Overview
What is Bay Colony Development Corp?
Bay Colony Development Corp (BCDC) is a nonprofit organization situated in Waltham, Massachusetts. Its primary mission is to assist small businesses in financing their commercial real estate, land purchases, and the acquisition of machinery and equipment. BCDC also plays a role in fostering business growth and creating employment opportunities within the New England region. They achieved significant success during the year, with the Small Business Administration (SBA) approving 158 projects totaling $105.2 million in Section 504 loans. BCDC themselves funded 122 loans worth $60.1 million. The organization prides itself on being the preferred lender for small businesses, offering creative financing solutions to generate a positive economic impact within the communities they serve. With a team of 19 dedicated individuals, BCDC is committed to investing both financially and professionally in the growth of local businesses.
Official website here: www.baycolony.org
Is Bay Colony Development Corp legitimate?
Bay Colony Development Corp is a legitimate nonprofit organization registered as a 501(c)(4) entity. Bay Colony Development Corp submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $1,929,886
Professional Fundraising Fees: $0
Other Salaries and Wages: $548,572
For more financial information, click here
Official website here: www.baycolony.org
What is the mission statement of Bay Colony Development Corp?
Bay Colony Development Corp's mission is to position itself as the preferred lender for small businesses, achieving this by investing both financially and professionally to offer innovative financing solutions. This mission aims to create a positive economic impact within the communities they serve. Specifically, the organization assists small business concerns in financing owner-occupied commercial real estate, land purchases, and equipment acquisitions, thereby supporting business growth and fostering increased employment opportunities. During the year, Bay Colony Development secured approval from the SBA for 158 projects totaling $105.2 million in Section 504 loans, and funded 122 loans worth $60.1 million.
Official website here: www.baycolony.org
Who is the CEO of Bay Colony Development Corp?
Mary Mansfield is the Director of Bay Colony Development Corp.
Official website here: www.baycolony.org
What is the revenue of Bay Colony Development Corp?
Bay Colony Development Corp's revenue in 2022 was $4,128,330.
Official website here: www.baycolony.org
Who are the executives of Bay Colony Development Corp and what are their salaries?
The average compensation at Bay Colony Development Corp during 2022 was $130,445. There are 19 employees at Bay Colony Development Corp.
Here are 19 key members and their salaries:
- Compensation: $4,000
- Related: $0
- Other: $0
- Compensation: $14,000
- Related: $0
- Other: $0
- Compensation: $4,000
- Related: $0
- Other: $0
- Compensation: $2,000
- Related: $0
- Other: $0
- Compensation: $14,000
- Related: $0
- Other: $0
- Compensation: $6,000
- Related: $0
- Other: $0
- Compensation: $4,000
- Related: $0
- Other: $0
- Compensation: $18,000
- Related: $0
- Other: $0
- Compensation: $14,000
- Related: $0
- Other: $0
- Compensation: $141,956
- Related: $0
- Other: $26,000
- Compensation: $98,762
- Related: $0
- Other: $1,200
- Compensation: $123,542
- Related: $0
- Other: $0
- Compensation: $201,141
- Related: $0
- Other: $3,600
- Compensation: $392,343
- Related: $0
- Other: $18,000
- Compensation: $182,210
- Related: $0
- Other: $1,500
- Compensation: $120,522
- Related: $0
- Other: $4,800
- Compensation: $53,667
- Related: $0
- Other: $0
- Compensation: $281,604
- Related: $0
- Other: $26,000
- Compensation: $130,192
- Related: $0
- Other: $20,600
Official website here: www.baycolony.org
Where can I find the form 990 for Bay Colony Development Corp?
Bay Colony Development Corp's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.baycolony.org
Learn more at the official website: www.baycolony.org
Mission Statement of Bay Colony Development Corp
Bay Colony Development Corp, as the lender of choice for small businesses, is dedicated to its mission. This mission involves investing resources, both financially and professionally, to provide creative financing solutions. The organization aims to generate a positive economic impact within the communities it serves. Bay Colony Development Corp assists small business concerns in financing owner-occupied commercial real estate, land purchases, machinery, and equipment. Furthermore, the corporation supports the growth and development of businesses and fosters increased employment opportunities. During the year, the corporation received approval for 158 projects totaling $105.2 million in Section 504 loans, and Bay Colony Development Corp funded 122 loans amounting to $60.1 million.
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Impact
October, 2024
Bay Colony Development Corp significantly enhances the economic landscape in New England through its provision of SBA 504 financing and microloans tailored for small businesses. By facilitating access to capital for owner-occupied commercial real estate and essential equipment, the organization supports business growth and encourages job creation. In the past year alone, Bay Colony secured approval for 158 projects, amounting to $105.2 million in Section 504 loans. Of this, it successfully funded 122 loans totaling $60.1 million, demonstrating a strong commitment to empowering local businesses.
The impact of Bay Colony extends beyond mere financial assistance; it fosters an ecosystem conducive to entrepreneurship and economic development. By positioning itself as the lender of choice, the organization invests not only monetary resources but also professional expertise, crafting innovative financing solutions. This proactive approach not only aids individual enterprises but also contributes to broader community improvement, enhancing employment opportunities and driving economic vitality within the regions it serves.
This information is meant to be a general summary of Bay Colony Development Corp. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $4,489
- Program Service Revenue: $4,123,841
- Gross Receipts: $4,128,330
Assets and Liabilities:
- Total Assets: $3,401,192
- Total Liabilities: $413,011
- Net Assets: $2,988,181
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
SBA PROGRAM FEES-504
Revenue
$4,116,670
MICRO LOAN PROGRAM
Revenue
$7,171
Organization Details
Founding Year
1981
Phone
(781) 891-3594Principal Officer
Mary Mansfield
Main Address
230 THIRD AVE 1ST FL, WALTHAM, MA, 02451
Website
www.baycolony.orgNTEE Category
Code: S43 - Community improvement
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