The South Eastern Economic Development (SEED) Corporation has recently closed on loans to Old Colony Adult Day Health Center and Bill Vagenas DMD in Brockton. The loans totaling $797,000 enabled the businesses to expand and create ten new jobs.
Old Colony Adult Day Care, Inc. was provided with a $620,000 loan under the SBA 504 program for the purchase and interior renovation of a 9,120 square foot building located at 10 North Pearl Street. The loan enabled the business to better accommodate its rapidly growing client base and create nine new jobs.
“It was a pleasure working with Jeff in the relocation of Old Colony Adult Day Health Care,” stated Laurie Driscoll, who was the SEED lender for the project. “His new building is significantly larger and as a result of carefully thought out renovations, Jeff now provides separate areas for socialization, group activities, exam rooms for those requiring medical care and even a theater. I was very impressed with his operation!”
Owner Jeff Lessa established Old Colony in 2004 when he saw a need for day services for elderly or disabled members in the community who could not care for themselves. The adult day care provides its occupants. The adult daycare also provides transportation services for clients who need it.
The lending team for the project was Laurie Driscoll from SEED and Anthony Aveni from Rockland Trust Company, which participated in the financing. Visit their website at www.oldcolonyadhc.net.
Bill Vagenas, DMD, LLC received a $177,000 SEED loan to assist in the financing of a commercial building located at 5 Torrey Street in Brockton, which will enable the practice to expand and create one new job.
“Our office invests in the community and intends to continue to provide outstanding care for more decades to come to our loyal patients,” stated Vagenas. “We can do this thanks to our caring local SEED partners who made it easy for us to use a community bank that employs local people and keeps the area vital.”
Dr. Vagenas has been in the dentistry profession for nearly twenty years and established his own practice in 2004. He is also a member of the American Dental Association and the Massachusetts Dental Association.
The business performs general dentistry as well as high-end cosmetic dentistry, which includes dental implants and sedation dentistry. Bill also has advanced training in Invisalign, Lumineers, and Botox treatments. The office is open Monday through Thursday between 7 a.m. and 7 p.m. The lending team was Laurie Driscoll from SEED and Richard Hooke from Crescent Credit Union. Visit the website at www.vagenasdental.com.
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 4.84 percent.
SEED can also make direct loans 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.
SEED Corporation is a non-profit economic development organization certified in 1982 by the U.S. Small Business Administration. SEED is a Community Development Financial Institution (CDFI) under the U.S. Department of the Treasury and the SBA Micro Lender for the region. Under various programs, SEED makes loans from $1,000 up to $5.5 million to assist small businesses to grow and create jobs throughout the region.
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.
# # #