financial services

SEED helps arrange $1.86M loan for auto dealer

Posted 9/18/12

TAUNTON – The South Eastern Economic Development Corp. has closed on a loan of $1,861,000 to Route 44 Hyundai in Raynham. The loan enabled the automobile dealership to expand and create 15 new jobs.

The loan is to assist in the purchase and construction of the 17,650-square-foot building where they operate their dealership. The business presently has 28 employees. Route 44 Hyundai received the loan under the SBA 504 Program through SEED.

Route 44 Hyundai is located at 1094 and 1110 New State Highway, Route 44, on the Raynham “Auto Mile.” The dealership was established in 2000 to sell new and used Hyundai vehicles. In addition to car sales, they offer a full auto parts and service department for all Hyundai vehicles. The business is family owned and operated.

“Our new facility has allowed us to give our customers the comfort and convenience they truly deserve,” said Bob Barboza, owner of the dealership, in a SEED statement. “Without the assistance of SEED we would not have been able to do so.”

“The ability for us to be a part of the acquisition and give the Barboza family and their well-established business the opportunity to expand was exciting and an honor,” said Anne Trevisani, vice president and commercial loan officer at SEED in the release. “I wish the Barboza family the best with their newly renovated dealership.”

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