The South Eastern Economic Development (SEED) Corporation has recently closed on three small business loans to: Dyl & Perillo in Providence; Barlow’s Plumbing & Well Systems in North Scituate; and The Rhody Center for World Music and Dance in Pawtucket totaling $254,000. The loans enabled the businesses to expand, start-up, and create five new jobs.
“It is encouraging to see these three small businesses obtain the SBA-backed financing they need to start and grow,” said Mark S. Hayward, director of the SBA Rhode Island District Office. “Small business is the backbone of our economy and we must do all we can to make sure we provide them with the resource they need to expand and create jobs.”
Dyl & Perillo, Inc. received a $206,000 loan under the SBA 504 Program through SEED for the purchase of a 4,827 square foot building where they will operate their accounting firm. The expansion will create three news jobs. The lending team on the project was Anne Trevisani of SEED Corporation and Robert Skurka from Bristol County Savings Bank.
“Thanks to Anne Trevisani and the team at SEED we were able to get the deal done with minimal interruption to my practice, during a very busy time of year,” stated Robert Perillo, owner of Dyl & Perillo. “Anne was very understanding of my schedule and helped keep the process moving every step of the way. I would recommend SEED to anyone looking to obtain SBA backed funding.”
The accounting firm is located at 446 Broadway in Providence, RI. Dyl & Perillo was founded in 1995 and is now solely owned and operated by Robert Perillo. The firm prepares tax returns, compilations and reviews statements, and also provides bookkeeping services to both corporate and non-profit businesses.
SEED provided The Rhody Center For World Music & Dance with a $28,000 loan under the SBA Micro Loan Program to assist in the start-up of Julie Raimondi’s dance and music studio at 65 Blackstone Avenue in Pawtucket. The Rhody Center provides private instruction, group lessons and social dance opportunities for adults, teens and children to reflect the culturally diverse population of Rhode Island and Massachusetts. The loan will create one new job. The businesses website is www.therhodycenter.org. The lending team from SEED was Angela Knight, Laurie Driscoll and Lindsey Williams.
“Through my experience with SEED and the loan process, I found the staff to be courteous, efficient, and very helpful,” stated Julie Raimondi, owner of The Rhody Center. “Thanks to SEED, I was able to secure a micro loan to open my dance and music studio.”
Barlow’s Plumbing & Well Systems, Inc. received a $20,000 loan under the SBA Micro Loan Program through SEED for working capital and equipment. The business is located at 248 William Henry Road in North Scituate. Husband and wife team, Mary Beth and David Barlow, have owned and operated the business for over 21 years. They are a full service plumbing company that also specializes in well repair and maintenance and water treatment/filtration systems, as well as, backflow prevention services. The loan will create one new job. Their website is www.barlowsplumbing.com. The lending team at SEED was Tamarah Bacon, Laurie Driscoll and Lindsey Williams.
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 5.24 percent.
SEED can 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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