Brockton, MA – The South Eastern Economic Development (SEED) Corporation has recently closed on an $949,000 small business loan to Village Pediatrics in Brockton. The loan enabled the business to expand and create four new jobs.
“Without SEED, we would not have been able to negotiate our way through the SBA requirements so efficiently, accurately or timely,” stated David Howell, President, Village Pediatrics. “There was a lot of work involved, and SEED never slowed or faltered. They got the work done and we got the loan we needed, which gave us the facility we wanted.”
Village Pediatrics received the loan under the SBA 504 Program to purchase land and construct a new medical building at 156 North Pearl Street in Brockton. The project will allow the company to relocate to a larger facility less than half a mile away from their current location. The lending team on the project was Laurie Driscoll of SEED and Friend Weiler of HarborOne Bank, which also participated in the financing.
Village Pediatrics has been owned and operated by Dr. David Howell since 1998. The medical care facility specializes in providing health care to children and adolescents up to 19 years of age. In addition to catering to children’s basic medical needs, Village Pediatrics also offers a variety of comprehensive services including behavioral health services and a youth activity and fitness center where families can learn how to improve health through exercise and nutrition. Their website is www.villagepediatrics.net.
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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