SEED Makes Business Loan to Morrice Florist on Martha’s Vineyard

Morrice Florist of Martha’s Vineyard recently received a business loan from South Eastern Economic Development (SEED) Corporation for $385,000. The financing enabled the florist to purchase a 5,793 square foot commercial building located at 149 State Road in Vineyard Haven, and create one new job.

“My local bank introduced me to Laurie Driscoll at SEED when the opportunity arose to buy the building I was renting,” stated co-owner Emily Coulter. “It was an overwhelming process that Laurie so patiently guided me through. She held my hand and was very encouraging. Without SEED I wouldn’t have been able to buy the building I now own!”

The lending team for the project was Laurie Driscoll from SEED and William Howell from Martha’s Vineyard Savings Bank, which also participated in the financing for a project total of $940,000.

In 2014, Emily and Benton Coulter purchased Morrice Florist, which has served the island for over seventy-five years. The shop offers floral arrangements for all occasions including birthdays, anniversaries, holidays, and funerals. The business also provides a wedding service for floral planning, installation, set-up, and design which allows customers to rent vessels, plants and extra decor for their event.

In addition to creating floral arrangements, the store’s gift section offers a wide range of kitchen and bath housewares, local pottery and glassware, vessels, linens, stationary, candles, soaps, baby items and party supplies. Emily also offers workshops once a month that allow members of the community to learn about floral arranging, flower crown making, terrarium building, tablescaping, and wreath making.

The shop is open year-round, Monday through Friday from 10am to 5pm and Saturday from 10am to 4pm. For more information, or to order arrangements online, visit their website at www.morriceflorist.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 years, currently 5.40 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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