The South Eastern Economic Development (SEED) Corporation has closed on three small business loans in the Plymouth area totaling $223,000. The loans enabled the businesses to relocate, expand and create new jobs.
“In these difficult economic times, we are very pleased to be able to provide financing to Flaherty Insurance Agency, Inc. in Hanover, Piantedosi Butcher Shop in Plymouth, and Crayon College, Inc. in Kingston” stated Maria Gooch-Smith, SEED’s executive director.
Flaherty Insurance Agency received a loan of $122,000 under the SBA 504 Program through SEED to purchase a 2,000 square foot office building to relocate their insurance business. The expansion will create three new jobs. The participating bank was Rockland Trust.
“The ability to secure a loan though SEED made buying versus renting a no-brainer. Their program offers a much lower down payment and interest rate than a traditional commercial loan. The SBA 504 Program provides the opportunity to own your space for what it would cost to rent it,” stated Dan Flaherty, owner of Flaherty Insurance Agency.
The new office is located at 51 Mill Street, Unit 12 in Hanover. Flaherty Insurance Agency was established in 1956 and serves over 2,000 individuals and 200 businesses in Eastern Massachusetts. Owner Dan Flaherty provides property and liability insurance for individual and business owners. Their website is www.flahertyinsurance.com.
Piantedosi Butcher Shop received a loan of $60,000 under SEED’s Small Loan Program for the purchase of equipment and working capital to expand the business. The loan will help create two new jobs.
Piantedosi Butcher Shop is a family run business located at 282 Court Street in Plymouth. The business was founded in 1995 by the father and son team of Chick Piantedosi and Erik Piantedosi who are committed to providing top quality products to their customers.
Piantedosi’s is a full service butcher shop and deli, which offers a specialty line of Italian and Mediterranean groceries. In addition, Piantedosi offers prepared foods, package specials, and an extensive catering menu. Their website is www.piantedosibutchershop.com.
Crayon College received a loan of $35,000 under the Micro Loan Program for working capital for their child-care business. The business is located at 24 Main Street in Kingston. The center is open Monday through Friday throughout the year from 6:30 a.m. to 6:00 p.m.
“My experience with SEED has been immeasurably successful. Without their help and expertise, I would not have been able to meet a life-long goal of owning and operating child care centers,” stated Lucinda Morgan, owner of Crayon College.
Owners Lucinda Morgan and Kristin Muratore operate three sites, which include, Crayon College Too in Stoughton and Crayon College of Plymouth. The centers provide care to approximately 150 infants, toddlers and preschool/kindergarteners with trained teachers. Their website is www.crayoncollege.us.
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. SEED’s portion can range from $50,000 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 5.6 percent.
“Often the cost of financing real estate with an SBA 504 loan is less than the cost of leasing. The major benefit of the program is that it enables a small business to obtain up to 90 percent financing and keep more of its cash for operations,” stated Gooch-Smith.
SEED can also 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. 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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