SEED Makes Three Loans in New Bedford Area totaling $1,187,000


The South Eastern Economic Development (SEED) Corporation has closed on three small business loans to Walnut Grove School House in Fairhaven, Wash World in New Bedford and Kia of Dartmouth in North Dartmouth totaling $1,187,000.  The loans enabled the businesses to expand and create sixteen new jobs.

Walnut Grove School House received a loan of $144,000 under the SBA 504 Program through SEED to purchase a 2,000 square foot building in Fairhaven for her daycare business.  The expansion will create one new job.  The lending team on this project was Lisa Holmes from SEED Corporation and Brian McMahon of Bridgewater Credit Union.

“With the help of the SEED Corporation I was able to achieve my goal by purchasing the commercial building in which my business currently resides,” stated Athena Xiarhos, owner of Walnut Grove School House.  “I thank them for all their help and encourage small business owners to form a partnership with them as well. They are one of the best investments that a business owner could make.”

The daycare is located at 316 Huttleston Avenue.  Walnut Grove School House provides daycare services for infants starting from six weeks old, toddlers, and a before and after school program for school age children up to nine years old.  Owner Athena Xiarhos strives to provide the children at Walnut Grove with age appropriate learning opportunities in a warm, loving environment.  Her website is www.walnutgroveschoolhouse.com.

“It was a pleasure to be able to assist Athena with the acquisition of her daycare facility in Fairhaven,” stated Holmes, Senior Vice President and Lending Team Leader at SEED.  “The ability for us to give Athena the opportunity to grow her business was an honor!”

Kia of Dartmouth received a loan of $793,000 under the SBA 504 Program through SEED to purchase a 16,160 square foot facility in Dartmouth for their car dealership.  The expansion will create 11 new jobs.  The care dealership is located at 143 Faunce Corner Road.  Owner Jose Adao has over 20 years of experience in the automotive industry.  The lending team for this project was Lisa Holmes from SEED and Steven Ingalls of Rockland Trust.

SEED made a loan of $250,000 to Wash World under the SBA 504 Program to purchase a 14,226 square foot building in New Bedford to operate their dry cleaning and Laundromat business.  The expansion will create four new jobs.  The business is located at 2112 Acushnet Avenue.  President Patricia Hillman-Sylvia provides standard personal laundry services in addition to commercial cleaning for uniforms and linens.  The lending team for this project was Anne Trevisani of SEED Corporation and Brian McMahon of Bridgewater Credit Union.

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 $120,000 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 loansis 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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