The South Eastern Economic Development (SEED) Corporation has recently closed on loans to Crayon College at Plymouth Inc., Southcoast Kitchen Designs in Carver, and South Shore Autoworks, LLC in Kingston. The loans totaling $380,000 enabled the businesses to start-up, expand and create six new jobs.
Crayon College at Plymouth, Inc. received a $178,000 loan under the SBA 504 program for the purchase of a building where the daycare will continue to operate located at 109 South Meadow Road. Owners Lucinda Morgan and Kristin Muratore established their business in 2007 and have been operating out of this space for the past two years.
“This is the third time I’ve worked with SEED to obtain financing for my business,” stated Morgan. “It is always a pleasure to work with such professional and dedicated individuals. I can honestly say that SEED has played a major role in the success of Crayon College.”
Crayon College is a full-service daycare with programs geared toward to infants, toddlers, and preschool-age children. The curriculum focuses on socialization and language development, and uses smaller class sizes to facilitate comfortable interaction between the children. The daycare is open 52 weeks per year between 6:30 a.m. and 6 p.m. The project will create two new jobs. The lending team was Lisa Holmes from SEED and Charles Smith from Eastern Bank. Visit their website at www.crayoncollege.us.
Southcoast Kitchen Designs was provided with a $152,000 loan under the SBA 504 Program for the purchase of two adjoining commercial properties located at 247A and 247B Tremont Street in carver. Owner Matt Arguin will be consolidating the three current locations into one showroom for his kitchen cabinetry design and sales business.
“SEED has been the key to Southcoast Kitchen Designs’ growth. When we opened our first showroom in a leased space it was financed through the SBA Micro Loan Program,” Arguin stated. “Now, six years later, we utilized the SBA 504 Program through SEED which has allowed us to purchase a larger facility to accommodate our growth.”
Southcoast Kitchen Designs was started in 2005 and specializes in the design and sales of cabinetry and countertops for residential kitchens and baths. The business stocks a wide range of cabinetry for all budgets and carries such brands as Shiloh, Schrock, and Palette.
The project will allow the business to create two new jobs. The lending team on the project was Laurie Driscoll from SEED and Jeffrey Pagliuca of Webster Bank, which participated in the financing. Visit Southcoast Kitchen Design’s website at www.southcoastkitchens.com.
SEED provided South Shore Autoworks with a $50,000 micro loan for working capital. With nearly twenty years of technical and managerial experience in the automotive industry, owner Justin Becker purchased South Shore Autoworks from its previous owner in May and has been successfully operating the company for the past six months.
The general automotive repair shop offers customers a variety of services such as diagnostic scans, cooling system maintenance, brake servicing, oil changes, and state inspections. It also specializes in the European car market. South Shore Autoworks’ is open Monday through Friday from 7 a.m. to 6 p.m. and Saturday between 8 a.m. and noon.
The loan enabled the business to create two new jobs. The SEED lender for the project was Tamarah Bacon. Visit the website at www.southshoreautoworks.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 4.84 percent.
SEED can also make direct loans 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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