SEED Makes Seven Loans Totaling $1.3 Million to Cape and Island Businesses

The South Eastern Economic Development (SEED) Corporation has closed on seven loans totaling $1.3 million to Cape and Island businesses including Dockside Inn in Oak Bluffs; Building Blocks of Barnstable in Centerville; Sheinkopf & Tomasik Eye Care Associates in South Yarmouth; Twin Oaks Inn in Vineyard Haven; Yarmouthport Village Store in Yarmouthport; Cape Destinations in Harwich; and Atlantic Book & Coin in Brewster. The loans enabled the businesses to start-up, expand and create 29 new jobs.

Dockside Inn, LLC received a loan of $559,000 under the SBA 504 Program through SEED to assist in the purchase of a 6,699 square foot building at 9 Circuit Avenue Ext. in Oak Bluffs where they operate their inn.  The acquisition will create nine new jobs.  The lending team on the project was Laurie Driscoll from SEED and Tim Lowe from Martha’s Vineyard Savings Bank.

“Without the support and guidance of such a knowledgeable agency, we would have been significantly limited in our acquisition of The Dockside Inn,” stated John Tiernan, co-owner of Dockside Inn.  “Their involvement in our purchase process made all the difference in the world.”

Dockside Inn is owned and operated by Caleb Caldwell and Mary Ibsen and their business partner John Tiernan.  They were recently honored in Boston Magazine’s Best of Boston as the 2012 Best Inn on Martha’s Vineyard.  Their website is www.vineyardinns.com.

SEED provided Building Blocks of Barnstable, Inc. with a loan of $299,000 under the SBA 504 Program to assist in the purchase of a building at 546 Phinney’s Lane in Centerville for their child day care center.  The expansion will create five new jobs.  The lending team on the project was Anne Trevisani of SEED and Mark Sexton of Bank of Cape Cod. 

“I am very thankful to SEED for giving me the opportunity to purchase the building for my child day care center,” stated Elia Desrocher, owner of Building Blocks of Barnstable.  “Working with SEED was an extremely positive and enjoyable experience.”  Founded in 2006, Building Blocks of Barnstable provides infant to school-age child day care services.

Sheinkopf & Tomasik Eye Care Associates received a loan of $241,000 under the SBA 504 Program through SEED to assist in the purchase and expansion of the 1,540 square foot building at 279 Station Avenue in South Yarmouth where Dr. Thomas Tomasik operates his family eye care business.  The expansion will create three new jobs.  The lending team on the project was Lisa Holmes of SEED and Rob Reisner of Cape Cod Five Cents Savings Bank. 

“We have been very pleased with the interaction we have had with Lisa Holmes and SEED through the recent addition and complete renovation of our Cape Cod optometry practice,” stated Dr. Tomasik.  “They worked very well with our bank and made sure they kept in contact with us throughout the process.”  The business was established in 1973 by Dr. Sheinkopf and was purchased in 2010 by Dr. Tomasik.    Their website is www.capecodeyecare.com

SEED provided Twin Oaks Inn with two loans for $90,000 to install solar energy equipment and for working capital.  The inn is located at 20 & 28 Edgartown Road in Vineyard Haven.  The project will create two new jobs.  The lending team at SEED was Angela Knight, Laurie Driscoll and Lindsey Williams.  The 16-room Bed and Breakfast is owned and operated by husband and wife team Stephen and Judith Pearlman.  Their website is www.twinoaksinn.net.

Yarmouthport Village Store received a loan of $60,000 from SEED for working capital.  The store is located at 330 Route 6A in Yarmouthport.  The project will create four new jobs.  The lending team on the project was Lisa Holmes of SEED and Charles DeSimone of Bank of Cape Cod.  The business offers beer, wine, spirits, basic groceries, penny candy, snacks and a full service deli counter.  

SEED provided Cape Destinations with a loan of $48,000 to assist in the purchase of a building located at 196 Queen Anne Road in Harwich to expand their operations.  The expansion will create five new jobs.  The lending team on the project was Lisa Holmes from SEED and Peter Smith of the Cooperative Bank of Cape Cod.  The transportation company was established in 1998 by Peggy Garrahan and Jay Kavanaugh.  Their website is www.capedestinations.com.

Atlantic Book and Coin received a loan of $42,000 for working capital.  The business is located at 249 A P Newcomb Road in Brewster.  The project will create one new job.  The lending team from SEED was Angela Knight and Laurie Driscoll.

“SEED made the loan process swift and efficient,” stated Peter Terlizzi, owner of Atlantic Book & Coin.  “I received help with both the paperwork and the logistics of the loan and was able to close within a short window.”  Peter Terlizzi established Atlantic Book & Coin in 2007.  He sells rare books and coins to auction houses.  His website is www.atlanticcoincapecod.com.

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, 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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