The South Eastern Economic Development (SEED) Corporation has recently closed on a small business loan of $175,000 to Ponds Child Care Center, Inc. in Plymouth under the SBA 504 Program.
“Laurie was truly amazing to work with during our loan process, as far as being professional, informative and proactive,” stated Pauline (Polly) Murphy, co-owner of Ponds Child Care Center. “She went above and beyond to make us feel comfortable and connected. SEED would be the first point of contact if I am ever in need of financing for my business in the future.”
The loan has allowed the business to purchase a 7,816 square foot building to operate the daycare center. The project enabled the business to create 14 new jobs. The lending team on the project was Laurie Driscoll from SEED and Stephen Sooy from Mayflower Bank.
The daycare is located at 133 Raymond Road in Plymouth. Polly and Steve Murphy purchased the business and real estate from Athene Cannon and her husband Jeffrey who had owned the daycare for 20 years. Polly also owns Little Tykes Daycare, which she has operated out of her home in Middleboro since 2009.
Ponds Child Care Center accommodates 71 children. It provides care for infants through age five, as well as before and after school care for a limited number of children ages six through nine and a half years. For more information about Ponds Child Care Center, visit their website at www.pondschildcare.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 with a life of 10 years. 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 5.25 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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