NORTH ATTLEBORO, MA – The South Eastern Economic Development (SEED) Corporation has recently closed on two loans totaling $301,000 to Riel Auto Body in North Attleboro. The loans enabled the business to expand and create new jobs.
“I had a wonderful experience working with Laurie and the SEED staff throughout the loan process,” stated Glenn Riel, owner of Riel Auto Body. “With SEED’s assistance I was able to purchase a larger facility and continue to grow my business.”
SEED provided Riel Auto Body, LLC with a $251,000 loan under the SBA 504 Program to purchase and improve a 6,250 square foot building to relocate and operate their shop at 525 John Dietsch Boulevard in North Attleboro. The auto body shop also received a $50,000 Micro Loan for working capital. The lending team on the project was Laurie Driscoll from SEED and Paul Camille of Bristol County Savings Bank.
Riel Auto Body was established by Glenn Riel in 2005. He provides full auto collision and paint services to repair both large and small claims. Riel works directly with insurance companies including Commerce, Safety, Amica, and Plymouth Rock and is a direct repair shop for both Liberty Mutual and Hanover Insurance. Their website is www.rielautobody.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 4.6 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.
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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