BayCoast Bank named 2016 Leading Lender by CDC New England

BayCoast Bank (http://baycoastbank.com) today announced that CDC New England named BayCoast Bank its recipient for the Leading Lender Award for 2016, as a result of the outreach efforts of the commercial lending team.

CDC New England, an affiliate of BDC Capital, is a private corporation originally started to provide SBA 504 Program loans to small businesses for the acquisition of fixed assets in Massachusetts. In addition to the SBA Programs, CDC New England offers a suite of other financing products to complement the programs, including asset-based lines of credit, term loans, mezzanine investments, and bridge and down payment financing.

The SBA 504 loan program allows most business owners to put down 10% when looking to buy some real estate, build an addition or even acquire some new equipment. This program also allows borrowers to take advantage of this low-rate environment by providing them with a fixed rate for 20 years.

According to Paul Flynn, president of CDC New England, BayCoast Bank was selected as this year's recipient to reflect the bank's unparalleled commitment to the Southeast Massachusetts business community. "The commercial lending activities of BayCoast Bank demonstrate the bank's strong interest to ensure a vibrant business community throughout the greater Fall River region. We value the partnership we have had with BayCoast over the years and look forward to continued opportunities to support the growth of small businesses in this region of the state."

Last year, BayCoast Bank worked with CDC New England to process seven 504 loans throughout Massachusetts and Rhode Island – including in Acushnet, Plymouth, Dartmouth, New Bedford, Foxboro, and Tiverton. Of these seven loans, five went to woman-owned businesses, and all business owners were able to either open a second location, or were able to purchase their own buildings in which to operate their business.

BayCoast Bank CEO and President Nicholas M. Christ said, “BayCoast Bank recognizes the important role SBA plays in helping small business owners grow their business. The BayCoast Commercial Lending Team is comprised of lenders who are very experienced in all facets of SBA lending, and a support staff that understands the importance of customer service.

“This amazing team of individuals, together with their experience and knowledge, provide new and existing customers with opportunities to help them take the next step in growing their business. We are proud of the work they have done, and proud to be named a Leading Lender.”

About BayCoast Bank

BayCoast Bank is a mutually-owned savings bank chartered in 1851 and headquartered in Swansea, MA. The Bank serves southeastern Massachusetts and Rhode Island, with locations in Fall River, New Bedford, Seekonk, Somerset, Swansea, North Dighton, Fairhaven, Dartmouth, Westport, and Tiverton, RI. BayCoast Bank and its affiliates offer a wide range of financial services for consumers, businesses, non-profits and municipalities. Its affiliates include BayCoast Financial Services, offering stocks, bonds, mutual funds, annuities and college savings plans; Plimoth Investment Advisors, offering investment management, trust services, and financial planning; Partners Insurance Group, LLC, an independent agency providing automobile, home, life and business coverage through a wide range of insurance companies; and NFC Mortgage, which offers a wide variety of products including FHA, VA, Conforming Loans and Jumbo Loans in 11 states. Nicholas Christ is the Bank’s President and Chief Executive Officer. For additional information on the Bank or its services, please visit www.BayCoastBank.com or call 508-678-7641.