The South Eastern Economic Development (SEED) Corporation has recently closed on loans to Foxborough area businesses totaling $1,018,200. The loans were made to Building Envelope Systems in Plainville and Stopa & Associates in Foxborough, and enabled the businesses to expand and create six new jobs.
Stopa & Associates, LLC received a $79,200 loan from SEED for the purchase and renovation of a commercial condominium at 132 Central Street in Foxborough, where the law firm will relocate. Owner Mark Stopa has over 30 years of experience and began his legal practice in 2003.
“SEED made it possible for my business to purchase office space as a part of our continued growth,” stated Mark. “Laurie took the lead in finding a participating lender and worked diligently to ensure that the deal closed in a timely fashion. SEED’s entire staff was a pleasure to do business with and I look forward to working with them I the future.”
Mark offers a variety of legal services that includes but is not limited to residential and commercial real estate, criminal and family law, and civil litigation. The project will create one new job. The lending team was Laurie Driscoll from SEED and Mary Johnson from Mansfield Bank. Visit their website at www.stopaandassociates.com.
SEED provided Building Envelope Systems with a $613,000 loan for the purchase of a 50,000 square foot building at 20 High Street in Plainville, as well as a $308,000 loan for the purchase and installation of equipment. Both loans were made under the SBA 504 Program. The purchases will allow the company to increase sales and take on projects they are currently unable to accommodate.
Started in 2011 by Brett Miller, Building Envelope Systems specializes in the design and construction of metal panels, structural steel, metal stairs, and stair rails for commercial buildings in southern New England.
This small manufacturing company is now co-owned by Brett and his father Steve Miller. They have used their combined 35 years of experience in the industry to successfully grow their business. The project will create five new jobs. The lending team was Lisa Holmes from SEED and Timothy Chaves from Bristol County Savings Bank. Visit their website at www.teambes.com.
As an SBA micro lender, SEED can make loans from $1,000 to $50,000 for working capital, inventory, machinery and equipment, furniture and fixtures and refinancing business credit card debt. SEED has small loan funds available specifically for Brockton based businesses. The interest rate is at 6 percent fixed for six years with no prepayment penalty.
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.
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 4.97 percent.
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.
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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