The South Eastern Economic Development (SEED) Corporation has closed on a small business loan of $650,000 to Barrett Distribution Centers, Inc. in Franklin under the SBA 504 Program.
The loan has allowed the business to install solar panel equipment on their building, and will enable them to expand and create seven new jobs. The lending team on the project was Anne Trevisani from SEED and Stephen McNeil from Bank of America.
“We are pleased SEED embraced our sustainability initiative and financed our $2.4MM solar project. SEED recognized the merits of clean energy and, in partnership with Bank of America, stated Arthur Barrett, co-owner of Barrett Distribution Centers. “Our project qualified for the SBA 504 program and the banks provided attractive 10-year financing to align with the optimal payback period. This project is good for the environment, improves our cost structure and helps level the playing field with our NJ competitors.”
Barrett Distribution Centers is located at 15 Freedom Way in Franklin. The distribution center was founded in 1940 and is now owned and operated by Arthur and Timothy Barrett. The business operates as a third party distribution center providing warehousing, distribution, and transportation services to manufacturers, distributors and retailers in the apparel, electronics, footwear, furniture and food industries.
Today, Barrett Distribution Centers has 12 distribution centers throughout the United States and has 240 employees. For more information, visit their website at www.barrettdistribution.com.
Arthur Barrett, President, has over 26 years of experience in the third party logistics industry and takes responsibility for the quality systems aspects of the company. He has an MBA from Babson College, a B.A. in Economics/Accounting from Holy Cross and a B.S. in Civil Engineering from Worcester Polytechnic Institute.
Timothy Barrett, COO, has over 16 years of experience in the logistics and outsourced distribution industry. His main focus is on the customer service and financial aspects of the company. Tim has an MBA from the University of Michigan, as well as a B.S. in Economics/Accounting from Holy Cross.
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 5.25 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.
# # #
Click here for more information on SEED’s loan programs