BROCKTON – The South Eastern Economic Development (SEED) Corporation has recently closed on two small loans in Brockton totaling $85,000 to Giving Wolf Insurance Agency and Pool N’ Play. The loans enabled the businesses to expand, start-up and create four new jobs.
Giving Wolf Insurance Agency, LLC received a $25,000 small business loan to assist in the start-up of Richard Hammond-Moore’s independent insurance agency. Richard has over 25 years of experience in the insurance industry and is a member of the Mashpee Wampanoag Tribe of Cape Cod. Giving Wolf will sell both personal and commercial insurance products throughout southeastern Massachusetts focusing on homeowners, auto, motorcycle, and commercial liability insurance. The business is located at 646 Plain Street in Brockton. The SEED lender was Tamarah Bacon. Their website is www.givingwolf.com.
“My experience with SEED has been fantastic. I was contacted almost immediately after requesting financial assistance through SBA LINC,” stated Richard. “The entire process was very timely with the closing taking place in about 30-days. The entire staff was always professional and enthusiastic. SEED Corp seems as excited as I am!”
SEED provided Pool N’ Play with a $60,000 small business loan for working capital to assist in the business’ operations at 2035 Main Street in Brockton. Pool N’ Play was established in 1991 and was purchased by current owner Christopher Lindberg in 2001. They business provides in-ground and above-ground pool installation, chemicals, filters and other accessories. Pool N’ Play also offers ‘pool school’ for new pool owners, education on water analysis and maintenance plans, pool openings and closings, replacement liner installs, water line pressure testing and replacement, equipment repair and installation, and provides insurance estimates. Chris opened a second location in Raynham in 2012. The lender from SEED was Tamarah Bacon. Their website is www.poolnplay.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. SEED has small loan funds available specifically for Brockton based businesses. 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 4.59 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.
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