The South Eastern Economic Development (SEED) Corporation has recently closed on a $1,196,000 loan to Haddad’s Ocean Café in Marshfield. The loan enabled the business to expand and create at least 19 new jobs.
Haddad’s Ocean Café received the loan under the SBA 504 Program for the purpose of expanding their restaurant an additional 4,924 square feet. The project increased the dining room and bar seating area on the first floor to 191, second floor seating to 120, and created a new seasonal rooftop deck on the second floor with seating for 80. The lending team on the project was Anne Trevisani from SEED and Kevin Joyce of S-Bank.
“Chuck and Mitch Haddad have done a terrific job expanding Haddad’s Ocean Café to serve more people and create a wonderful event venue for functions. They blended some of the features of the beloved, original location with a more upscale feel for special occasions,” stated Anne Trevisani, Vice President Commercial Loan Officer at SEED. “Throughout the entire process, Chuck and Mitch were a pleasure to work with. They were always “hands on,” just as they are in operating the restaurant. Kevin Joyce of S-Bank saw their vision and made it happen with SBA financing provided by SEED Corp. Congratulations to the Haddad family.”
Haddad’s Ocean Café was established in 1937 by Louis Haddad and has since been continually operated by three generations of the Haddad family. The restaurant is well known throughout the South Shore for its fresh, locally caught seafood at affordable prices and great ocean views. Over the past two decades, Haddad’s Ocean Café has won numerous local awards and reader’s choice opinion polls, including Best Seafood restaurant in Marshfield. The business is located at 291 Ocean Street in Marshfield, MA. Their website is www.haddads-ocean-cafe.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 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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