The South Eastern Economic Development (SEED) Corporation has recently closed on four loans totaling $1,414,000 to Achievement Loop in Somerville, Blue Hills Pharmacy in Braintree, Phoenix Electric Corp. in Canton and Done Deal Motors in Canton. The loans enabled the businesses to start-up, expand and create 28 new jobs.
Achievement Loop, LLC received a $50,000 Micro Loan to assist in the start-up of owner Abby Neumeyer’s educational software business. Neumeyer’s software, “Achievement Loop” is an interactive educational software that allows educators to create an assignment and provide feedback to students online. The software was developed to help eliminate the manual process of reviewing and writing notations on the margins of paper. The start-up will create three new jobs. The lender from SEED was Tamarah Bacon.
“Partnering with SEED Corporation was a great financial decision for Achievement Loop,” stated Abby.” The SEED team was genuinely interested in learning about Achievement Loop and supported us each step of the way. With their help, we were able to complete development of the website and expand our marketing efforts.”
SEED provided Blue Hills Pharmacy, Inc. with a $50,000 loan to assist in the start-up of owner Hung Doan’s pharmacy located at 340 Wood Road in Braintree. Doan opened his doors in March of 2014. The business operates as a full service pharmacy filling prescriptions, offering over the counter products, medical supplies and vitamin supplements. The project will create three new jobs. The lending team on the project was Tamarah Bacon from SEED and Brookline Bank. Their website is www.bluehillspharmacy.com.
“We had a very good experience with SEED,” stated Doan. “They are more than willing to help small businesses get the financing needed to grow their business. The staff was very friendly, helpful, and responsive to all questions in a timely manner. We highly recommend SEED to other small businesses!”
SEED provided Phoenix Electric Corp. with a $1,114,000 loan under the SBA 504 Program to purchase a 39,687 square foot industrial building where the business will relocate at 40 Hudson Road in Canton. The business was established in 1973 to manufacture air core reactors (ACR) for the electric power industry. ACR’s are like surge protectors for power substations and transformers. The lending team on the project was Anne Trevisani from SEED and John Sharry of Bank of Canton. Their website is www.pec-usa.biz.
Done Deal Motors, Inc. received a $200,000 loan to purchase the building where they operate their used car dealership at 1027 Turnpike Street in Canton. The business is a family owned and operated dealership providing quality certified vehicles. The project will allow the business to expand and create 10 new jobs. The lending team on the project was Anne Trevisani from SEED and Steve Ingalls of Rockland Trust Company. Their website is www.donedealmotors.com.
As an SBA micro lender, SEED can make loans from $1,000 to $50,000 for working capital, inventory, machinery and equipment, furniture and fixtures and refinancing business credit card debt. The interest rate is at 6 percent fixed for six years with no prepayment penalty.
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.
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 4.55 percent.
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
# # #