The South Eastern Economic Development (SEED) Corporation has recently closed on a small business loan of $386,000 to Plymouth GI under the SBA 504 Program. The loan has allowed Plymouth GI to relocate to a 2,402 square foot condo in Plymouth; where they will operate their medical practice. The expansion will create six new jobs. The participating lender was Pat Gaughan of Mayflower Bank.
“We are very pleased to be able to provide financing to Plymouth GI, making it possible to expand their medical practice,” stated Lisa Holmes, senior vice president and team leading lender at SEED. “Often the cost of financing real estate with an SBA 504 loan is less than the cost of leasing.”
The new office is located at One Scobee Circle in Plymouth and includes five exam rooms, five offices, three restrooms, a break room and a waiting area. The group specializes in gastrointestinal, liver, gallbladder and pancreas disease and has an affiliation with Jordan Hospital. Owner, Jonathan Russo, MD, specializes in internal medicine and gastroenterology and is certified b y the American Board of Medical Specialties. For more information about Plymouth GI, visit their website at www.plymouthgi.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 $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 4.88 percent.
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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