By Michael Souza
PBN Staff Writer
TAUNTON – The South Eastern Economic Development Corp. has recently assisted on three small business loans to help several businesses grow in Bristol County, Mass.
Kia of Dartmouth received a loan of $793,000 under the U.S. Small Business Administration and SEED to purchase a 16,160 square foot facility in Dartmouth for their car dealership, and the expansion will create 11 new jobs. The lending team for this project was SEED’s Senior Vice President and lending team leader Lisa Holmes and Steven Ingalls of Rockland Trust.
Under the same program, the Walnut Grove Schoolhouse received a loan of $144,000, for a 2,000 square foot building in Fairhaven for a daycare, creating an additional job. Brian McMahon of Bridgewater Credit Union assisted Holmes on the project.
The facility will provide daycare services for infants starting from six weeks old, toddlers, and a before and after school program for school children up to nine years old. “It was a pleasure to be able to assist [the owner] with the acquisition of her daycare facility in Fairhaven,” said Holmes, in a statement at the time of the announcement.
In addition, a loan of $250,000 was made to Wash World to purchase a 14,226 square foot building in New Bedford to operate their dry cleaning and laundromat business, and the expansion will create four new jobs. Anne Trevisani of SEED and Brian McMahon of Bridgewater Credit Union were the lending team.
Under the SBA 504 program, SEED can provide up to 40 percent of the financing needed behind a bank for the purchase of buildings and equipment. 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. That rate is currently 4.38 percent. SEED can also lend up to $200,000 for working capital and other uses. The term on the loans is up to 10 years with longer repayment periods, if necessary.
For more information about the SBA 504 Program and other SEED loan programs, please call 508-822-1020 or visit SEED at www.seedcorp.com.