The South Eastern Economic Development (SEED) Corporation has closed on three small business loans to South Shore businesses including Matt’s Music Center in Weymouth, Bo-Tes Imports in Norwell, and Mamas Move in Norwell totaling $458,000. The loans enabled the businesses to expand and create eight new jobs.
Matt’s Music Center received a loan of $234,000 under the SBA 504 Program through SEED to assist in the purchase of a 5,340 square foot building at 1597 Main Street in Weymouth. The expansion will create four new jobs. The lending team on the project was Laurie Driscoll of SEED and John Mannion of South Shore Savings Bank.
“Laurie Driscoll at SEED, Brenda Stone, and John Mannion at South Shore Savings Bank were absolutely fantastic from start to finish,” stated Matt Leff, owner of Matt’s Music Center. “After paying rent for 15 years, the SBA 504 Program allowed me to go from tenant to landlord. Not only is my cash flow drastically improved, but I now own an asset that I’ll reap benefits from the rest of my life.”
Matt Leff established the music center in 1996. Leff sells high-end guitars and music equipment and also provides music lessons. In addition to his store front location, he also has an online presence and generates sales at www.mattsmusic.com.
SEED provided Bo-Tes Imports, LTD with a loan of $194,000 under the SBA 504 Program to assist in the purchase of a 3,763 square foot building at 714 Main Street in Norwell. The acquisition will create three new jobs. The lending team on the project was Anne Trevisani of SEED and Jack Shea of Rockland Trust.
“As small business owners, it was a pleasure to work with SEED because they allowed us to continue to grow our business,“stated Mary Campanelli, co-owner of Bo-Tes Imports. “The SBA 504 Program allowed us to purchase the building at our Norwell location after just opening our second location in Duxbury back in June.”
Husband and wife team, Mary and Thomas Campanelli, established Bo-Tes Imports in 1997 and operate a second location in Duxbury. The marketplace offers a fine selection of wines, beers and ales from selected breweries, along with an array of gourmet products, artisan breads, homemade baked goods, Boars Head meats and cheeses. The market operates Monday through Saturday from 9:00 am to 8:00 pm. Their website is www.botesimports.com.
Mamas Move, Inc. received a loan of $30,000 under the SBA Micro Loan Program to assist in the operations of their fitness studio. The loan will assist in the creation of one new job. The lending team at SEED was Angela Knight and Laurie Driscoll.
“When all other avenues failed, SEED was able to help us fund our project in order to grow our business,” stated Julie Ross, co-owner of Mama’s Move. “SEED communicated with us throughout the entire process and was not only interested in assisting in a monetary investment but also interested in our success.”
Partners Lauren Hendry and Julie Ross have been in operation since 2008. Mamas Move is a new market concept aimed at creating a non-intimidating, casual environment for mothers to work out and bring their children. The fitness studio offers pre and post-natal fitness classes, mom and baby classes, spa services, nutrition, childcare and children’s birthday parties. Their website is www.mamasmove.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 $120,000 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 4.2 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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