$759K in SEED loans to R.I. small businesses to create 11 jobs

The South Eastern Economic Development Corp. recently made a loan of $734,000 to Gilded Newport LLC, which will expand its boutique inn. / Gilded Newport LLC
The South Eastern Economic Development Corp. recently made a loan of $734,000 to Gilded Newport LLC, which will expand its boutique inn. / Gilded Newport LLC

TAUNTON, Mass. – The South Eastern Economic Development Corp. recently made loans totaling $759,000 to two Rhode Island small businesses, which are slated to create 11 new jobs.
The nonprofit, an economic development organization known better as SEED Corp., made a loan of $734,000 to Gilded Newport LLC. The funds are going toward the purchase of two Victorian properties at 21 and 23 Brinley St. in Newport, formerly known as the Brinley Victorian Inn. Gilded Newport will expand its boutique inn.
The loan will create 10 new jobs, according to SEED, and was made through the U.S. Small Business Administration 504 Loan Program, which pairs economic development organizations with lenders and borrowers. Paul DiSanto, of BankNewport, participated in the financing.
“Seeing Rhode Island small business utilize the SBA Loan program to make themselves more efficient and expand the job market in the state is really wonderful,” said Mark S. Hayward, SBA Rhode Island district director, in a statement. “We are thrilled that our lending partners at SEED were able to help these great businesses expand.”
The second loan, totaling $25,000, was made through the SBA Micro Loan Program. The receiving company, Small Axe Productions LLC, will use the funds to purchase and install a solar panel system. Small Axe Productions, established in 1974, is a novelty shop turned department store, owned and operated by David and Linda Turano.
“The new equipment will allow the business to expand, increase energy efficiencies and create one new job,” according to SEED.

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