The South Eastern Economic Development (SEED) Corporation has recently provided The Brown Jug in Sandwich with a $50,000 micro loan for working capital. The loan will allow the business to create two new jobs. The SEED lender for the project was Angela Knight.
Owner Michael Johnston established The Brown Jug in 2003 as a specialty food shop, café, and wine shop. In 2014, he consolidated the three enterprises into one location. The restaurant’s lunch menu changes daily, offering fresh wraps, sandwiches, cheese trays, and salads. In 2015, Michael also incorporated gourmet pizza into the dining experience, which is made for guests in the outdoor café’s wood-fired pizza oven during the summer months.
“It is always a pleasure working with small businesses like The Brown Jug,” stated SEED lending officer Angela Knight. “We’re excited to be able to assist Michael in continuing to grow his business.”
The Brown Jug is open Tuesday from 9 a.m. to 6 p.m., Wednesday through Saturday from 9 a.m. to 8 p.m., as well as, Sunday between Noon and 6 p.m. Visit their website for more information at www.thebrownjug.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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