Easton, MA- The South Eastern Economic Development (SEED) Corporation has recently closed on a small business loan to Home Away from Home in Easton.
Home Away From Home, LLC received a $52,000 loan for the purchase of a 2,580 square foot facility for their dog and cat boarding and grooming business. Home Away From Home was established in 2010 by husband and wife team, Andrey and Julie Tovstukha. They provide dog and cat boarding including boarding kennels with climate control, individual kennels, cot style beds and bedding, outdoor play sessions in a fenced area. Home Away From Home also provides grooming services that include baths, nail trimming, ear cleaning, fur brushing and teeth brushing. The business is located at 54 Washington Street (Route 128) in Easton. The lending team on the project was Laurie Driscoll from SEED and Joan Richards from HarborOne Bank. Their website is www.homeawayfromhomepets.com.
“Working with SEED made the loan process very easy and seamless,” stated Julie Tovstukha, Co-owner of Home Away From Home. “It was beneficial for us to work with SEED and HarborOne Bank for the purchase of our new space because they worked together to prevent us from duplicating the work and documents needed.”
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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