SEED Makes Four Loans to Cape and Island Small Businesses Totaling $931,000

SEED Makes Four Loans to Cape and Island Small Businesses Totaling $931,000

The South Eastern Economic Development (SEED) Corporation has recently closed on four small business loans totaling $931,000 to Christopher Stien Fisheries in Menemsha, Martha’s Vineyard, Landmarks Real Estate of Martha’s Vineyard in Vineyard Haven, Brix Nantucket, and Shawme Animal Hospital in Sandwich. The loans enabled the businesses to expand and create 15 new jobs.

Christopher Stien Fisheries received a $25,000 SBA Micro Loan to replace the engine in his 31.9′ fiberglass vessel, which operates out of Menemsha on Martha’s Vineyard. Chris Stien has over 30 years of experience in the commercial lobstering and fishing industry. In addition to lobstering, Stien shellfishes and oysters and sells his product to Menemsha Fish Market. His Conch fishing catch is distributed to Ocean C Star in New Bedford. The lender from SEED was Laurie Driscoll.

“As a self employed lobsterman for the past thirty years, I have taken advantage of SEED’s loan programs to help my business grow,” stated Christopher Stien. “Those I worked with at SEED are straight forward, personable, and knowledgable about banking and business. I always look forward to working with SEED as my business continues to grow.”

Landmarks Real Estate of Martha’s Vineyard, Inc. received a $456,000 loan under the SBA 504 Program for the purchase of an office building where business is operating. The project will create eight new jobs. The lending team on the project was Anne Trevisani of SEED and Philip Mercier from Martha’s Vineyard Savings Bank, which was also involved in the financing.

The real estate company was established in 1981 by Judith and David Federowicz. In 2003, the firm became a part of the Coldwell Banker network. Judith is a licensed broker with over 24 years of experience. She provides advice to buyers and sellers, and also markets seasonal rental properties. Landmarks Real Estate of Martha’s Vineyard is located at 15 Church Street in Vineyard Haven. Their website is www.mvlandmarks.com.

Brix Nantucket received a $300,000 loan under the SBA 504 Program for the purchase of a 1,536 square foot building to expand their wine shops to a third location in Nantucket. The project will create three new jobs. The lending team on the project was Anne Trevisani from SEED and Stephen Lucitt of Pilgrim Bank, which was also involved in the financing.

The wine shop on Nantucket was purchased by Carri Wroblewski and Klaudia Mally. Brix Wine Shop was founded by Wroblewski and Mally in 2003 on Washington Street in Boston. In 2008, they opened a second location in Boston’s Financial District on Broad Street.

Named “Best of Boston” in their first year of business, Brix procures a hand-picked selection of fine wines and spirits and are well-known for their unique business concept and attentive commitment to customer service. The Nantucket shop is located at 1A Windy Way. Their website is www.brixwineshop.com.

SEED provided Shawme Animal Hospital in Sandwich with a $150,000 loan to assist with the building financing and the purchase of furniture, fixtures and equipment for Dr. David Romeiser’s 1,428 square foot animal hospital. The project will create four new jobs. The lending team on the project was Lisa Holmes from SEED and Robert Reisner of Cape Cod Five Cents Savings Bank, which was also involved in the financing.

Shawme Animal Hospital is an animal hospital, established in 2002 by Dr. Romeiser. The business provides pet related services including routine preventive care for young healthy pets, early detection and treatment of diseases as pets age, emergency services and complete medical and surgical care. Although his focus is on cats and dogs, Dr. Romeiser treats a wide range of animals.

Veterinary services include wellness and vaccinations, digital X-ray and ultra sound, pet nutritional counseling, surgery and anesthesia, lab diagnosis, end of life care, dental care, internal medicine, and grooming. The business is located at 32 Route 6A in Sandwich. Their website is www.shawmeah.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 5.2 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 a Community Development Financial Institution (CDFI) under the U.S. Department of the Treasury and the SBA Micro Lender for the region. 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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