S&E Home Care Services received a $205,000 loan under the SBA 504 Program for the purchase of a property including a 1,584 office building to operate the landscaping and construction business. The project will create five new jobs. The lending team on the project was Lisa Holmes from SEED and Shari Hayes of Cape Cod Five Cents Savings Bank.
Owner, Svetoslav Osev opened S&E Home Care Services in 2009 initially providing lawn care maintenance and custom stone work. Since that time he has grown the business and expanded the products and services to also include home remodeling. Osev has now acquired R&K Landscaping and Irrigation, Inc. which merged with S&E Home Care Services. The business is located at 195 Route 28 in West Harwich. Their website is www.s-eservices.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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