The South Eastern Economic Development (SEED) Corporation has recently closed two small business loans totaling $65,000 to Alloy Fitness in Norwell and The Rested Mind, LLC in Hingham. The loans enabled the businesses to start-up and create four new jobs.
Alloy Fitness, located at 376 Washington Street, received a $35,000 micro loan for the purchase of equipment and working capital. The loan will create two new jobs. The SEED lender for the project was Angela Knight.
“SEED was a critical partner in helping turn my dream into a reality,” stated owner Tina Morin. “The staff was incredibly helpful and made me feel comfortable through every stage of the loan process. I’m looking forward to working with the organization as Alloy Fitness grows throughout the years.”
Tina has worked in the fitness industry since 2013 and opened Alloy in January 2016. She is a certified personal trainer and holds certifications in numerous fitness disciplines including Spinning, pilates, barre, rowing, and strength training.
The studio’s unique classes combine strength, cardiovascular, and yoga-based flexibility training to help people of all fitness levels become stronger, increase metabolism and prevent injury. Alloy Fitness is open Monday through Thursday from 5:30 a.m. to 8 p.m., Friday from 5:30 a.m. to 6 p.m., and weekends from 7:30 a.m. to 11 a.m. For more information visit www.alloyfitnessma.com.
The Rested Mind , located at 62 Derby Street in Hingham, received a $30,000 micro loan for working capital, which will allow the business to grow and create two new jobs. Established in 2010 by owner Susan Long, the private mental health practice specializes in adolescent mental health, psychopharmacology, and mediation management for adults and veterans. Susan has been in the mental health industry for nearly thirty years and holds five degrees relating to mental health and psychiatry.
The office is located at 62 Derby Street in Hingham and is open Sunday through Thursday from 6:30 a.m. to 10:30 p.m., and Friday and Saturday from 6:30 a.m. to midnight. Visit their website at www.therestedmind.com.
SEED can 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 also a Community Development Financial Institution (CDFI) under the U.S. Department of the Treasury. 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.
Under the SBA 504 Program, SEED can also provide up to 40 percent of the financing needed behind a bank for the purchase of buildings and equipment. 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.
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.
# # #