The South Eastern Economic Development (SEED) Corporation has closed on three small business loans totaling $931,000 in the Taunton area. The loans enabled the businesses to start-up, expand and create new jobs.
“We are very pleased to provide financing to Fielder’s Choice Sporting Goods, Inc., Amaro’s Market andGrinold-O’Brien Sales, Inc., stated Maria Gooch-Smith, SEED’s executive director.
Fielder’s Choice Sporting Goods, Inc. received a loan of $665,000 under the SBA 504 Program through SEED to construct a 12,000 square foot sporting goods facility in Taunton. The expansion will create 11 new jobs. The participating bank was Mechanics Cooperative Bank.
The new facility is located at 427 Winthrop Street in Taunton. Philip Santos and Stacey-Arpin Santos established their sporting goods store in 2000 selling quality name brand sporting goods, apparel, accessories as well as licensed apparel for National Football League, Major League Baseball, National Basketball Association and National Hockey League. Other services offered include fitting, glove re-lacing, bat re-gripping and facemask attachment. Their website is www.fielderschoicesports.com.
Amaro’s Market, Inc. received a loan of $130,000 under the SBA 504 Program through SEED for the purchase of a 2,639 square foot building for their gas station and convenience store. The purchase will create six new jobs. The participating bank was Bridgewater Savings Bank.
“Working with SEED was a very nice experience. They were all very helpful and friendly,” stated Andy S. Amaro, co-owner of Amaro’s Market, Inc.
The gas station and market is located at 508 Middleboro Avenue in East Taunton. Amaro’s Market was established in 1974 by Albert Amaro and is now co-owned by his sons Aaron and Andy Amaro. The market offers a variety of goods as well as a Dunkin Donuts coffee shop.
Grinold-O’Brien Sales, Inc. received a loan of $136,000 under the SBA 504 Program through SEED for the purchase of a 2,880 facility for their automotive parts wholesales business. The expansion will create three new jobs. The participating bank was Mansfield Bank.
The new facility is located at 86 West Main Street in Norton. Grinold-O’Brien was established in 1966 and is owned by Douglas O’Brien. Grinold-O’Brien offers automotive retail, heavy duty petroleum and tools and equipment sales.
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 $50,000 to $5 million for most small businesses, and $5.5 million for manufacturing businesses, at a fixed interest rate below market for 20 years, currently 5.47 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 Gooch-Smith.
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 $5.5 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.
# # #