The South Eastern Economic Development (SEED) Corporation has recently made a small business loan of $25,000 to Affordable Lawn Care, LLC under SEED’s Micro Loan Program. The loan will be used for working capital and equipment to assist in the
start-up of their lawn and garden landscape business.
“SEED personnel provided us with fast, efficient service and guided us through the whole process. Everyone one is helpful and a pleasure to work with,” stated co-owner Kristy Keenan of Affordable Lawn Care.
The business is located in North Kingstown, Rhode Island. Co-owners Ray Liberatore and his wife Kristy Keenan service residential and commercial customers focusing on Cranston, Warwick, West Warwick, Coventry and surrounding areas. Their services and prices are as follows; $125 per month for weekly mowing, $600 per season for spring and fall cleanups; includes two visits each season and $50 per visit for mulching, aerating, seeding, dethatching, edging, weeding and lime applications.
“Affordable Lawn Care is a perfect example of a start-up small company that was unable to obtain bank financing and came to SEED for a micro loan,” stated Laurie Driscoll, assistant vice president commercial loan officer at SEED. “We were able to put funds in their hands to purchase their equipment so they could hold on to their own money for working capital. I wish Ray and Kristy much success in their landscaping venture!”
SEED can lend up to $200,000 for working capital and other uses. The term on the loan 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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