals of $150,000 or less | 10.6% | 4.6% |
| Approvals to startups and businesses 2 years old or less | 12.0% | 14.4% |
| Approvals to franchise businesses | 4.2% | 9.0% |
| Jobs supported per approval, as reported | 4.7 | 10.1 |
| Charged off, loans approved FY2010–FY2021 | 1.3% | 1.2% |
States served
| # | State of the business (5 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Massachusetts | 479 | $329M | 76.6% | |
| 2 | Rhode Island | 62 | $31.6M | 9.9% | |
| 3 | New Hampshire | 59 | $42.7M | 9.4% | |
| 4 | Connecticut | 21 | $22.6M | 3.4% | |
| 5 | Vermont | 4 | $10.3M | 0.6% |
In Massachusetts the lender accounts for 35.7% of all 504 approvals in FY2021–FY2025.
Counties served
| # | County of the business (34 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Middlesex County, MA | 137 | $92.9M | 21.9% | |
| 2 | Essex County, MA | 99 | $60.0M | 15.8% | |
| 3 | Worcester County, MA | 61 | $35.8M | 9.8% | |
| 4 | Norfolk County, MA | 46 | $51.7M | 7.4% | |
| 5 | Providence County, RI | 30 | $12.3M | 4.8% | |
| 6 | Suffolk County, MA | 29 | $20.6M | 4.6% | |
| 7 | Plymouth County, MA | 29 | $18.2M | 4.6% | |
| 8 | Barnstable County, MA | 29 | $12.0M | 4.6% | |
| 9 | Rockingham County, NH | 25 | $14.5M | 4.0% | |
| 10 | Bristol County, MA | 24 | $21.3M | 3.8% | |
| 11 | Hillsborough County, NH | 19 | $16.9M | 3.0% | |
| 12 | Kent County, RI | 14 | $9.4M | 2.2% |
Industry mix
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Accommodation and Food Services | 112 | 17.9% | |
| 2 | Health Care and Social Assistance | 87 | 13.9% | |
| 3 | Other Services (except Public Administration) | 74 | 11.8% | |
| 4 | Construction | 72 | 11.5% | |
| 5 | Retail Trade | 61 | 9.8% | |
| 6 | Manufacturing | 46 | 7.4% | |
| 7 | Professional, Scientific, and Technical Services | 42 | 6.7% | |
| 8 | Administrative and Support and Waste Management and Remediation Services | 31 | 5.0% |
| # | Industry group | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 77 | 12.3% | |
| 2 | Automotive Repair and MaintenanceNAICS 8111 | 35 | 5.6% | |
| 3 | Child Day Care ServicesNAICS 6244 | 33 | 5.3% | |
| 4 | Offices of Other Health PractitionersNAICS 6213 | 28 | 4.5% | |
| 5 | Traveler AccommodationNAICS 7211 | 26 | 4.2% | |
| 6 | Services to Buildings and DwellingsNAICS 5617 | 25 | 4.0% | |
| 7 | Other Specialty Trade ContractorsNAICS 2389 | 21 | 3.4% | |
| 8 | Other Amusement and Recreation IndustriesNAICS 7139 | 18 | 2.9% | |
| 9 | Other Personal ServicesNAICS 8129 | 18 | 2.9% | |
| 10 | Residential Building ConstructionNAICS 2361 | 15 | 2.4% |
Approval sizes
- $50,001 to $150,00010.6%66
- $150,001 to $350,00030.4%190
- $350,001 to $1 million41.9%262
- $1 million to $2 million10.4%65
- Over $2 million6.7%42
Loan terms
- Over 5 to 10 years3.5%22
- Over 10 to 20 years4.6%29
- Over 20 years91.8%574
Age of the businesses
- Existing, more than 2 years old82.9%518
- New business, 2 years or less1.6%10
- Startup, loan funds will open the business10.4%65
- Change of ownership5.1%32
SBA processing method
| # | Method | Approvals | Share | |
|---|---|---|---|---|
| 1 | Accredited Lenders Program | 474 | 75.8% | |
| 2 | ALP Express | 140 | 22.4% | |
| 3 | 504 Refinancing Program | 10 | 1.6% | |
| 4 | 504 Basic | 1 | 0.2% |
Franchise share
26 of 625 approvals in FY2021–FY2025 (4.2%) carried an SBA franchise code; across the 504 program the share is 9.0%.
| # | Franchise brand | Approvals | Share | |
|---|---|---|---|---|
| 1 | Primrose Schools | 3 | 0.5% | |
| 2 | Holiday Inn Express | 2 | 0.3% | |
| 3 | Lapels | 2 | 0.3% | |
| 4 | Hampton Inn & Suites by Hilton | 1 | 0.2% | |
| 5 | Residence Inn by Marriott | 1 | 0.2% | |
| 6 | TownePlace Suites by Marriott | 1 | 0.2% | |
| 7 | Urban Air Adventure Park | 1 | 0.2% | |
| 8 | The Learning Experience | 1 | 0.2% |
Third-party lenders in its 504 projects
A 504 project pairs the CDC's loan with a larger loan from a bank or other lender. Banks and credit unions named on five or more of this CDC's projects in FY2021–FY2025:
| # | Third-party lender | Projects | Share | |
|---|---|---|---|---|
| 1 | Rockland Trust Company | 95 | 15.2% | |
| 2 | Salem Five Cents Savings Bank | 73 | 11.7% | |
| 3 | Eastern Bank | 50 | 8.0% | |
| 4 | Needham Bank | 29 | 4.6% | |
| 5 | Beacon Bank and Trust | 25 | 4.0% | |
| 6 | Main Street Bank | 17 | 2.7% | |
| 7 | Bristol County Savings Bank | 16 | 2.6% | |
| 8 | Baycoast Bank | 16 | 2.6% | |
| 9 | Avidia Bank | 15 | 2.4% | |
| 10 | Cornerstone Bank | 15 | 2.4% |
Questions and answers
How many SBA loans does Bay Colony Development Corporation make?
SBA approved 111 504 loans through Bay Colony Development Corporation in FY2025, worth $89.7M, and 625 over FY2021 to FY2025. That ranks 15th of 182 active CDCs by number of approvals.
How large are Bay Colony Development Corporation's typical SBA loans?
The median 504 approval in FY2021 to FY2025 was $417K and the average $697K. The program-wide median was $657K.
What is Bay Colony Development Corporation's charge-off rate?
Of 1,064 disbursed loans approved in FY2010 to FY2021, SBA records 14 as charged off (1.3%), 453 as paid in full and 597 still outstanding; the 504 program figure for the same approval years is 1.2%, so the rate here is close to it. Loans are listed under the lender that holds them today, so the figure includes loans taken over from other lenders. Status is as recorded by SBA on 30 Jun 2026.
Which industries does Bay Colony Development Corporation lend to most?
By number of approvals in FY2021 to FY2025: restaurants and other eating places (77); automotive repair and maintenance (35); child day care services (33); offices of other health practitioners (28).
Where does Bay Colony Development Corporation make SBA loans?
In 5 states and territories. Massachusetts 479, Rhode Island 62, New Hampshire 59, Connecticut 21, Vermont 4. In Massachusetts it accounts for 35.7% of all 504 approvals.
Is Bay Colony Development Corporation's SBA lending rising?
Approvals in the three latest complete fiscal years total 301, against 438 in the three before: falling (-31%).
Where does this data come from?
From the Small Business Administration's 7(a) and 504 FOIA loan files, as of 30 Jun 2026. Borrower names and addresses in those files are discarded when the files are read and appear nowhere on this site.
About these figures
Figures are totals of the Small Business Administration's 7(a) and 504 FOIA loan files, data through 30 Jun 2026. SBA updates the files quarterly. Counts are loan approvals, including approvals later cancelled; the five-year window is FY2021–FY2025, the five latest complete fiscal years. Charge-off rates use only loans approved in FY2010–FY2021, at least five fiscal years ago, and count disbursed loans SBA records as charged off. Loans are listed under the lender they are assigned to today. Dollar figures behind fewer than three approvals are not shown, and no borrower is named anywhere on this site.Methodology · Report an error