The South Eastern Economic Development (SEED) Corporation has recently closed on a $90,000 small business loan to The Learning Center of Hopkinton. The loan enabled the business to expand and create two full time jobs.
“If it weren’t for SEED Corporation and Laurie, I would not see my dream become a reality,” stated Patricia Miller, owner of the Learning Center of Hopkinton. “As a small business owner, it was refreshing to know that SEED’s devoted staff had confidence in our commitment and helped us attain our goals.”
The Learning Center of Hopkinton received the loan to expand their daycare facility by adding two new classrooms, a kitchen and restrooms, increasing enrollment by at least 30 full-time students and 20 part-time students. The lending team on the project was Laurie Driscoll of SEED and Wayne Janelle of Middlesex Savings Bank, which also participated in the project.
Owned by Miller since 2000, the Learning Center of Hopkinton is currently licensed to accommodate up to 79 children from three months to 12 years of age. With over 23 years of experience in the industry, Patricia has developed age-appropriate activities for each group including karate, yoga, music, and computers.
The company offers monthly workshops on the latest quality childcare techniques and annually trains their 22 employees in CPR and First-Aid. The business is located at 59 Wood Street in Hopkinton. Their website iswww.tlcathopkinton.info.
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 4.9 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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