Hanover, MA- The South Eastern Economic Development (SEED) Corporation has recently closed on a commercial real estate loan to Furniture Consignment Gallery in Hanover.
SEED provided Furniture Consignment Gallery with a $352,000 loan under the SBA 504 Program for the purchase of the 10,046 square foot building where their consignment shop has been located for 20 years. Husband wife team Jason and Diana Frucci purchased the business in 2005. They carry high quality products and traditional furniture styles. The project will create six news jobs. The gallery is located at 756 Washington Street in Hanover. The lending team on the project was Anne Trevisani from SEED and Tom Osuch from S-Bank. Their website is www.furnitureconsignment.com.
“The team at SEED took great care to not only help us to secure the building that our business has called home for more than twenty years, but they did it in a way that allows our business to continue to grow in a healthy way. Ann Trevisani was there to help us to work through the loan process and held our hand so that we could jump every hurdle together,” stated Jason Frucci, Co-owner of Furniture Consignment Gallery. “Thanks to the efforts of SEED, we are totally energized about the future of our business and believe we can continue to take the concept of upscale furniture consignment to new markets.”
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 5.46 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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