SEED receives $3.8M for small-business loans in R.I., Mass.

THE SOUTH Eastern Economic Development Corp. on Tuesday announced it has received $3.8 million to help it make small-business loans in Massachusetts and Rhode Island.
THE SOUTH Eastern Economic Development Corp. on Tuesday announced it has received $3.8 million to help it make small-business loans in Massachusetts and Rhode Island.

TAUNTON – The South Eastern Economic Development Corp. on Tuesday announced it has received $3.8 million to help it make small-business loans in Massachusetts and Rhode Island.
The funding, made possible through various grants and interest-free loans, was given to the nonprofit, known better as SEED, after it made 69 small-business loans totaling $17 million in fiscal 2016. SEED estimates the loans assisted in the creation of 272 new jobs.
“The $3.8 million in new capital together with SEED’s existing capital base of $8 million will enable SEED to continue meeting the financing needs of small businesses in Massachusetts and Rhode Island for loans up to $250,000,” said Maria Gooch-Smith, SEED’s executive director, in a press release.
SEED is a nonprofit economic development corporation focused on assisting small businesses in the region. It specializes in making loans anywhere from $1,000 to $5.5 million, and works in partnership with the U.S. Small Business Administration.
Since 1982, the nonprofit has made 2,012 loans totaling $351 million, leveraging $730 million in bank loans and private funds, and creating 12,346 jobs, according to the release.
During fiscal 2016, which ended for the nonprofit on Sept. 30, SEED worked with 12 financial institutions. It also received a $1 million loan from R.I. Commerce Corp. for a new program called the Small Business Assistance Program.
SBA Rhode Island earlier this month also named SEED the micro lender of the year for the Ocean State.

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