TAUNTON – The South Eastern Economic Development Corp. has provided Reidar’s Manufacturing in New Bedford with a $779,000 loan for the purchase of land and construction of a 21,000-square-foot warehouse for business expansion, according to an announcement from SEED.
Reider’s Manufacturing, established in 1986 by Reidar Bendiksen, manufactures specialized nets for commercial fishing vessels and is a wholesaler of marine supplies. The company designs and produces gear used on trawlers and scallopers on the U.S. east coast and in Canada.
The SEED funding, in cooperation with Bristol County Savings Bank, was provided under the Small Business Administration’s 504 program, which allows SEED to provide up to to 40 percent of the financing needed behind a bank for the purchase of buildings and equipment with a life of 10 years. SEED’s portion can range from $120,000 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 5.3 percent.