The South Eastern Economic Development (SEED) Corporation has recently closed on a small business loan to K-9 Mercantile Protection in Middleboro. The loan provided the business with needed working capital, and will assist in the creation of two new jobs.
“We were pleased to assist this woman-owned small business which is an existing SEED client,” stated Tamarah Bacon, who was the SEED lender for the project. “K-9 Mercantile has shown significant success over the years as the business continues to grow.”
As an SBA Micro Lender in the region, SEED has been able to stay connected with the small business community in providing the support they need and access to capital to allow entrepreneurs to continue to grow their business and succeed,” stated Tamarah Bacon, who was the SEED Lender for the project.
Owner Tiffony Cesero established K-9 Mercantile Protection in 1981 as a local independent security firm and dog boarding kennel. The business provides a full range of alternative protection services including guard dog services, security consultations, electronic monitoring, and investigative operations.
K-9 Mercantile Protection not only operates a guard dog business, but is also licensed to train and sell guard dogs for personal protection. The office is located at 491 Wareham Street and is open Monday through Friday between 9 a.m. and 5 p.m. Visit their website at www.k9mercantileprotection.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 4.91 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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