The South Eastern Economic Development (SEED) Corporation has recently closed on two small business loans totaling $361,000 to Boston Tavern and Native Times Coffee in Middleboro. The loans enabled the businesses to start-up, expand and create 19 new jobs.
Boston Tavern, Inc. received a $354,000 loan under the SBA 504 Program through SEED for the purchase of a 9,633 square foot building, which will enable the small business to start-up and create 18 new jobs. The lending team on the project was Lisa Holmes from SEED and Patrick Gaughan of Rockland Trust.
“We are thrilled to have partnered with SEED and Rockland Trust on the opening of our new location in Middleboro. Lisa Holmes and the SEED staff were wonderful to work with and made the loan process an extremely positive and enjoyable experience,” stated Dennis Barbato, co-owner of Boston Tavern.
Boston Tavern is located at 58 East Grove Street in Middleboro. Owners Peter Morrissey and Dennis Barbato opened the doors to their new 350 seat sports themed restaurant and function facility in April. This is their second location. The first location is in West Bridgewater. Boston Tavern offers a full menu including appetizers, soups, salads, entrees, sandwiches and desserts. The restaurant will be open Sunday through Thursday from 11:30 am to 11:30 pm and Friday and Saturday 11:30 am to 1:00 am. Their website is www.bostontavernandfunctions.com.
Native Times Coffee, LLC received a $7,000 loan from SEED under the SBA Micro Loan Program to assist in the start-up of Rita Gonsalves’ coffee distribution business in Middleboro. The small business will create one new job. The lending team from SEED was Angela Knight, Laurie Driscoll and Lindsey Williams. Native Times Coffee provides distribution of private label organic and fair trade coffee. The company will offer three blends including Black Fox, a dark roast, Field Rock, a medium roast; and a light roast called Solstice.
“SEED was very helpful in assisting me and providing quick responses when I had questions throughout the application process. The SEED staff went above and beyond to help me get the money needed to start my coffee business,” stated Gonsalves.
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 with a life of 10 years. 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 4.5 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. SEED is also a Community Development Financial Institution (CDFI) under the U.S. Department of the Treasury. 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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Click here for more information on SEED’s loan programs