The South Eastern Economic Development (SEED) Corporation has closed on two small business loans in the Attleboro area totaling $580,000. The loans enabled the businesses
to expand and create new jobs.
“In these difficult economic times, we are very pleased to be able to provide financing to ENT Specialists, Inc. in Plainville and SAS Enterprises, Inc. in Attleboro,” stated Paula Botelho, vice president and commercial loan officer with SEED.
ENT Specialists received a loan of $360,000 under the SBA 504 Program through SEED to purchase a 7,490 square foot medical facility specializing in surgery of the ears, nose and throat. The expansion will create six new jobs. The participating bank was Sovereign Bank.
ENT Specialists, located at 188 Washington Street in Plainville, is the largest private practice of ear, nose and throat specialists in Massachusetts. Founded in 1972, the group consists of eight physicians Board Certified in Otolaryngology-Head & Neck Surgery to treat nasal & sinus disease, allergy, hearing & balance problems, voice disorders, snoring & sleep apnea, and head & neck cancer. Their website is http://www.entspecialists.com.
SAS Enterprises received a loan of $220,000 under the SBA 504 Program through SEED to purchase the 3,034 square foot building they were leasing. The purchase will create three new jobs. The participating bank was Webster Bank.
SAS Enterprises is located at 1077 Washington Street in Attleboro. The business is a wholesaler of products to local convenience stores. Owner Khalid Siddique has over 18 years of sales experience and began his wholesaling business in 2003. He distributes general merchandise to local convenience stores including 7-Eleven, Shell and Sunoco.
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 $80,000 to $2 million for most small businesses, and $4 million for manufacturing businesses, at a fixed interest rate below market for 20 years, currently 5.25 percent.
“Often the cost of financing real estate with an SBA 504 loan is less than the cost of leasing. The major benefit of the program is that it enables a small business to obtain up to 90 percent financing and keep more of its cash for operations,” stated Botelho.
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. Interest rates range from 5 percent to 6 percent fixed depending on whether there is bank participation.
SEED Corporation is a non-profit economic development organization certified in 1982 by the U.S. Small Business Administration. Under various programs, SEED makes loans from $1,000
up to $4 million to assist small businesses to grow and create jobs throughout the region.
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.
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