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SEED Has Loan Funds Available for Brockton Businesses
January 12, 2012
The South Eastern Economic Development (SEED) Corporation secured an additional $1 million grant in 2010 and needs to deploy funds to assist small businesses in the City of Brockton, and the region.
The SEED Corporation has loan funds available for small businesses in the City of Brockton, and is seeking loan applications. “We would like to reach out to businesses in Brockton which need loans up to $200,000 for working capital, equipment or real estate,” stated Maria Gooch-Smith
“This is great news for the Brockton business community,” said Mayor Linda M. Balzotti.
“In these difficult economic times, businesses have a daunting time expanding on their own. This funding program provides a much needed boost with a low interest loan, demonstrating
the variety of quality support and resources SEED Corporation offers.”
Due to the economic recession and its impact on small businesses, last year SEED was able
to secure another million dollars in grant funds for loans. Altogether, SEED has over $5 million in capital for loans up to $200,000, which can be used for working capital, inventory, machinery and equipment, furniture and fixtures and refinancing business credit card debt with high interest rates. SEED also has access to another $5 million from the U.S. Small Business Administration (SBA) for micro loans up to $50,000.
In the past, SEED has partnered with the Brockton 21st Century Corporation, the Metro South Chamber of Commerce, and the Old Colony Planning Council to establish a Revolving Loan Fund for Brockton businesses with funding from the U.S. Economic Development Administration.
So far, SEED has made the following loans to small businesses in Brockton:
- Adaptive Prosthetic & Orthotic Tech., $121,000
- Belle Epoque Foods, LLC, $35,000
- Cormey Law Office, $20,000
- ENT Specialists, Inc., $367,000
- JM Pet Resort, $367,000
- Joe Angelo’s Café, $85,000
- M&M Seafood, Inc., $161,000
- McGrath Insurance & Financial Services, $30,000
- New England Bailing Wire,Inc., $449,000
- Precision Textile Color, Inc., $72,000
- Starr Psychiatric Center, $50,000
- Stephen W. Sutton, P.C., $128,000
- Stop N Gas, $339,999
Micro loans up to $50,000 are available for existing and start-up small businesses including home based businesses. Loan funds can be used for: working capital, inventory, machinery and equipment, furniture and fixtures and refinancing business credit card debt with high interest rates. The term on the loans is up to six years and the current rate is 6 percent fixed.
SEED can also lend up to $200,000 for working capital, equipment, furniture and fixtures, and real estate. The term on the loans is up to 10 years with longer repayment periods, if necessary. Interest rates range from 5 percent to 6 percent fixed depending on whether there is bank participation.
Under the SBA 504 Program, SEED can provide up to 40 percent of the financing needed in participation with a bank for the purchase of buildings and equipment. SEED’s portion can range from $80,000 to $5 million for most small businesses, and $5.5 million for manufacturing businesses, at a fixed interest rate below market for 20 years, currently 4.88 percent.
SEED is a non-profit economic development corporation certified by SBA in 1982 to assist small businesses in the region. Under various loan programs, SEED makes loans from $1,000 to $5.5 million to assist small businesses to grow and create jobs.
SEED also provides technical assistance to small businesses and works with other economic development organizations and financing institutions in the region to ensure that individuals who are committed to owning and operating a small business are able to obtain the assistance they
need to be successful.
For more information about SEED’s Loan Programs, the free entrepreneurial workshops and other SEED loan programs, please call 508-822-1020 or visit SEED at www.seedcorp.com.
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