The South Eastern Economic Development (SEED) Corporation has closed on two small business loans to Norfolk county businesses including Dowd Plumbing in Stoughton, and CrossFit Automile in Norwood totaling $174,000. The loans enabled the businesses to start-up, expand and create four new jobs.
Dowd Plumbing, LLC received a loan of $127,000 under the SBA 504 Program through SEED to assist in the purchase of a 5,550 square foot building at 7 Freeman Street in Stoughton to operate their plumbing business. The expansion will create two new jobs. The lending team on the project was Lisa Holmes of SEED and Kenneth Nasiff from Rockland Trust.
“SEED proactively guided us through the loan process in assisting us with the acquisition of our building,” stated Arthur and Mary Dowd, Owners of Dowd Plumbing. “The SEED staff was all very knowledgeable, and in the end provided the financing that made the deal a success.”
Husband and wife team, Arthur and Mae Dowd, established Dowd Plumbing in 1979. Dowd focuses on commercial maintenance for colleges and universities and holds their largest contracts with Babson College and Milton University. Their website is www.dowdplumbing.com.
SEED provided CrossFit Automile, Inc. with a loan of $47,000 under the SBA Micro Loan Program to assist in the start-up of their CrossFit Studio at 661 Pleasant Street in Norwood. The lending team on this project was Tamarah Bacon and Laurie Driscoll from SEED. The start-up business will create two new jobs.
“Working with SEED to get our start-up business loan could not have been easier,” stated Emily Anderson, co-owner and coach of CrossFit Automile. “Through the process we developed a great business relationship, but more importantly a personal relationship that made the process enjoyable. In the future, there’s no doubt I would turn to SEED first.”
CrossFit provides an alternative ‘big box, machine-based’ gym where they train with minimalist equipment such as dumbbells, pull-up bars, gymnastic rings, medicine balls and barbells. Their Facebook page is www.facebook.com/BlackstoneValleyCrossFit.
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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