The South Eastern Economic Development (SEED) Corporation has recently closed on a $75,000 working capital loan to Tuxedos by Merian in Brockton. The financing will enable the formal wear store to create one new job.
“John and Paul were wonderful to work with throughout the loan process,” stated Angela Laperriere, the SEED lender for the project. “Our Brockton loan funds allowed us to provide financing to a family-owned business that has been operating for nearly seventy years. Tuxedos by Merian is a valuable asset to the Brockton community, and I wish them all the best and continued success.”
Founded in 1951, Tuxedos by Merian is a third generation clothing company currently owned by brothers John and Paul Merian. The shop offers full-service tailoring of men’s formal wear in their rental and retail departments, along with home fitting and delivery services. The shop’s rental department carries over 60 styles by well-known designers including Chaps, Liz Claiborne, and Oscar de la Renta. The shop also stocks exclusive Merian Brothers suits in hundreds of sizes.
The Merian brothers’ uniform department caters to the needs of a wide range of professionals including restaurant wait staff, bartenders, and student choral groups. They also provide a variety of cigar gifts for weddings, bachelor parties, and other special events. The shop is open Monday and Friday from 10:00 am to 8:00 pm, Tuesday through Thursday from 10:00 am to 6:00 pm, and Saturday from 10:00 am to 4:00 pm. For more information, visit their website at www.tuxedosbymerian.com.
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.
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 or 25 years, currently 5.29 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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