The South Eastern Economic Development (SEED) Corporation has closed on two small business loans to Medical Component Specialists and Childs Engineering Corporation in Bellingham totaling $656,000. The loans enabled the businesses to expand and create five new jobs.
Medical Component Specialists, Inc. received a loan of $374,000 under the SBA 504 Program through SEED to purchase a 20,800 square foot building to operate the manufacturing business. The expansion will create three new jobs.
“SEED was a wonderful resource for us throughout the process of purchasing a new building to allow the business to grow,” stated James Moore, President of Medical Component Specialist, Inc. “Lisa Holmes made the loan process very easy and guided us along the way.”
Childs Engineering Corp./Childs Diving Corp. received a loan of $282,000 under the SBA 504 Program through SEED to purchase and renovate a 8,400 square foot building and 2,000 square foot garage to operate the engineering business. The expansion will create two new jobs. The lending team for both projects was Lisa Holmes from SEED Corporation and Wayne Janelle of Middlesex Savings Bank.
Medical Component Specialists is located at 42 William Way. Owner James Moore, joined forces with his uncle in 1995 using his industry experience to help revamp the family business. Medical Component owns and operates over two dozen highly customized grinding platforms to produce precision medical components from wire, rod and tubing. Their products are used in orthopedics, interventional therapies, minimally invasive surgery and other medical specialties. Their website is www.medicalcomponentspecialists.com.
Childs Engineering Corp./Childs Diving Corp. is located at 36 William Way. President and owner, David Porter, has been with the Corporation since 1972 and has 39 years of experience in the field of marine structures. Founded in 1970, Childs Engineering Corp./Childs Diving Corp. provides engineering services in the specialized field of marine structures including underwater inspection, design of repairs and new structures and hydrographic surveys. They have had extensive experience on various marine structures including; bulkheads, seawalls, piers, wharves, cargo and passenger marine terminals, shipyard facilities and marinas. Their website is www.childseng.com.
“The ability for us to be a part of the acquisition and give these well established businesses the opportunity to expand was exciting and an honor,” stated Holmes, Senior Vice President and Lending Team Leader at SEED. “I wish James and David the best at their new locations!”
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 4.3 percent.
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.
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