Milford- The South Eastern Economic Development (SEED) Corporation has recently closed on a $3 million small business loan to Holiday inn Express in Milford under the SBA 504 Program. This is the largest SBA 504 project SEED has participated in since its inception.
The loan enabled owners Richard Lafrance and Timothy Burkhardt to purchase a 59,337 square foot building in Milford to operate the Holiday Inn Express. The business has created 30 new jobs. The lending team on the project was Anne Trevisani from SEED and Roger Cabral from Bristol County Savings Bank.
“SEED was instrumental in assisting us in securing SBA 504 financing for our hotel project, “stated Burkhardt. “Ann Trevisani was always available to assist with questions and helped move the process along.”
The Holiday Inn Express is located off Route 495 at 50 Fortune Boulevard in Milford. The hotel consists of 117 rooms on four floors which have been renovated and upgraded with this financing. Amenities include a complimentary buffet breakfast, an indoor pool, a business center, fitness center, meeting room and guest laundry facilities.
Richard Lafrance owns and operates seven hotels throughout Massachusetts, New Hampshire and Maine. He also owns several restaurants including White’s of Westport; Bittersweet Farm Restaurant and Tavern in Westport; and Rachel’s Lakeside banquet facility in Dartmouth, MA. Timothy Burkhardt is the Vice President of Hotel Operations and is in charge of all seven of Lafrance’s hotel properties and has over 20 years of industry experience. Their website is www.expressmilford.com.
“SEED had the pleasure and privilege of working with Richard and Tim, as well as their Head of Finance, Jeffrey Pineault of Lafrance Hospitality Group to provide a loan for the acquisition and renovation of the Holiday Inn Express in Milford,” stated Trevisani, Vice President, Commercial Lender at SEED. “They are all experienced and knowledgeable individuals, and we believe they will be very successful with the Milford location.”
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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