The South Eastern Economic Development (SEED) Corporation has recently closed on two small business loans totaling $699,000 to Hannoush Jewelers in West Warwick, and Marathon Industries in Pawtucket. The loans enabled the businesses to purchase real estate and equipment.
“I congratulate Hannoush Jewelers and Marathon Industries on obtaining the financing they need to expand their businesses and create jobs,” said Mark S. Hayward, director of the SBA Rhode Island District Office. “The financing provided through SBA and SEED will result in the creation of 11 Rhode Island jobs. Small business job creation is the key to revitalizing our economy.”
Hannoush Jewelers received a loan of $579,000 under the SBA 504 Program through SEED to purchase a 7,356 square foot building where they operate their jewelry store at 685 Bald Hill Road. The expansion will create nine new jobs. The lending team on this project was Anne Trevisani from SEED Corporation and Patrick Annese of Bank of America.
Marathon Industries, Inc. received $110,000 under SEED’s Small Loan Program and the SBA’s Micro Loan Program. The loans assisted in the purchase of equipment and provided working capital for their rigging company. The expansion will create two new jobs. The lender on the project was Lisa Holmes of SEED Corporation.
“I just want to thank SEED Corporation for giving me this opportunity. Starting a new business, especially in today’s economy can be overwhelming and sometimes impossible,” stated Alexis Bacon, owner of Marathon Industries. “SEED made it achievable for me to get started with a loan, and I am thankful to be up and running. I especially want to thank all the employees at SEED that made the loan process effortless.
Louis Silva, President of Hannoush Jewelers, has over thirty years of experience in the industry and also owns Kay Jewelers, Belden Jewelers and Jared. Hannoush was founded in 1980 and imports the diamonds and gemstones they manufacture for their jewelry. Along with their in-house cast settings and unique jewelry design, Hannoush also offers lines from manufactures such as Pandora and Watchmakers. For more information visit their website at www.hannoush.com.
“We are very pleased to be able to provide financing to Hannoush Jewelers, making it possible to continue their jewelry company at their current location,” stated Trevisani, vice president and commercial lender at SEED. “I wish the Silva’s all the best!”
Alexis Bacon, owner of Marathon Industries, established the business in 2010. The business is a crane and rigging company that will provide services throughout Massachusetts and Rhode Island.
“It was my pleasure to be able to assist Alexis in the purchase of her boom truck,” stated Holmes, Senior Vice President, Lending Team Leader at SEED. “I wish Alexis all the best with her new business.”
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 4.42 percent.
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.
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