The South Eastern Economic Development (SEED) Corporation has closed on two small business loans to Hair, Heart and Soul, Inc. and Yoga Antara, LLC in Rhode Island totaling $60,000. The loans enabled the businesses to start-up and expand.
“I congratulate these entrepreneurs for their business expansion and am pleased that SBA has played a role in their growth,” said Mark S. Hayward, director of the SBA Rhode Island District Office. “The access to capital that small businesses need to grow and succeed would not be available without the commitment of SBA lending partners like SEED.”
Hair, Heart and Soul, Inc. received a $50,000 U.S. Small Business Administration micro loan for working capital and the purchase of equipment for their existing salon. The business is located at 407 Hope Street in Bristol, Rhode Island.
“I could have never made my dream come true if it was not for SEED Corporation. It is all happening and I owe it all to the whole team at SEED for making it possible,” stated co-owner Sarah Redman of Hair, Heart and Soul. “All the hard work I have put into growing my business over the years has paid off. Most importantly, SEED made it possible for me to add talented, well-rounded staff to my Hair Heart & Soul family!! Thank You SEED Corp…Dreams can come true.”
Owners Sarah and Michael Redman purchased Hair, Heart and Soul in 2003. Currently, their artistic team consists of ten hair stylists, two nail technicians and one make-up artist. The expansion will allow the salon to provide new services such as facials, massage therapy, electrolysis, hair extensions and wigs for clients with thinning hair and cancer patients. In addition, their new wellness studio will include Reiki and Reflexology, and nutrition and weight-loss programs. Hair, Heart and Soul is open Tuesday through Thursday, 9:00 a.m. to 8:00 p.m. and Fridays and Saturdays, 9:00 a.m. to 5:00 p.m. Their website is www.hairheartandsoul.com.
“Sarah and Michael Redman are extremely dedicated to Hair, Heart and Soul and its growth,” stated Laurie Driscoll, Assistant Vice President and Commercial Loan Officer at SEED. “I was pleased that SEED could provide financing to help expand the business and I look forward to seeing them move to the next level!’
Yoga Antara, LLC received a $10,000 SBA micro loan for working capital and the purchase of furniture and fixtures to assist in the start-up of their yoga studio. The business is located at 189 Governor Street in Providence, Rhode Island.
“My experience with SEED Corporation was fantastic! As a small start up business, I felt overlooked and like a “little fish” when I approached banks about a business loan,” stated owner Rebecca Quigley of Yoga Antara. “SEED connected with me on an individual basis and helped me through the process step by step. I would highly recommend this company.”
Owner Rebecca Quigley is a yoga and Reiki practitioner who offers beginning, intermediate and advanced level adult yoga classes. In addition, she provides Prenatal Yoga, Gentle Yoga, Vinyasa, and Zumba classes. Yoga Antara also holds workshops on a monthly basis that focus on a particular style of yoga or are geared toward a specific group of people; for example, workshops for soldiers and their families, couples yoga workshops, or Restorative Yoga. Rebecca also sells yoga mats, towels and clothing.
“The small loan that SEED provided Rebecca, in addition to her own funds, was enough for her to open Yoga Antara’s doors and cover expenses for several months,” said Driscoll. “I wish her great success as she’s worked very hard to get to where she is today!’
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. 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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