Kingston, MA- The South Eastern Economic Development (SEED) Corporation has recently closed on a commercial real estate loan to Home Away from Home in Kingston.
The Bog Ice Arena received a $955,000 loan under the SBA 504 Program through SEED for the renovation and expansion if their 43,000 square foot facility. The multipurpose facility include programs such as Figure Skating, Learn to Skate, Learn to Play Hockey, Bay State Breakers, South Shore Town Cup, Metro Elite Hockey, and Public Skating. The project will create 13 new jobs. The ice arena is located at 188 Summer Street in Kingston. The lending team on the project was Anne Trevisani from SEED Corporation and Anthony Aveni from Rockland Trust. The website is www.bogiceskating.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 5.46 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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