The South Eastern Economic Development (SEED) Corporation has closed on three small business loans totaling $528,000 in Brockton. The loans enabled the businesses to continue operations, expand and create new jobs.
“In these difficult economic times, we are very pleased to be able to provide financing to Stephen W. Sutton, P.C., M&M Seafood, Inc., and Precision Textile Color, Inc. in Brockton,” stated Maria Gooch-Smith, SEED’s executive director.
“SEED Corporation continues to be a tremendous resource to small businesses in the City of Brockton. The three businesses recently funded are from varying industries and SEED was able to meet their individual needs,” stated Mary Waldron executive director of Brockton 21st Century Corporation. “This financing will enable each to thrive, create jobs and improve the local economy. SEED is a very involved partner and valuable asset to Brockton.”
Stephen W. Sutton, P.C. received a loan of $300,000 under the SBA 504 Program through SEED for the purchase and renovation of an office building allowing the law firm to expand. The expansion will create five new jobs. The participating bank was Rockland Trust.
The new office is located at 1308 Belmont Street in Brockton. Attorney Stephen W. Sutton is licensed in Massachusetts and has over 20 years of trial experience in Superior and District Court, Federal District Court and First Circuit Court of Appeals. He established the practice in 1999 and specializes in the areas of defense of general tort liability and civil claims. The law firm’s website is www.suttonlawyers.com.
M&M Seafood, Inc. received a loan of $156,600 under the SBA 504 Program through SEED for the purchase of the 9,538 square foot commercial building they currently lease. The loan will help create three new jobs. The participating bank was Community Bank.
“The SBA 504 Program provided us with the opportunity to purchase the building we were leasing at a low fixed interest rate,” stated Manuel Monteiro, co-owner of M&M Seafood, Inc. “SEED made the loan process very easy.”
The business is located at 1114-1126 Main Street in Brockton. Owners Manuel and Maria Monteiro established M&M Seafood in 2004 as a retail seafood and grocery market. The market offers a variety of fresh seafood items as well as large selections of meats, fresh produce, vegetables and grocery items.
Precision Textile Color, Inc. received a loan of $72,000 under SEED’s Revolving Loan Fund Program to purchase the commercial office space they leased. The loan will help create seven new jobs. The participating bank was Eastern Bank.
“Without SEED and Eastern Bank, I would not have the opportunity to realign my business model in this challenging economy,” stated Mary Vigeant, owner of Precision Textile Color, Inc. “As it stands now, I have some wonderful opportunities opening up that would not be there without the help of SEED.”
The business is located at 244 Liberty Street in Brockton. Owner Mary Vigeant established the textile business in 2005. Precision Textile Color, Inc. specializes in developing and providing vendors and retailers, in the fashion industry, with color swatches for use as color standards. The business presently services a large number of design teams, color departments and retailers throughout the world. Their website is www.precisiontex.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. SEED’s portion can range from $80,000 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 5.47 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 including repayment of high interest credit card debt used for the business. 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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