The South Eastern Economic Development (SEED) Corporation has recently closed on a $150,000 small business loan to Machupicchu Restaurant in Providence using RI Commerce Funds. The loan assisted the business with the refinance of commercial real estate at its second location and enabled the restaurant to create four new jobs. The lending team for the project was Angela Laperriere from SEED and Patrick Hayward from Coastway Community Bank, which also participated in the financing.
Machupicchu opened its first location in 2004 serving authentic Peruvian cuisine in a fine dining atmosphere. The restaurant’s second location was opened in the spring of 2016. Owner Elizabeth Brito, who serves as the executive chef, offers guests a variety of appetizers, entrees, and desserts that are prepared with traditional Peruvian techniques and ingredients.
Machupicchu’s extensive menu includes seafood, meat, and vegetarian dishes, as well as a wine, beer, and specialty cocktails. The restaurant is open from noon to 9:00 pm Monday through Friday, and noon to 10:00 pm on Saturday and Sunday. 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 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.
“As a non-profit community lender, SEED will be able to make loans up to $250,000 with the RI Commerce funds,” explained Maria Gooch-Smith, SEED’s executive director. She added that loans can be made for real estate purchases or improvements for the business and for a variety of uses including working capital and refinancing of high interest rate business credit cards. The rates range from five to six percent fixed and the term on the loans can go up 10 years with longer amortization.
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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