SEED Makes Small Loans to Four Rhode Island Businesses

The South Eastern Economic Development (SEED) Corporation has recently closed on four small business loans totaling $196,525 to Home Healthsmith, LLC in Portsmouth, The Magic Studio in Newport, Snapology in North Providence, and Fitness Fusion, LLC in Bristol. The loans enabled the businesses to start-up, expand, and create 12 new jobs.

9SEED provided Home Healthsmith with a $100,000 loan for working capital, which will allow the growing business to accommodate increasing demand. The loan enabled the business to create four new jobs. The SEED lender was Angela Knight.

“We appreciate all that SEED did for our business,” stated owner Linda Bohmbach.  “They realized that the passion we have for our business is driving our success and innovation to help change the way people age-in-place.”

Home Healthsmith was founded in 2012 by husband and wife team Linda and William Bohmbach and provides in-home solutions to those with mobility restrictions. Their home modification products include stair lifts, elevators, wheelchair ramps, and grab bars.

Through their SafeHome Advantage Program, the business conducts safety assessments to determine the needs of the client.  Home Heathsmith was named the 2016 SBA Microenterprise Business in Rhode Island and New England. They are located in Portsmouth. Visit their website at www.homehealthsmith.com.IMG_9954

SEED provided The Magic Studio with a $46,525 loan to refinance their store. The loan enabled the business to create two new jobs.  The lending team on the project was Lisa Holmes from SEED and Christopher Sheehan of BankNewport.

“We had a very positive experience working with SEED. Whether it’s a start-up or an established business like us, SEED has a genuine interest in the success of your business,” stated owner James Higgins of the Magic Studio.  “They made it possible for us to save money on our mortgage payments, which I can now put back into the business.”

James opened The Magic Studio in Newport in 2002 after operating a magic supply store and performing for nearly 10 years. The store is mainly geared toward children, magic enthusiasts, and tourists.

The store is located at 433 Thames Street and is open seven days a week from 10:00 a.m. to 11:00 p.m. during the summer months, and 10:00 a.m. to 6:00 p.m. Monday through Friday during the fall and spring.

Picture1Snapology received a $35,000 micro loan for the purchase of equipment and working capital. The loan will allow the business to start-up and create one new job. The lender for the project was Angela Knight.

“SEED and my loan officer, Angela Knight, were wonderful to work with.  I needed a loan for my start-up business quickly and Angela was excellent at getting everything finalized,” stated owner Whitney Goduto.  “She was always responsive!  I am extremely thankful for SEED, and would not be launching my business without them.”

Offering a unique, hands-on learning experience for children, Snapology uses creative play with Lego bricks and other building toys to enhance early education. The programs are designed to trigger children’s imagination, promote teamwork, and enhance concepts of science, math, technology, literacy, and animation.

Snapology will operate as a mobile program for area schools, recreation centers, and other community venues and offers after-school programs, summer camp sessions, birthday parties, and home-school solutions. Whitney is a kindergarten teacher and will focus the business primarily on early childhood education and development for children ages two to fourteen. Visit their website at www.snapology.com.Capture

Fitness Fusion received a $15,000 micro loan for the purchase of equipment and working capital. The loan will
enable the business to grow and create one new job. The SEED lender for the project was Angela Knight.

“Thanks to SEED, I have been able to secure a loan that will help me relocate my business into space where my studio can flourish!” stated co-owner Danielle Rogers.  “I’m grateful for the opportunity to continue to grow within the community we serve.”

Husband and wife team Danielle and Michael Rogers opened the fitness studio in 2013 and provide small group classes, personalized training, and a diversified range of exercise options for men, women, and children. Group classes offered include TRX, barre, piloxing, outdoor boot camp, and vinyasa power yoga.

The business is located at 349 Metacom Avenue in Bristol and is open seven days a week with varying day-to-day class schedules. Visit their website at www.fitfusionri.com.

SEED can lend 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.

# # #

Sorry, comments are closed for this post.

Copyright © South Eastern Economic Development (SEED) Corporation | All rights reserved ~ Provided by: SouthCoast Internet