The South Eastern Economic Development (SEED) Corporation has closed on five small business loans on the Cape and Islands including Ace Hardware and The Yarn Basket, Supreme Pizza & Subs, Sweet Tomatoes, Pulmonary Internists & Consultants and a Nantucket business totaling $1,633,000. The loans enabled the businesses to expand and create nine new jobs.
Ace Hardware and The Yarn Basket received a loan of $1,073,000 under the SBA 504 Program through SEED to purchase a 17,130 square foot strip plaza in Eastham to operate and expand the businesses. The expansion will create one new job. The lending team on the project was Laurie Driscoll from SEED and Charles DeSimone of Bank of Cape Cod.
“All of us here at Ace Hardware are excited to have been able to return local ownership to our shopping center,” stated Darin Krum, Manager of Ace Hardware. “With the help and guidance of both Seed Corp, and the Bank of Cape Cod, we are now able to insure that we will be able to serve our loyal Lower Cape customers for years to come.”
Supreme Pizza & Subs received a loan of $185,000 under the SBA 504 Program through SEED to purchase the building in East Falmouth where they operate their pizza shop. The expansion will create three new jobs. The lending team on the project was Lisa Holmes from SEED and Charles DeSimone of Bank of Cape Cod.
The hardware store and the yarn shop are located at 4205 County Road in Eastham. Shawn Krum and her husband William founded Ace Hardware in 1991 followed by the opening of The Yarn Basket in 1995. Ace is the largest retailer-owned hardware cooperative in the industry. They continue to have a loyal commercial and residential customer base. The store sells the Benjamin Moore paint line, lawn and garden tools, hand and power tools, electrical, plumbing, hardware, house wares and automotive supplies, along with various services. Their website is www.paintingeastham.com.
“It was a pleasure to be able to assist Shawn and William with the acquisition of the strip plaza and helping them expand their business,” stated Driscoll, Assistant Vice President and Commercial Loan Officer at SEED. “I wish the Krum’s continued success in their well-established business.”
The pizza and sub shop is located at 147 Teaticket Highway in East Falmouth. George and Harry Papadopoulos purchased the existing business, originally “Christos Pizza,” in 2010. The pizzeria offers pizza, calzones, gourmet pizzas, subs, burgers, dogs, as well as salads, pasta and appetizers. Supreme Pizza & Subs is open seven days a week and has extended hours in July and August. Their website is www.falmouthsupremepizza.com.
“It was a pleasure to be able to assist George and Harry with the acquisition of their pizza shop,”stated Holmes, Senior Vice President and Lending Team Leader at SEED. “The ability for us to give them the opportunity to expand their business was an honor!”
SEED made a loan of $178,000 to Sweet Tomatoes Pizza under the SBA 504 Program. The loan enabled the business to purchase and renovate a 2,086 square foot building in Chatham for their pizza shop. The participating bank was Bank of Cape Cod Merrill Sweet established Sweet Tomatoes in April 2004 which is famous for Neapolitan Pizza and was voted #1 on Cape Cod. The business is located at 790 Main Street in Chatham. His website is www.sweettomatoescapecod.com.
Pulmonary Internists & Consultants, P.C. also received a loan from SEED of $175,000 under the SBA 504 Program to assist in the purchase of a 2,600 square foot building in Hyannis for his medical practice. The participating bank was Bank of Cape Cod. Dr. Albert A. Barrows established Pulmonary Internists & Consultants in 1982 and has 32 years of experience in the field. The business is located at 51 Bay View Street in Hyannis.
SEED also provided a $25,000 micro loan to a Nantucket business for working capital. The loan will create two new jobs.
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 4.38 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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