The South Eastern Economic Development (SEED) Corporation has recently closed on two loans totaling $137,000 to Jake’s Truck Tire Service in Norton and KC Dance Expressions in Raynham. The loans enabled the businesses to expand and create four new jobs.
Jake’s Truck Tire Service, LLC received a $102,000 loan under SEED’s Revolving Loan Fund to purchase the 3,046 square foot building where the business operates at 95 South Washington Street in Norton. The business was established in 2003 by husband and wife team David and Tammy Parham.
“It was a pleasure working with Laurie Driscoll at SEED, she was very helpful throughout the whole process and everything went extremely smooth,” stated David. “Without the help from SEED we would not have been able to purchase the building for Jake’s Truck Tire Service. LLC.”
Jake’s Truck Tire Service specializes in fleet tire maintenance, farm equipment tires, calcium fills, off the road services (loaders and dump trucks), industrial tires (skid steers and fork lifts), and passenger tires. The project will create three new jobs. The lending team on the project was Laurie Driscoll from SEED and Michael Carreiro of North Easton Savings Bank.
KC Dance Expressions received a $35,000 loan for working capital and for the purchase of equipment to assist in the expansion of the dance studio.
“Thanks to SEED Corporation I am able to give our dance family a beautiful spacious studio and accommodate my growing business! Every step of the loan process was explained to me, and SEED was in constant contact along the way,” stated owner Kaitlin (Katie) Corr Donahue. “I was nervous going into this new venture, but the excitement on my dancers’ faces when they saw our new studio prove it was the right decision!”
Katie started the business in 2012 where she offers ballet, pointe, tap, jazz, lyrical, acro, hip hop, and musical theatre to students ages two and a half to 18 years of age. KC Dance Expressions has been voted #1 dance school in Raynham by the Reader’s Choice Awards for 2013 and 2014. Their website iswww.kcdanceexpressions.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 4.8 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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