SEED Awarded $4.5 million from RI Commerce Corporation through State Small Business Credit Initiative

[August 3, 2023] South Eastern Economic Development (SEED) Corporation has been awarded a $4.5 million loan from RI Commerce Corporation under the State Small Business Credit Initiative (SSBCI). Funding for this program was made available through the reauthorization and amendment of the Small Business Jobs Act of 2010 (SBJA) by the American Rescue Plan Act (ARPA) of 2021 in order to provide $10 billion to fund the SSBCI as a response to the economic effects of the COVID-19 pandemic. This is a federal program administered by the Department of the Treasury that was created to strengthen state programs that support private financing to small businesses.

This initiative by the SSBCI is expected to provide and leverage billions of dollars in funding to small businesses nationwide which will allow those enterprises to expand and create new jobs. This level of financing will be accomplished through the participation of traditional lenders and intermediaries on small business loan requests.

“As a Certified Community Development Financial Institution (CDFI), SEED’s flexible underwriting terms, below market interest rates, and mission of supporting socially and economically disadvantaged individuals and underserved geographies are in direct alignment with the goals of the SSBCI program,” said Susan Murray, SEED’s Executive Director. “In these uncertain times of interest rates and inflation, this new program allows local lenders to continue actively lending while reducing risk up to 50%.”

To be eligible for consideration, a business must be headquartered in RI and have fewer than 750 employees in total. SEED’s maximum loan under this new program is $500,000, and an equal amount of financing from a traditional bank or credit union is required. Terms of 10, 20, and 25 years are available, and there is no pre-payment penalty for individuals borrowing through this program. Rates are below market and closing fees are minimal.

“The SEED lending team is available to answer questions on eligibility and loan structure, and we encourage anyone interested in learning more about these funds to reach out with any questions,” stated Murray. “We look forward to working with our lending partners to ensure equitable access to affordable capital to RI’s small businesses with unmet credit needs.”

Healey-Driscoll Administration Announces $78 Million for New Grant Programs to Support Massachusetts Small Businesses

[April 6, 2022] The Inclusive Recovery Grant Program will provide up to $75 million in funding through grants of up to $75,000 for businesses owned by people of color, women, veterans, immigrants, individuals with disabilities, or those who identify as part of the LGBTQ+ community; businesses that focus on reaching markets predominantly made up of socially and economically disadvantaged and historically underrepresented groups; and other underserved markets.

SEED Honors 2022 Award Recipients at 40th Annual Meeting

[December 8, 2022] SEED's 40th Annual Meeting was held on December 8th at White's of Westport and included the presentation of the 2022 Business of the Year, Start-Up Business of the Year, and Regional Business Advocate of the Year. Click the link to see the winners!

SEED Makes 68 Small Business Loans Totaling $17.8 million in 2022

[November 30, 2022] In 2022, the South Eastern Economic Development (SEED) Corporation made 68 small business loans totaling $17.8 million and assisted in the creation of 398 new jobs. These loans were either made in participation with the region’s financial institutions to meet a financing gap, or as direct loans to small businesses not able to obtain conventional financing.

Lisa Holmes Named NADCO's CDC Employee of the Year

[November 18, 2022] SEED is extremely proud to announce that Lisa Holmes, Senior Vice President, Lending Team Leader, has been named the 2022 CDC Employee of the Year by the National Association of Development Companies (NADCO)! Selected from a pool of candidates nationwide, Lisa is being presented this award for exemplifying exceptional leadership, a strong team mentality, and an expertise in small business lending that has elevated her organization, colleagues, and clients. She was formally recognized this week at NADCO's 2022 conference in Denver, Colorado.

Tamarah Bacon Joins SEED Lending Team

[November 17, 2022] Tamarah Bacon has recently joined SEED Corporation's lending team, as a Vice President and Commercial Loan Officer, and brings with her over 17 years of experience with traditional and non-traditional lending institutions. Tamarah works with clients and banking partners on micro, small, and SBA 504 loans, as well as SBA Community Advantage Loans.

Prior to joining SEED, she was an AVP and Commercial Loan Officer at Coastal1 Credit Union (formerly Pawtucket Credit Union). Tamarah earned her Bachelor of Science from Roger Williams University and her Master of Public Administration from Bridgewater State University.