The South Eastern Economic Development (SEED) Corporation announced today that its small business loan application is now available online.
“Our goal is to make it as simple as possible for small businesses to apply for loans up to $250,000,” explained Maria Gooch-Smith, SEED’s executive director. “We will continue to provide business assistance to our borrowers, but the application process will be expedited to meet today’s small business needs,” added Gooch-Smith.
The three-page online loan application will enable small businesses to fill in the required information, upload needed documentation such as Income Tax Returns, and pay the $60 application fee. There is no application fee for loans up to $20,000. Small business owners with personal credit scores of 680 or higher are eligible for a 48-hour approval on loans up to $20,000
Under the Micro Loan and Small Loan Programs, SEED can lend up to $250,000 for real estate for the use of the business, leasehold improvements, equipment, furniture and fixtures, working capital, and the refinancing of business credit card debt. The term on these 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.
Most small businesses are eligible. As a gap lender, SEED can make loans in participation with a bank or credit union in order to provide all the financing needed by a small business. SEED can also make standalone loans when a conventional lender cannot provide the financing.
SEED can make loans to start-up and existing businesses including: manufacturing, service, retail, restaurants, arts/culture, and home-based businesses.
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 5.4 percent.
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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