SEED provided The Therapy Room, LLC with a $10,000 SBA Micro Loan for furniture, fixtures and equipment to relocate and expand the existing therapy practice. Owner Tomasz Wawrzyniak, who is a psycho therapist, operates a licensed mental health group practice, which is now located in the financial district in Boston at 100 State Street.
Wawrzyniak operates a private practice for individuals, couples, family and group counseling of all age groups with a range of mental health disorders. His goal is to bring together mental health clinicians into one location and to make The Therapy Room an umbrella company. The lending team on the project was Tamarah Bacon, Lindsey Williams and Laurie Driscoll.
“SEED not only gave me the capital needed for my business to grow but also provided guidance, expertise, and resources to help me develop my business plan,” stated Wawrzyniak.
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 for 20 years, currently 5.47 percent, and a 10 percent down payment.
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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