SEED Membership Renewal

In 2018, SEED received $1.4 million in new funds to continue meeting the demand for small business gap loans up to $250,000. SEED also received $78,500 in contributions from the region’s banks for a loan loss cash reserve to continue making micro loans up to $50,000.

The bank contributions enabled SEED to borrow another $500,000 interest free from the U.S. Small Business Administration for micro loans up to $50,000, and served as match for a grant from the Community Development Financial Institutions (CDFI) Fund under the U.S. Department of the Treasury. SEED also received another interest free loan of $200,000 from RI Commerce Corporation for small business loans in RI.

The eleven banks providing contributions were: BayCoast Bank; Bridgewater Savings Bank; Bristol County Savings Bank; Brookline Bank; Cambridge Savings Bank; Cape Cod Five Cents Savings Bank; Dedham Savings Bank; Eastern Bank; HarborOne Bank; Middlesex Savings Bank; and Rockland Trust Company.

During Fiscal Year 2018 just ended on September 30, SEED made 73 loans totaling $19.3 million and assisting in the creation of 306 new jobs. In participation with our banking partners, SEED closed on 14 SBA 504 loans, and approved another 15 for a total of $16.3 million. These loans financed mainly real estate projects for growing small businesses. SEED also closed on 43 small business loans under its Small Loan Program. These loans ranged from $10,000 to 157,000 and totaled $2.8 million.

SEED Membership Renewal
Every year at SEED’s Annual Meeting, the current membership of approximately 200 vote on a new Slate for SEED Members, Directors and Officers.

This year’s 36th Annual Meeting will be held on Wednesday, November 28, 2018 at White’s of Westport. Dick Shafer, SEED’s Chair, has appointed a Nominating Committee to recommend the slate. In order to expedite the work of the committee, we would like to hear from you. Please fill out the attached Membership Questionnaire and send to us by November 9.

We invite everyone to make suggestions for new members.  SEED is a non-profit Chapter 501(c) 4   Corporation covering Massachusetts and Rhode Island, and needs to have representation from financial institutions, business and community organizations, and small businesses in its area of geographic coverage.

The role of a SEED member is to meet at a minimum once a year for elections, to act on by-laws if necessary, and to review the status of the corporation.  Members provide a support network for SEED’s programs.  There are no membership fees.  Serving on the membership enables an individual to serve on the Board of Directors, which meets at a minimum six times per year.  The board is responsible for overseeing SEED’s activities and ratifying small business loan applications.

SEED’s Financing Programs
SEED’s financing programs provide small businesses with gap loans, ranging from a $1,000 micro loan to a $5.5 million SBA 504 loan, enabling them to grow and create jobs. Thanks to your support and participation, during the fiscal year just ended on September 30, 2018,  SEED made the following loans:

SEED LOANS – OCTOBER 1, 2017 TO SEPTEMBER 30, 2018


LOAN PROGRAM

NUMBER
LOAN AMOUNT

(MILLIONS) 

NEW & RETAINED JOBS
SBA 504 LOANS (APPROVED & CLOSED) Loans up to $5.5 million for real estate projects, and machinery & equipment with a 10 year life
29

$16.3

110
SEED REVOLVING LOAN FUND
Loans up to $250,000 for working capital, equipment, furniture and fixtures, and real estate

27

$2.4

110
SEED MICRO LOANS
Loans up to $50,000 for working capital, equipment, and furniture and fixtures for start-up and expanding small businesses

17

$.572

86
TOTAL LOANS 73 $19.3 306


Since its certification in December 1982, SEED has made $362 million in loans providing gap financing to 2,066 start-up and expanding small businesses with potential for growth and job creation. These businesses have created 12,592 new jobs with the loans made by SEED. With 57% of all businesses in our region having less than five employees and close to 90% having less than 20 employees, the importance of small businesses to our economy cannot be overstated. These businesses need the support of SEED, the banking community, and our resource partners.

SEED Ventures LP, which was sponsored by SEED and received its Small Business Investment Company (SBIC) license from SBA in 2005, has made 30 investments totaling $14.4 million.  These investments were made in small businesses with great potential for growth and job creation.

This past year under the Business Assistance Program, working with sponsoring financial institutions and our resource partners, SEED held 47 entrepreneurial workshops attended by 684 existing and prospective entrepreneurs. SEED also provided individual technical assistance to another 482 for a total of 1,166 entrepreneurs assisted.

Thank you for your continued support.  We look forward to hearing from you.  Please answer the questions in the attached Membership Questionnaire, and mail or fax to us by November 9, 2018.

If you have any questions, please feel free to call us at (508) 822-1020.  You may also email your response to Sid Silva-Reyes at sreyes@seedcorp.comFor more information, please visit our website at www.seedcorp.com.

SEED Membership Renewal Membership Questionnaire CLICK HERE

Please fill out if you are:
– An existing SEED member (renewal of membership);
– Interested in becoming a SEED member;
– Would like to recommend an individual to become a SEED member or;
– Would like to be considered for SEED’s Board of Directors.

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