NorthStar Asset Management, Inc. received a $100,000 loan to assist with the purchase of a 3,000 square foot building for the growing investment management business. NorthStar is a financial investment advisory firm established in 1990 by Julie Goodridge.
The firm manages 214 accounts and provides services that include consolidated financial statements, individually managed portfolios, collaboration with other financial professionals, assistance with charitable giving, and financial services. The business is located at 2 Harris Avenue in Jamaica Plain. The project will create two new jobs. The lending team on the project was Anne Trevisani from SEED and Abby Nguyen-Burke from Eastern Bank. Their website is www.northstarasset.com.
“When I first realized that we might be able to own an office building in our community, I was ecstatic. We are a women run, socially responsible investment firm and we desperately wanted to share our work with our community minded neighbors,” stated Julie Goodridge, Owner of NorthStar Asset Management. “Our long term relationship with Eastern Bank led us to SEED. Anne worked with us so we were able to finance renovations. We feel extremely fortunate!”
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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