SEED Makes Four Small Loans to Rhode Island Businesses Totaling $380,000

SEED Makes Four Small Loans to Rhode Island Businesses Totaling $380,000

The South Eastern Economic Development (SEED) Corporation has recently closed on four small business loans totaling $380,000 to Aten Energy Conservation in Pawtucket, O’Crepe in Cranston, Supreme Pizza in Westerly, and Darlington Liquors in Pawtucket.  The loans enabled the businesses to start up, expand and create 21 new jobs.

Aten Energy Conservation received a $160,000 loan for the purchase of land and a 7,200 square foot building in Pawtucket to expand the business.  The project will create 5.5 new jobs. The lending team for the project was Laurie Driscoll of SEED and Timothy Chaves of Bristol County Savings Bank, which was also involved in the financing.

“The staff at SEED is expert at navigating through SBA 504 documentation. Their experience enabled me to purchase a facility and expand my business,” stated Matthew Banoub, owner of Aten Energy.  “Every step in the process was handled with a sense of urgency and efficiency, and no time was wasted.  I would definitely recommend SEED to any business owner with capital needs.”

Aten Energy Conservation is a home-performance company specializing in improving the efficiency of existing homes and reducing energy consumption.  Owner Matthew Banoub started Aten Energy Conservation in 2010 to provide ‘weatherization programs’ such as National Grid’s Energy Wise Program.  The company focuses on a combination of air sealing, insulation, and weatherization work to reduce energy usage.  The business is located at 835 School Street in Pawtucket and operates Monday through Friday from 8 a.m. to 4:30 p.m.

O’Crepe LLC received a $36,000 loan for working capital and the purchase of equipment for their start-up food truck business. The project will create two new jobs within the next two years.  The lender on the project was Tamarah Bacon from SEED.

“My experience with SEED has been wonderful.  I had the pleasure of working with a wonderful team, who constantly guided me, and made themselves available to me whenever I had questions regarding my loan application,” stated Brian Sousa, owner of O’Crepe.  “From start to finish they made the process as easy as I could have hoped.”

O’ Crepe will operate primarily in Providence.  The business is a full service mobile kitchen offering both sweet and savory crepes for breakfast and lunch.  In addition, O’Crepe will offer onsite catering services to businesses, educational institutions, and large public outings.  The food truck’s regular stops include Kennedy Plaza, Brown Medical Buildings, and Brown University.  Their website is www.ocreperi.com.

Supreme Pizza received a $100,000 loan for the purchase of the building where owners George and Harry Papdopoulos currently operate their restaurant in Westerly. The project will create 12.5 new jobs. The lending team for the project was Laurie Driscoll of SEED and Charles DeSimone from Bank of Cape Cod, which also participated in the project.

Supreme Pizza has been owned and operated by brothers Harry and George since January of this year.  Although the business’ primary focus is pizza and subs, the menu also includes hamburgers, hotdogs, sandwiches, salads, and pasta dinners. The pizza shop’s beachfront location is especially popular during the summer months due to the increased tourist population. Supreme Pizza is located at 157 Granite Street in Westerly and is open Monday through Saturday 11 a.m. – 10 p.m. and Sunday 12 p.m. – 9 p.m.

Darlington Liquors received an $84,000 loan from SEED for the purchase of the building they currently occupy in Pawtucket  The project will create one new job.  The lending team on the project was Lisa Holmes from SEED and Timothy Chaves from Bristol County Savings Bank, which was also involved in the financing.

Darlington Liquors is a liquor store offering a wide selection of beer, wine, and spirits that has been owned and operated by Nawee Heng since 2004.  The business carries major beer and wine brands, as well as local craft beers and fine wines from Napa Valley.  The store also sells snacks and non-alcoholic beverages, including soda, bottled water, and sports drinks.  Though Darlington Liquors has thrived on its loyal customer base, monthly wine tastings are popular with those outside the area.  Darlington Liquors is located at 346 Armistice Boulevard in Pawtucket.

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 4.96 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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