The South Eastern Economic Development (SEED) Corporation has recently closed on two small business loans totaling $243,000 to Besthands Construction and Repair in Norton. The loans will enable the businesses to expand and create 4 new jobs.
SEED provided Besthands Construction and Repair, Inc. with a 504 loan totaling $193,000 for the purchase of land and construction of a 3,000 square foot building. The lender on the project was Laurie Driscoll from SEED and Wayne Janelle of Middlesex Savings Bank, which also participated in the project.
The business also received a $50,000 microloan from SEED for working capital, which will help create four new jobs within the next two years.
“Through my experience with SEED and the loan process, I found the staff to be very helpful, friendly and efficient,” stated Emerson Martins. “Laurie was so wonderful to work with and made the loan process enjoyable. With their help I was able to secure a loan for working capital.”
Emerson started Besthands Construction and Repair in 2003 as a sole proprietorship out of his home. The company provides commercial and residential landscape design and construction services in Southeastern MA and Rhode Island. The small business also provides snow plow and removal services during the off season. The business is located at 142 East Main Street in Norton.
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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