SEED Makes Small Business Loan to ModVic in Sharon

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The South Eastern Economic Development (SEED) Corporation has recently provided ModVic, LLC in Sharon with a $50,000 micro loan for working capital. The loan will allow the business to create one new job. The SEED lender for the project was Angela Knight.

“After you’ve experienced some financial distress, there are not many financial institutions that you can reach out to for a second chance of rebuilding your business,” stated owner Bruce Rosenbaum. “The incredible folks at SEED saw my passion and desire to rebuild. Thanks so much for believing in my dreams and having the confidence to help a small business person make the world a better place.”

ModVic was founded by Bruce and Melanie Rosenbaum in 2007 as a Steampunk art and design company, which creates functional art, furniture, and educational exhibits by combining antique relics from the Victorian Age with modern technology. The business has used this unique design style to create aesthetic pieces for commercial properties, nation-wide art shows, period museums, and hospitality firms looking to infuse Steampunk into alternative nightlife décor.

Aside from decorative art, ModVic has also taken on real estate projects, transforming modern homes and workplaces by incorporating 19th Century artifacts into today’s technology.  The Rosenbaum home has been featured prominently on CNN, MTV, the Discovery Channel, and HGTV as well as many other national media outlets. Visit their website at www.modvic.com.

SEED can 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.

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 4.56 percent.

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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