The South Eastern Economic Development (SEED) Corporation has closed on two small business loans to Sagamore Inn in Bourne and Regency Police Supply, Inc. in Hyannis totaling $175,000. The loans enabled the businesses to take advantage of SEED’s low interest rates and purchase real estate.
Sagamore Inn received a loan of $100,000 under the Revolving Loan Fund to assist in the purchase of the building that they currently lease. The business is located at 1131 Route 6A in Sagamore. The lending team for this project was Laurie Driscoll from SEED Corporation and Chris Richards of Cape Cod Five Cents Savings Bank.
“SEED made the loan process very easy. They were very professional and were able to offer us more than one lending option, which is very helpful to a small business,” stated Suzanne Bilodeau, co-owner of Sagamore Inn. “Without SEED’s lending opportunity we would not have been able to secure a loan.”
Regency Police Supply, Inc. received a loan of $75,000 under the Revolving Loan Fund to assist in the purchase of a 2,500 square foot building from which to operate a police supply business. The business is located at 11 Enterprise Road in Hyannis. The lending team for this project was Lisa Holmes from SEED Corporation and Steve Spitz of Cape Cod Five Cents Savings Bank.
Owners Michael and Suzanne Bilodeau purchased the Sagamore Inn in 2009. The restaurant is a seasonal lunch and dining venue that is also available for small functions and off-site catering. They offer a broad menu which includes salads, sandwiches and entrees. Sagamore Inn is open seven days a week from April to October and Thursday through Sunday from November through mid-December. Their website is www.sagamoreinncapecod.com.
“It was a pleasure working with Mike and Suzanne at the Sagamore Inn,” said Driscoll, assistant vice president and commercial loan officer for SEED. “They’ve worked hard through a difficult economy and now they have the benefits of owning their building, as opposed to renting. I wish them continued success and look forward to visiting them this summer!”
Owner Paul Palmariello established Regency Police Supply in 1988. The business sells a complete line of police and fire department apparel, as well as belts, boots, holsters, body armor and other accessories. Regency Police Supply is equipped with a 16 color embroidery machine that allows them to complete embroidery work in-house. Tailoring services are also provided. Their website is www.regencys.com.
“It was an honor be a part of the acquisition and give Paul the opportunity allow his police supply business to grow,” stated Holmes, Senior Vice President and Lending Team Leader at SEED. “I wish Paul the best of luck at his new location in Hyannis!”
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.
# # #