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SBA 504 CDC record
Bay Colony Development Corporation: SBA 504 projects as the CDC
Bay Colony Development Corporation, based in Waltham, MA, is named in the SBA file as the Certified Development Company on 182 SBA 504 projects with an approval in the 36 months ending September 30, 2026, leaving out approvals the file marks cancelled or not funded. The first liens on those projects, made by other lenders, total $158.6M. Most of the projects were in Massachusetts.
- Evidence
- SBA 504 projects that name it as the CDC, 36 months ending September 30, 2026, SBA
- Data as of
- SBA, September 30, 2026
- Page last changed
- November 12, 2026
- Projects as the CDC, 36 months
- 182
- SBA FOIA,
- Cancelled and not funded approvals left out
- First-lien dollars
- $159M
- SBA FOIA,
- Lent by the first-lien lenders, not by the CDC
- SBA debenture dollars
- $227M
- SBA FOIA,
- On its approvals net of cancelled, funded or not
- Typical first lien
- $480K
- SBA FOIA,
- Last 12 months
- 75
- SBA FOIA,
Cite this
Source: The Lender Report, Bay Colony Development Corporation: SBA 504 projects as the CDC, https://lender.report/lender/bay-colony-development-ma/sba-504-cdc/, data as of September 30, 2026.
The projects, newest first
Banks report no loan-level data for office, retail, industrial or construction loans. This list shows only multifamily and SBA loans.
| Period | Place | Loan | Amount | Rate | Term | LTV | Source |
|---|---|---|---|---|---|---|---|
| Jul 2026 | Massachusetts | SBA 504, Car Washes | $1.4M | 25 yr | SBA FOIA | ||
| Jul 2026 | Massachusetts | SBA 504, Retail Trade | $410K | 25 yr | SBA FOIA | ||
| Jun 2026 | Massachusetts | SBA 504, Full-Service Restaurants | $2.2M | 25 yr | SBA FOIA | ||
| Jun 2026 | Massachusetts | SBA 504, Professional, Scientific, and Technical Services | $110K | 25 yr | SBA FOIA | ||
| May 2026 | Massachusetts | SBA 504, Residential Remodelers | $900K | 25 yr | SBA FOIA | ||
| May 2026 | Massachusetts | SBA 504, General Automotive Repair | $400K | 25 yr | SBA FOIA | ||
| Apr 2026 | Massachusetts | SBA 504, Manufacturing | $1M | 25 yr | SBA FOIA | ||
| Apr 2026 | Massachusetts | SBA 504, Health Care and Social Assistance | $450K | 25 yr | SBA FOIA | ||
| Apr 2026 | Massachusetts | SBA 504, Manufacturing | $380K | 25 yr | SBA FOIA | ||
| Mar 2026 | Massachusetts | SBA 504, Wholesale Trade | $830K | 25 yr | SBA FOIA | ||
| Mar 2026 | Massachusetts | SBA 504, Full-Service Restaurants | $340K | 25 yr | SBA FOIA | ||
| Mar 2026 | Massachusetts | SBA 504, Automotive Body, Paint, and Interior Repair and Maintenance | $280K | 25 yr | SBA FOIA | ||
| Feb 2026 | Massachusetts | SBA 504, Wholesale Trade | $1.4M | 25 yr | SBA FOIA | ||
| Feb 2026 | Massachusetts | SBA 504, Full-Service Restaurants | $710K | 25 yr | SBA FOIA | ||
| Feb 2026 | Massachusetts | SBA 504, Electrical Contractors and Other Wiring Installation Contractors | $590K | 25 yr | SBA FOIA | ||
| Feb 2026 | Massachusetts | SBA 504, Transportation and Warehousing | $390K | 25 yr | SBA FOIA | ||
| Jan 2026 | Massachusetts | SBA 504, Full-Service Restaurants | $760K | 25 yr | SBA FOIA | ||
| Jan 2026 | New Hampshire | SBA 504, Arts, Entertainment, and Recreation | $110K | 25 yr | SBA FOIA | ||
| Dec 2025 | New Hampshire | SBA 504, Wholesale Trade | $1.5M | 25 yr | SBA FOIA | ||
| Dec 2025 | Massachusetts | SBA 504, Retail Trade | $1.2M | 25 yr | SBA FOIA | ||
| Dec 2025 | Massachusetts | SBA 504, Full-Service Restaurants | $780K | 25 yr | SBA FOIA | ||
| Dec 2025 | New Hampshire | SBA 504, Manufacturing | $450K | 25 yr | SBA FOIA | ||
| Dec 2025 | Massachusetts | SBA 504, Offices of All Other Miscellaneous Health Practitioners | $360K | 25 yr | SBA FOIA | ||
| Dec 2025 | Massachusetts | SBA 504, Finance and Insurance | $120K | 25 yr | SBA FOIA | ||
| Nov 2025 | Massachusetts | SBA 504, Beauty Salons | $450K | 25 yr | SBA FOIA | ||
| 182 SBA 504 projects in the 36 months ending September 30, 2026 | $159M | First-lien dollars, SBA FOIA | |||||
A blank means the source did not report it.
| State | Projects | First-lien dollars |
|---|---|---|
| Massachusetts | 139 | $119M |
| New Hampshire | 23 | $23.4M |
| Rhode Island | 15 | $7.78M |
| Connecticut | 4 | $2.46M |
| Vermont | 1 | $6.00M |
SBA loans are on record by state only. The dollars are the first liens other lenders made on these projects.
| First-lien size | Projects | First-lien dollars |
|---|---|---|
| Under $150K | 11 | $1.26M |
| $150K to $350K | 40 | $10.2M |
| $350K to $1M | 83 | $47.5M |
| $1M to $2.5M | 38 | $56.0M |
| $2.5M or more | 10 | $43.6M |
| Quarter | Projects | First-lien dollars |
|---|---|---|
| 2023 Q4 | 21 | $13.1M |
| 2024 Q1 | 23 | $20.7M |
| 2024 Q2 | 20 | $21.6M |
| 2024 Q3 | 18 | $22.1M |
| 2024 Q4 | 20 | $16.4M |
| 2025 Q1 | 26 | $19.0M |
| 2025 Q2 | 15 | $17.2M |
| 2025 Q3 | 13 | $10.7M |
| 2025 Q4 | 8 | $5.16M |
| 2026 Q1 | 9 | $5.41M |
| 2026 Q2 | 7 | $5.44M |
| 2026 Q3 | 2 | $1.81M |
Calendar quarters of the SBA approval date. The first and last may cover part of a quarter: the window is the 36 months ending September 30, 2026.
| Industry (NAICS) | Projects |
|---|---|
| Full-Service Restaurants (722511) | 23 |
| Health Care and Social Assistance | 10 |
| Manufacturing | 8 |
| Retail Trade | 8 |
| Wholesale Trade | 8 |
| Landscaping Services (561730) | 7 |
| Arts, Entertainment, and Recreation | 6 |
| Child Care Services (624410) | 6 |
| Construction | 6 |
| Professional, Scientific, and Technical Services | 6 |
| Retail Trade | 6 |
| Accommodation and Food Services | 5 |
A 6-digit code is printed only where the SBA file holds 5 or more loans of the program in that state; the rest show as their 2-digit sector.
| Processing method | Projects |
|---|---|
| ALP Express | 92 |
| Accredited Lenders Program | 88 |
| 504 Refinancing Program | 1 |
| ALP Express Debt Refi | 1 |
| First-lien lender | Projects | First-lien dollars |
|---|---|---|
| Salem Five Cents Savings Bank | 29 | $15.3M |
| Rockland Trust Company | 23 | $14.6M |
| Eastern Bank | 17 | $15.9M |
| Needham Bank | 14 | $11.1M |
| Avidia Bank | 7 | $11.3M |
| Beacon Bank and Trust | 6 | $3.72M |
| BankNewport | 6 | $2.54M |
| Main Street Bank, Marlborough, MA | 5 | $6.71M |
| Leader Bank, National Association | 4 | $6.11M |
| Webster Bank, National Association | 4 | $5.22M |
| Manufacturers and Traders Trust Company | 4 | $2.91M |
| Cornerstone Bank, Spencer, MA | 4 | $2.24M |
| First liens not tied to a lender record | 1 | $220K |
The 12 first-lien lenders with the most projects, of 49 on record here.
| Measure | Figure |
|---|---|
| Approvals that name it as the CDC, net of cancelled approvals | 272 |
| Of those, funded by September 30, 2026: the projects on this page | 182 |
| Of those, not funded by September 30, 2026 | 90 |
| SBA debenture dollars on the approvals net of cancelled, funded or not | $227M |
The debenture is the part of a 504 project that comes through the CDC. The lender record carries its dollars for the approvals as a whole, not project by project.
- The SBA file names Bay Colony Development Corporation as the Certified Development Company on 182 SBA 504 projects with an approval in the 36 months ending September 30, 2026, in 5 states. Approvals the file marks cancelled or not funded are left out. SBA FOIA,
- The first liens on those projects, made by other lenders, total $158.6M. That is the first-lien lenders' money, not Bay Colony Development Corporation's own lending. SBA FOIA,
- The part of a 504 project that comes through the CDC is the SBA debenture. The SBA file shows $227.1M in debentures on 272 approvals that name Bay Colony Development Corporation in the same 36 months, net of cancelled approvals; 90 of those were not funded by September 30, 2026 and are not among the projects here. SBA FOIA,
- 75 of the projects carry an approval date in the 12 months to September 30, 2026, and 102 in the 12 months before, counting approvals not yet funded in both periods. SBA FOIA,
- The typical first lien was about $480K, with the middle half between $320K and $1M. SBA FOIA,
- The largest first lien was about $7.5M. Every amount is rounded to 2 significant figures. SBA FOIA,
- The median term of the first liens was 25 years. SBA FOIA,
- The first liens came from 49 lenders with a record here and from lenders the file could not be tied to a record, most often Salem Five Cents Savings Bank (29). SBA FOIA,
- The projects were most often for Full-Service Restaurants (23). SBA FOIA,
- The SBA file lists 92 of the projects as processed under ALP Express. SBA FOIA,
- The projects were most often in Massachusetts (139), New Hampshire (23) and Rhode Island (15). SBA FOIA,
What we don't know
- Whether Bay Colony Development Corporation is taking new SBA 504 projects today, or how it would treat a business like yours.
- The debenture on each project. The rows here carry the first-lien amount; debenture dollars are on record for the lender as a whole.
- Projects with a cancelled approval, and approvals not funded yet. They are left out of the projects here.
- The borrower, the address and every term beyond the term of the first lien. The public file does not show them.
SBA loans are on record by state only. Amounts are rounded to 2 significant figures and dates to the month. A 6-digit industry code is printed only where the SBA file holds 5 or more loans of the program in that state.
Every project here is an SBA 504 approval that names Bay Colony Development Corporation as the Certified Development Company. Dollars in the list and the tables are first-lien amounts, lent by the first-lien lender on each project.
SBA does not require you to use an agent or broker for a loan application. SBA has not reviewed or endorsed this site.
Source and date appear beside each figure. Banks report balances, not loans made. Loans made come only from HMDA and SBA files. We do not audit filings and can make errors joining them. Report a problem
Figures come from public records and show the source and date beside them. Public records can be late, incomplete or wrong. A past loan does not mean a lender will make the same kind of loan today. Confirm anything important with the lender.