The South Eastern Economic Development (SEED) Corporation has recently closed on two small business loans totaling $1.23 million to Coast Automation in Hingham and Mockingbird Restaurant and Martini Lounge in East Bridgewater. The loans will enable the businesses to start-up, expand and create 17 new jobs.
Coast Automation Inc. received a $150,000 loan from SEED for working capital to support its early sales growth. The loan will also allow the company to expand and create one full-time job within the next two years. The SEED lender was Tamarah Bacon.
Coast Automation Inc. is a reseller of industrial and embedded computers, software, and related peripherals that caters to a variety of customers including machine builders, medical device makers, and solar farms. With over thirty years of experience in the computer industry, owner John DeWaal organized the company in 2009 and moved it to its current location in 2012. Coast Automation provides installation of their machines and ongoing service following the sale of their products. The business is located at 30 Pond Park Road, Suite 7 in Hingham. Their website is www.coast-automation.com
Mockingbird Restaurant and Martini Lounge received a $1,080,000 loan under the SBA 504 Program for the purpose of expanding their restaurant in East Bridgewater an additional 13,228 square feet. The project includes a new banquet/function hall capable of seating up to 200 guests, a rear deck and a landscaped backyard complete with a Koi pond and waterfall for function photography. The restaurant will be able to double their staff within two years creating 16 new jobs. The lending team on the project was Lisa Holmes from SEED and Matt Ledin of Mechanics Bank, which also participated in the project.
Mockingbird Restaurant was established in 1997 by Frank Cannizzaro, and specializes in higher end food. The restaurant also offers luncheon buffet menus for their weekend daytime functions. The business is located at 838 and 848 North Bedford Street in East Bridgewater. Their website is www.mockingbirdrestaurant.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 4.9 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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