By Michael Souza
PBN Staff Writer
TAUNTON – The South Eastern Economic Development Corp. has made a small business loan for $8,000 to Mediation Resources under its microloan program. The loan will assist in the start-up of the divorce-mediation practice.
The business is located at 56 North Main St., Suite 202 in Fall River. Co-owners Angela Razza and Rebecca Hall are both social workers who are certified divorce mediators, specializing in settlements, child custody, visitation and support and tax ramifications due to divorce. Mediation Resources will operate seven days a week by appointment, with most taking place in the evening.
SEED can lend up to $200,000 for working capital and other uses. The term on the loan 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.
“We were pleased to provide Mediation Resources with an $8,000 microloan to help open their practice doors,” said Laurie Driscoll, assistant vice president, commercial loan officer at SEED. “This small loan was the extra boost that Angela and Rebecca needed to get ready to do business.”
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.