The South Eastern Economic Development (SEED) Corporation has recently closed on three small business loans totaling $1 million to Lacerta Group in Mansfield, Produce Barn in Norton, and Shaggy Chic in Attleboro. The loans enabled the businesses to start-up, expand and create 19 new jobs.
Lacerta Group, Inc. received a $732,000 loan under the SBA 504 Program through SEED for the purchase of equipment which will enable the small business to expand and create 12 new jobs. The lending team on the project was Anne Trevisani from SEED and Joe Yotts of Citizens Bank.
Lacerta is a manufacturing company located at 360 Forbes Boulevard in Mansfield. The small business offers customized contract package design and development for a wide range of products and services to a number of industries including consumers staples, electronics, medical/healthcare, food, industrial and protective packaging. Their website is www.lacerta.com.
Produce Barn, Inc. received a $260,000 loan under the SBA 504 Program through SEED for the purchase of a 11,372 square foot building located at 72 Mansfield Avenue in Norton where they operate their general store. The expansion will create three new jobs. The lending team on the project was Laurie Driscoll from SEED and Michael Carriero of North Easton Savings Bank. Produce Barn is a grocery store which includes a meat and product market, hardware store and liquor store.
Shaggy Chic received a $10,000 loan from SEED under the SBA Micro Loan Program to assist in the start-up of Kimberly Ames’ dog grooming business located at 13 Morey Street in Attleboro. The project will create four new jobs. The lending team from SEED was Angela Knight, Lisa Holmes and Lindsey Williams. Shaggy Chic provides a high quality alternative to the common, large scale grooming facility. Her Facebook page is www.facebook.com/ShaggyChicDog.
“Working with SEED has been a great experience! Opening a new business is stressful in itself, and knowing that you need financial support in order to accomplish it can be very daunting,” stated Ames, owner of Shaggy Chic. “Everyone at SEED has been wonderful to work with, as they keep the loan process simple and easy to understand.”
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 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. SEED is also a Community Development Financial Institution (CDFI) under the U.S. Department of the Treasury. 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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