The South Eastern Economic Development (SEED) Corporation has closed on two small business loans to Surgical Weight Loss Specialists and Anchor Financial Insurance Group in Norfolk County totaling $525,500. The loans enabled the businesses to continue operations, expand and create new jobs.
Surgical Weight Loss Specialists in Walpole received a loan of $488,000 under the SBA 504 Program through SEED to purchase and renovate a 5,000 square foot facility for their medical practice. The expansion will create eight new jobs. The participating lender was Joe Cavalini of Dedham Savings Bank.
“SEED was a wonderful resource for us throughout the process of purchasing and renovating new office space for our medical practice,” stated Dr. Adam Glasgow of Surgical Weight Loss Specialists. “Lisa Holmes not only acted as an expert guide through the process, but took a hands-on approach and showed a genuine interest in our business. I would highly recommend SEED to any small business owner or entrepreneur looking to grow or start a business with the help of SBA financing.”
Anchor Financial Insurance Group, Inc. in Dedham received a loan of $37,500 under the Revolving Loan Fund to assist in the purchase of the 2,480 square foot building that they currently lease. The business is located at 394 Washington Street in Dedham. The participating lender was Jeff Pagliuca of Webster Bank.
“The SEED staff provided us with fast, efficient service and everyone was very helpful and a pleasure to work with,” stated co-owner Jill McElroy of Anchor Financial Insurance Group, Inc. “SEED guided us through the whole loan process and most importantly made it possible for us to purchase the building where we currently operate our business.”
Surgical Weight Loss is located at 278 Union Street in Walpole. Adam Glasgow’s practice provides a weight-loss surgery program with a minimally invasive laparoscopic procedure known as the Lap-Band®. Dr. Adam Glasgow has extensive experience in the gastric by-pass and the Lap-Band procedures, and has performed over 1,000 lap-band operations over the last five years. Under his leadership, the American College of Surgeons (ACS) accredited Surgical Weight Loss Specialists as a Level 1 Adult Bariatric Center. Their website is www.massweightloss.com.
“The ability for us to be a part of the acquisition and give the Glasgow’s the opportunity to expand was exciting and an honor,” stated Holmes, Senior Vice President and Lending Team Leader at SEED. “I wish Adam all the best at his new location!”
Anchor Financial is an independent agent that represents insurance companies such as Arbella, Bunker Hill, Commerce, Vermont Mutual, Plymouth Rock, etc. Anchor Financial provides auto, home, condo, apartment, business, life, disability, and home warranty insurance to their clients. Their website is www.anchorfinancialgroup.net.
“The three owners of Anchor Financial Insurance Group bring many years of industry experience to the table and purchasing their building was the next progressive step in their growth,” said Laurie Driscoll, Assistance Vice President and Commercial Loan Officer at SEED. “Participating with Jeff and Webster Bank on this project provided Anchor with low interest, fixed-rate financing so they could be their own landlord. It’s a great opportunity and I’m glad SEED was able to help!”
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 4.5 percent.
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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