The SEED Corporation has loan funds available for small businesses in the City of Brockton, and is seeking loan applications. “We would like to reach out to businesses in Brockton which need loans up to $200,000 for working capital, equipment or real estate,” stated Maria Gooch-Smith
“This is great news for the Brockton business community,” said Mayor Linda M. Balzotti. “In these difficult economic times, businesses have a daunting time expanding on their own. This funding program provides a much needed boost with a low interest loan, demonstrating the variety of quality support and resources SEED Corporation offers.”
Due to the economic recession and its impact on small businesses, last year SEED was able to secure another million dollars in grant funds for loans. Altogether, SEED has over $5 million in capital for loans up to $200,000, which can be used for working capital, inventory, machinery and equipment, furniture and fixtures and refinancing business credit card debt with high interest rates. SEED also has access to another $5 million from the U.S. Small Business Administration (SBA) for micro loans up to $50,000.
In the past, SEED has partnered with the Brockton 21st Century Corporation, the Metro South Chamber of Commerce, and the Old Colony Planning Council to establish a Revolving Loan Fund for Brockton businesses.
So far, SEED has made the following loans to small businesses in Brockton:
Adaptive Prosthetic & Orthotic Tech., $121,000
Belle Epoque Foods, LLC, $35,000
Cormey Law Office, $20,000
ENT Specialists, Inc., $367,000
JM Pet Resort, $367,000
Joe Angelo’s Café, $85,000
M&M Seafood, Inc., $161,000
McGrath Insurance & Financial Services, $30,000
New England Bailing Wire,Inc., $449,000
Precision Textile Color, Inc., $72,000
Starr Psychiatric Center, $50,000
Stephen W. Sutton, P.C., $128,000
Stop N Gas, $339,999
Micro loans up to $50,000 are available for existing and start-up small businesses including home based businesses. Loan funds can be used for: working capital, inventory, machinery and equipment, furniture and fixtures and refinancing business credit card debt with high interest rates. The term on the loans is up to six years and the current rate is 6 percent fixed.
SEED can also lend up to $200,000 for working capital, equipment, furniture and fixtures, and real estate. 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.
Under the SBA 504 Program, SEED can provide up to 40 percent of the financing needed in participation with a bank for the purchase of buildings and equipment. SEED’s portion can range from $80,000 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 4.88 percent.
SEED is a non-profit economic development corporation certified by SBA in 1982 to assist small businesses in the region. Under various loan programs, SEED makes loans from $1,000 to $5.5 million to assist small businesses to grow and create jobs.
SEED also provides technical assistance to small businesses and works with other economic development organizations and financing institutions in the region to ensure that individuals who are committed to owning and operating a small business are
able to obtain the assistance they need to be successful.
For more information about SEED’s Loan Programs, the free entrepreneurial workshops and other SEED loan programs, please call 508-822-1020 or visit SEED at www.seedcorp.com.
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