The initial answer to this is NO, you are not too late to get an internship. That being said, at this point in time you may have to keep your options open and not limit yourself to one specific internship or industry. Some companies have filled their internship quotas already so these may not be an option, but there are still many great companies out there who want to hire Babson talent. But they cannot hire you if you do not get your application/resume to them!
In addition to eRecruiting, another great way to find internships is to narrow down the companies you might be interested in working for and check their web sites (Tip: search under the keyword careers). Some companies only advertise their opportunities via their web site. Don't be afraid to apply straight to the company. If you have questions on how to do so, or how to follow up with the company, stop by during drop-in hours to chat with CCD staff about developing a strategy for this type of search.
And of course, don't forget about networking! Talking with friends and family, you parents friends or your friends parents, can also lead to great summer internship opportunities.