The South Eastern Economic Development (SEED) Corporation has recently closed two small business loans to Pet Recess, Inc. in Lakeville and The Beehive in Middleboro totaling $252,000. The loans will allow the businesses to expand and create seven new jobs.
SEED provided Pet Recess with a $193,000 loan under the SBA 504 Program for the purchase of a 3,641 square
foot commercial building and a 1,083 residential building located at 36 Main Street in Lakeville. The project will allow the business to expand and create five new jobs. The lending team for the project was Laurie Driscoll from SEED and Tricia Dandrow from Rockland Trust, which also participated in the financing.
“I was guided through the entire process by Laurie Driscoll who has the most patience I have ever encountered!” stated owner Julie Dixon. “Having a fixed rate for the loan allows me to run the business profitably. I am so grateful for all the advice I have received from SEED and would never be where I am without them.”
Owner Julia Dixon founded Pet Recess in 2007 and provides pets with climate-controlled indoor play areas and large outdoor play areas enhanced with toys, climbers, and trampolines.
Pet Recess also offers boarding services. The kennels are designed to comfortably accommodate various sizes, energy levels, and breeds of dogs. The Doggie Daycare is open seven days per week from 6:30 a.m. to 7 p.m.; grooming and boarding are by appointment. Visit their website at www.petrecess.net.
The Beehive received a $32,000 micro loan for the purchase of an existing hair salon located at 35 Pearl Street in Middleboro. The project allowed the business to create two new jobs. The SEED lender for the project was Angela Knight.
The Beehive has been in business since 2009, and will now be under the management of new owner Karen Lawrence. Karen has been in the cosmetology industry since 1981 and brings extensive salon management experience to the new business, having managed several successful salons in the Greater Boston Area.
The Beehive offers men and women’s cuts, colors, extensions, and perms, as well as styling and blowouts. The current pricing structure will remain the same with cuts and colors ranging from $45 to $95. The salon’s hours of operation are from Tuesday through Saturday 8:00 a.m. to 9:00 p.m.
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 $5.5 million, at a fixed interest rate below market for 20 years, currently 4.23 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.
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