SEED’s Small Business Lending Up 20%
The economy of our region is finally improving, and thanks to your support, SEED’s small business lending increased by 20% this past year. During the fiscal year just ended on September 30, 2012, SEED made 134 loans totaling $40.2 million and creating 688 jobs.
The SBA 504 Program is now a $6 billion program and continues to grow offering the lowest fixed interest rates in years. SEED’s capital base for small loans up to $200,000 is now $6 million. SEED also has access to $5 million from SBA at very low interest rates to meet the demand for micro loans up to $50,000.
SEED Membership Renewal
Every year at SEED’s Annual Meeting, the current membership of approximately 200 vote on a new Slate for SEED Members, Directors and Officers.
This year’s 30th Annual Meeting will be held on Thursday, November 29, 2012 at White’s of Westport. Ferd Kelley, SEED’s Chair, has appointed a Nominating Committee to recommend the slate. In order to expedite the work of the committee, we would like to hear from you. Please fill out the attached Membership Questionnaire and mail, fax or email to us by November 9, 2012.
We invite everyone to make suggestions for new members. SEED Corporation covers Massachusetts and Rhode Island, and needs to have representation from its area of coverage. SEED is a non-profit Chapter 501(c)4 Corporation.
The role of a SEED member is to meet at a minimum once a year for elections, to act on by-laws if necessary, and to review the status of the corporation. Members provide a support network for SEED’s programs. There are no membership fees. Serving on the membership enables an individual to serve on the Board of Directors, which meets at a minimum six times per year. The board is responsible for overseeing SEED’s activities and ratifying small business loan applications.
SEED’s Financing Programs
SEED’s financing programs provide small businesses with gap loans ranging from $1,000 to $5.5 million enabling them to grow and create jobs. Thanks to your support and participation, during the fiscal year just ended on September 30, 2012, SEED made 134 small business loans, under all its loan programs, totaling $40.2 million and representing 688 new jobs. SEED’s active loan portfolio is $109 million.
SEED LOANS – OCTOBER 1, 2011 TO SEPTEMBER 30, 2012
SBA 504 Program — 91 loans, $38.2 million, 495 jobs
SEED Revolving Loan Fund — 16 loans, $1 million, 193 jobs
SEED Micro Loans — 26 loans, $.9 million, 94 jobs
TOTAL — 134* loans, $40.2 million, 688 jobs
* Includes one loan packaged as an SBA guaranty
Since its certification in December 1982, SEED has made $300 million in loans providing gap financing to 1,784 start-up and expanding small businesses with potential for growth and job creation. Over 11,000 new jobs have been created with the loans made by SEED. With 57% of all businesses in our region having less than five employees and close to 90% having less than 20 employees, the importance of small businesses to our economy cannot be overstated. These businesses need the support of SEED, the banking community, and others involved with small businesses in our region.
SEED Ventures LP, which was sponsored by SEED and received its Small Business Investment Company (SBIC) license from SBA in 2005, has made 30 investments totaling $14.4 million. These investments were made in small businesses with great potential for growth and job creation in our region.
Under the Business Assistance Program, SEED held 27 entrepreneurial workshops attended by486 existing and prospective entrepreneurs, and provided individual technical assistance to another 877 for a total of 1,363 existing and prospective entrepreneurs assisted.
Thank you for your continued support. We look forward to hearing from you. Please answer the questions in the attached Membership Questionnaire, and mail or fax to us by November 9, 2011.
If you have any questions, please feel free to call us at (508) 822-1020. Our fax number is (508) 880-7869. You may also email your response to Sid Silva-Reyes at email@example.com. For more information, please visit our website at www.seedcorp.com.
30th Annual Meeting
Thursday, November 29, 2012