The South Eastern Economic Development (SEED) Corporation has recently closed on loans to Tracey Gear & Precision Shaft in Pawtucket, Cook & Brown Public House in Providence, and Equinox Properties in North Providence. The loans totaling $269,000 enabled the businesses to expand and create nine new jobs.
SEED provided Tracey Gear & Precision Shaft with a $189,000 loan under the SBA 504 Program for the purchase and installation of two pieces of equipment. This new addition will allow the custom manufacturing company to take on contracts they cannot currently machine, turn out products for sale more efficiently, and remain competitive.
“We are thrilled to be able to assist these Rhode Island small businesses as they continue to grow and thrive,” stated Mark S. Hayward, Rhode Island SBA District Director. “Having lending partners in the community, such as SEED, helps us reach even more small businesses and continues to help the Rhode Island economy flourish.”
Tracey Gear was established in 1945 by Leo Tracey and is now owned and operated by his sons Kevin and Terry Tracey and his grandson Doug Tracey. This family business specializes in a wide range of services including gear cutting, turning, broaching, milling, thread grinding, and high quality inspection. They also feature custom-made products in a variety of materials. Tracey Gear is located at 740 York Avenue and is open Monday through Friday from 7 a.m. to 5 p.m. The project will create two new jobs. The lending team was Lisa Holmes from SEED and Timothy Chaves from Bristol County Savings Bank. Visit their website at www.traceygear.com.
Cook & Brown Public House received a $50,000 loan from SEED for working capital, which will allow the restaurant to introduce catering and a summer lobster cart to their customers. Currently, the restaurant offers a full bar menu as well as a traditional a la carte menu. Owner Atom Nemo Bolin uses only organic ingredients from local farmers, fisherman, and food artisans in his restaurant for an authentic grower-to-table dining experience.
“SEED has been a pleasure to work with. As a small business owner it is not always easy to find traditional “big business” lenders willing to work with a company of our size. Tamarah Bacon and the rest of the team at SEED have been professional, courteous, responsive, and on a personal level extremely understanding of the complications and rigors of small business ownership.”
Cook & Brown is located at 959 Hope Street in Providence. The restaurant opens at 5:00 p.m. for dinner on Tuesday through Sunday and serves brunch from 10:00 a.m. to 2:00 p.m. on weekends. The project will create four new jobs. The SEED lender was Tamarah Bacon. Visit their website at www.cookandbrown.com.
SEED provided Equinox Properties with a $30,000 loan for furniture, fixtures, and equipment as well as working capital, which will allow the business to expand and move to a new office space. Equinox Properties was started in 2011 by owner Amit Anand and serves as a real estate sales and property management business. Amit is a multi-lingual broker who focuses on assisting senior citizens and minorities in Rhode Island and Massachusetts.
The business is open Monday through Friday from 9 a.m. to 5 p.m., Saturdays from 10 a.m. to 12 p.m., and Sundays between 12 p.m. and 2 p.m. The project will create three new jobs. The SEED lender was Tamarah Bacon. Visit their website at www.equinoxproperties.net.
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 4.86 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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