SEED provided The Inn at the Oaks with a $400,000 loan under the SBA 504 Program for the purchase of the 4,963 square foot building where they currently operate the inn. The lending team on the project was Laurie Driscoll from SEED and Charles DeSimone of Bank of Cape Cod. The project will create three new jobs.
“The SEED staff couldn’t have been more helpful at every stage of the loan process,” stated Lawrence Shapiro, owner of The Inn at the Oaks.
The pet friendly Inn has been operating since the 1920’s and was purchased by Shapiro in September 2010. The property consists of a total of four suites and nine guest rooms, in addition to four public rooms, the breakfast room and a dining area. Inn at the Oaks is located at 3085 State Highway (Route 6) in Eastham across from the National Seashore Visitor Center. The Inn was also the recipient of Trip Advisor’s Certificate of Excellence in 2013. Their website is www.innattheoaks.com.
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 5.47 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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