The South Eastern Economic Development (SEED) Corporation has recently closed on three small business loans totaling $309,500 to ComForcare Home Care in Canton, The Sky Connection in Dedham, and Lucky Star Petroleum in Stoughton. The loans enabled the businesses to start-up, expand and create 23 new jobs.
SEED provided ComForcare Home Care with a $50,000 SBA Micro Loan for working capital to assist in the start-up of the business. Owners Suvarcha and Sumit Madan provide non-medical home health care assistance offering services to those requiring help with daily living activities.
“We were looking for a loan to start our new business and were referred to SEED by a friend,” stated Sumit and Su Madan. “Angela and Tamarah helped us along the way; from putting together the application package to the closing of the loan. Working with SEED was a very pleasant experience.”
Services provided by ComForcare include; socialization, administrative, personal care, safety supervision, medication reminders, meal planning, grocery shopping, and travel and transportation. The business is located at 515A Washington Street in Canton. Their website is www.comforcare.com/massachusetts/canton. The lending team from SEED was Tamarah Bacon and Lindsey Williams.
The Sky Connection received an $8,500 SBA Micro Loan for the purchase of equipment for Michael Marks’ science and cultural enrichment education business. The Sky Connection was established in 2004 and provides on-site, traveling, EduTarium Programs for schools, private events, camps, and nature centers throughout New England and beyond.
“I am glad that my local bank referred me to SEED Corporation for a loan to expand my business. They are thorough, supportive, and easy to work with,” stated Michael Marks. “The staff are personable and responsive. I have closed on two loans now and I can’t imagine using any other financing source to meet my future needs.”
Marks brings hands-on science to individuals and organizations in a unique and fun way offering a wide range of topics including culture, climate, geography, mathematics, space and earth sciences and related disciplines. His website is www.edutarium.com. The lending team from SEED was Tamarah Bacon and Lindsey Williams.
Lucky Star Petroleum received a $251,000 loan under the SBA 504 Program for the purchase of a 2,932 square foot building to operate a gas and auto repair station. The lending team on the project was Lisa Holmes from SEED and William Zawacki of Rockland Trust, which was also involved in the financing.
The business is located at 825 Washington Street in Stoughton. Owner Yacoub Mikhael operates as a gas station, convenience store, and general auto repair shop including repairs, oil changes and state inspections. The business is open seven days a week from 6:00 am to 10:00 pm.
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 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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