SEED Makes Six Loans to Rhode Island Businesses Totaling $875,000

The South Eastern Economic Development (SEED) Corporation has recently closed on six small business loans totaling $875,000 to Attwater in Newport, A-1 Paving in Portsmouth, The Learning Garden in Warwick, Stock Culinary Market in Providence, Castle Awards in East Providence and Bluemoonstone Creations in Providence. The loans enabled the businesses to purchase real estate, continue operations, start-up and create nineteen new jobs.

“SBA is pleased to partner with SEED to provide access to capital for these Rhode Island small businesses,” said Mark S. Hayward, director of the SBA Rhode Island District Office.  “Not only will this funding allow these businesses to grow, but it also results in the creation of much-needed Rhode Island jobs.” 

Attwater received a loan of $474,000 under the SBA 504 Program through SEED to purchase a 9,362 square foot building at 20-22 Liberty Street in Newport where they will operate a bed and breakfast. The expansion will create six new jobs.  The lending team on this project was Anne Trevisani of SEED and Paul DiSanto of BankNewport.  Attwater is owned and operated by Leigh Blood and her family. Their website is www.theattwater.com.

A-1 Paving received a loan of $209,000 under the SBA 504 Program through SEED to purchase a 9,760 square foot building at 113 Schoolhouse Lane and 0 Martens Road in Portsmouth where they operate their paving company.  The expansion will create four new jobs. The lending team on this project was Laurie Driscoll from SEED and Sara Hiebner of BankNewport.  Their website is www.a1pavingri.com.   

“The loan process took a little over a year due to issues on the sellers end when purchasing a commercial building.  Throughout the process Laurie was so professional and patient,” stated Robert Rodrigues and Andrew Sheekey, owners of A-1 Paving.  “Working with SEED made getting the loan an easy process and we would work with them again without hesitation.”

The Learning Garden received a loan of $76,000 under SEED’s Revolving Loan Fund to assist in the purchase of a 3,620 square foot building to operate their daycare business at 295 Warwick Neck Avenue in Warwick. Co-owner and Director Raquel Rei started the daycare in 2008.  The Learning Garden hosts children ages six weeks to ten years for full-time care as well as before and after school care.  The project will create seven new jobs. The lending team on the project was Laurie Driscoll from SEED and Holly Pettis of Greenwood Credit Union.

SEED provided Stock Culinary Market, LLC with a loan of $50,000 under the SBA Micro Loan Program to assist in the start-up of Jan Dane’s culinary retail store at 756 Hope Street in Providence.  The project will create two new jobs.  The lending team at SEED was Angela Knight, Laurie Driscoll and Lindsey Williams.

“With SEED, you can be sure the loan process part of opening a businesses will go smoothly,” stated Jan Dane, Owner of Stock Culinary Market.  “Their team helped me advance through each stage.  I feel as though they are deeply invested in the outcome of my business and will do whatever they can to help me succeed.”

Castle Awards, LLC received a $36,000 loan under the SBA Micro Loan Program through SEED for working capital.  The business was established in 1998 and is currently owned and operated by Linda and Lester Grace.  Castle Awards specializes in custom awards; engraving, glassware etching and screen printed and embroidered apparel.  The business is located at 881 Waterman Avenue in East Providence.  Their website is www.castleawards.com.  The lender at SEED was Laurie Driscoll.

SEED provided Bluemoonstone Creations with a $30,000 loan under the SBA Micro Loan Program to assist in the start-up of Pamela Forman’s home-based jewelry business.  Pamela has been in the jewelry industry for the past 15 years.  Her designs will target retailers and wholesalers, with a niche in mid-level priced jewelry markets.  The lending team from SEED was Tamarah Bacon and Anne Trevisani.  Her website is www.bluemoonstone.net.

“Working with SEED was an extremely positive and enjoyable experience. Everyone was a pleasure to work with, and I was impressed with the personal attention, encouragement and enthusiasm,” stated Pamela Forman, owner of Bluemoonstone Creations.  “I am very thankful to SEED for the opportunity to be able to pursue my dream of owning my business, designing my own line of jewelry.”

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 4.2 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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