Modern Real Estate, Inc. and Gateway Real Estate, Inc. received a $269,000 loan under the SBA 504 Program through SEED for the purchase of 2,600 square feet of office space to operate their business. Modern Real Estate was founded in 2005 by Joshua Blank, Craig Peper and Paul Richards.
The full service brokerage firm offers residential leasing, and sales and property management through Gateway Property Management, LLC. The project will create five new jobs. The business is located at 139 and 141 Brighton Avenue in Allston. The lending team on the project was Lisa Holmes from SEED and Wayne Janelle of Middlesex Savings Bank.
“Lisa was a pleasure to work with and was able to explain an otherwise seemingly complicated process,” stated Craig Peper, Owner of Modern/Gateway Real Estate. “She was present, knowledgeable, experienced and walked us through every step of the process.”
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 for 20 years, currently 5.47 percent, and a 10 percent down payment.
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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