The South Eastern Economic Development (SEED) Corporation has recently closed on a $250,000 loan to Barber Electric Enclosures Mfg., Co. in North Attleboro under the SBA 504 Loan Program. The loan was provided for the purchase of a 15,000 square foot commercial building located at 30 Chestnut Street and will allow the business to create three new jobs. The lending team for the project was Laurie Driscoll from SEED and Seamus O’Connell from Bank of America, which also participated in the financing.
“The staff at SEED Corporation, led by Laurie Driscoll, did a fantastic job guiding us through the SBA 504 loan process,” stated co-owner Mike Yidiaris. “Special thanks are needed regarding the environmental approval. While our knowledge of the environmental issues was quite limited, the SEED staff had all the answers.”
After nearly 65 combined years with the company, Mike Yidiaris and Jim Chapman are the new owners of Barber Electric, which was founded in 1915. Together they have successfully grown the company since taking over as managers in 2008.
Barber Electric specializes in the design and manufacturing of custom-made electrical enclosures for commercial and residential clients. Their services include product modification, free CAD consultations, and on-site visits to customers. Visit their website at www.barber-mfg.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 4.31 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.
# # #