The South Eastern Economic Development (SEED) Corporation recently closed on a $119,000 small business loan to the Atlantic Bistro. The financing enabled the restaurant to purchase the building located at 167 Spring Street in Marion to start operations with nine employees. The lending team for the project was Laurie Driscoll from SEED and Wayne Carvalho from First Citizens Federal Credit Union, which also participated in the financing.
“Laurie Driscoll was instrumental in helping us achieve our dream of restaurant ownership,” stated owners Christopher and Jen Thibeault. “The SEED team helped us through every step of the process with guidance, patience, and a positive attitude.”
The Atlantic Bistro is a chef-driven restaurant and bar offering guests a broad range of locally-sourced, upscale seafood specialties and American cuisine. Christopher brings with him over 20 years of experience in the restaurant industry, including culinary training abroad, and will incorporate upscale dishes, as well as more affordable small plates into the menu.
Some of Atlantic Bistro’s entrées include pan-seared scallops, grilled prime strip steak, pan fried catfish, grilled swordfish steak, and fish and chips. The restaurant also offers patrons a variety of appetizers, soups, salads, and desserts.
The Bistro is open for dinner Monday through Saturday from 4:00 to 11:00 pm. Visit their website at www.theatlanticbistro.com to view a complete menu.
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 its Small Loan Program, SEED can finance up to $250,000 in participation with a bank or alone. The loan funds can be used for working capital, furniture and fixtures, equipment, and real estate for the use of the business. Interest rates range from 5% to 6% fixed for terms up to 10 years and amortizations up to 20 years.
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 4.8 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.
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