The South Eastern Economic Development (SEED) Corporation has recently closed on four small business loans totaling $504,500 to Marc’s Auto Service in Wareham, HSW Counseling in New Bedford, Four Elements Salon & Spa, Inc. in Westport, and Bella Donna Massage in Somerset. The loans will allow the businesses to start-up, expand, and create 11 new jobs.
Marc’s Auto Service received a $372,000 loan under the SBA 504 Program for the purchase of two properties located at 2544 and 2546 Cranberry Highway in Wareham. The project will enable the business to create six new jobs. The lending team for the project was Lisa Holmes from SEED and Anthony Aveni from Rockland Trust, which also participated in the financing.
Marc Whitney established Marc’s Auto Service in 1991 as a small repair shop and has successfully grown the business over the past 25 years. The three bay repair shop offers state inspections, oil changes, preventative maintenance, tune ups, alignments, and brake repairs.
Marc’s Auto also has 22 trucks and 14 service vehicles providing 24/7 tow services, which currently cover a 140 mile area including Cape Cod, Kingston, Wareham, and Middleboro. The repair shop is open Monday through Friday from 8 a.m. to 5 p.m. and Saturday from 8:30 a.m. to 11 a.m. Visit their website at www.marcsautoservice.com.
HSW Counseling received a $100,000 loan to assist in the purchase of a 1,732 square foot commercial building located at 4334 Acushnet Avenue in NewBedford. The project will create three new jobs. The lending team was Laurie Driscoll from SEED and Will Mendonca from BankFive, which also participated in the financing.
“I am so thankful for the role SEED played in helping me grow my business,” stated owner Heather Brito “Laurie went above and beyond in making my dreams come alive.”
Owner Heather Brito began her mental health practice in January of 2014 after completing her Masters in Mental Health Counseling. She provides traditional talk therapy to individuals, couples, and families as well as non-traditional therapy for patients who have experienced trauma. These treatments include Jungian Sandplay Therapy, Collage Art Therapy, and Touch Drawing.The office is open Monday through Friday from 9 a.m. to 9 p.m. Visit their website at www.hswcounseling.com.
SEED provided Four Elements Hair Salon and Spa in Westport with a $25,000 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.
Kathleen Quinlan has owned Four Elements Hair Salon and Spa since 2006 and has over 15 years of experience in the beauty industry. The salon recently relocated to 875 State Road in Somerset, and provides clients with haircuts, colors, special occasion up-do’s, and keratin treatments, as well as manicures, pedicures, and massages.
The salon is open Tuesday through Wednesday from 9 a.m. to 6 p.m., Thursday and Friday from 9 a.m. to 7 p.m., and Saturday between 8:30 a.m. and 3 p.m. Visit their website at www.fourelementssalonandspa.org.
Bella Donna Massage received a $7,500 micro loan for working capital, which will enable the business to start-up and create one new job. The SEED lender for the project was Angela Knight.
Owner Donna Pavao has over 10 years of experience in the massage industry and, in that time, has established a loyal client base. The business will offer various forms of massage therapy including chair, deep tissue, swedish, pregnancy, and hot stone massage for 30, 60, or 90 minutes.
The office is open Monday through Saturday by appointment. Visit their website at www.massagesbybelladonna.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 $5.5 million for most small businesses, and $5.5 million, at a fixed interest rate below market for 20 years, currently 4.2 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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