SEED Receives Grant from U.S. Department of Commerce Economic Development Administration CARES Act Funding

[August 28, 2020] The South Eastern Economic Development (SEED) Corporation has been awarded a $3.6 million grant from the Economic Development Administration CARES Act Recovery Assistance Fund under the U.S. Department of Commerce.  This new award is in addition to SEED’s current EDA grant funding of $3 million in support of the growth and development of entrepreneurs and small businesses in the South Eastern Massachusetts region.  Counties covered by these EDA funds include; Barnstable, Bristol, Dukes, Essex, Nantucket, Norfolk, Plymouth and Suffolk. 
 
“We are very fortunate to receive this grant which will increase SEED’s total capital to $15.5 million for small loans up to $250,000.  These funds will enable SEED to provide critical gap financing to small businesses and entrepreneurs adversely affected by the coronavirus pandemic across Massachusetts.  With the increased funding, SEED will be instrumental in the stabilization and rebuilding of main street businesses which play a critical role in restoring the economic stability of our region.  Jobs will be retained and new opportunities created, goods and services will be available to underserved markets and economically distressed areas, and the tax basis of the Commonwealth will be sustained,” stated Susan Murray, SEED’s Executive Director.
 
SEED is a non-profit corporation established and certified by SBA in 1982 to assist small businesses in the greater Boston area, Southeastern MA including the Cape and Islands, and all of RI.  Under various loan programs including the SBA Micro Loan Program and the SBA 504 Program, SEED makes loans from $1,000 to $5.5 million to assist small businesses to expand and create jobs.  Over the past 38 years, SEED has made 2,227 loans totaling $375 million, leveraging $800 million in private funds, and assisting in the creation of 13,750 new jobs.
 
“SEED’s small loans can be made in conjunction with a financial institution, or standalone depending on the situation and use of funds.  SEED can be flexible with repayment terms, collateral, and personal credit scores, but requires jobs to be created or retained with these loans,” explained Murray.
 
According to Murray, SEED’s gap loans can be used to purchase real estate, make leasehold improvements, acquire machinery and equipment, furniture and fixtures, and for working capital.  The term is up to 10 years with the option for longer amortization depending on loan purpose.  Interest rates are competitive or below market for the level of risk and are currently between 5%-6%.
 
As an Intermediary Lender under the U.S. Small Business Administration (SBA) Micro Loan Program, SEED also has access to $5 million for loans up to $50,000 across all of Massachusetts and Rhode Island.  These loan funds may be used for working capital, equipment, furniture and fixtures, and refinancing of business credit card debt or high interest loans for start-up and existing small businesses. 
 
SEED is also a Community Development Financial Institution (CDFI) under the U.S. Department of the Treasury, receiving $3.9 million in federal grants, matched by $850,000 in state grants.  Banks and Credit Unions may earn valuable CRA credits by partnering with CDFI’s in their region.  SEED has also been awarded $1.2 million in grants from Rhode Island Commerce Corporation for small loans in RI.
 
SEED also provides technical assistance to small businesses and works with other economic development organizations, SBA Resource Partners, and financing institutions in the region to ensure that individuals who are committed to owning and operating a small business are able to obtain the assistance they need to be successful.

 

Virtual Workforce Training Fund Free Information Session 

[October 24, 2020] The Massachusetts Workforce Training Fund Program (WTFP) will be holding a virtual informational session with the Commonwealth Corporation to educate and engage with Massachusetts business owners looking to take advantage of the WTFP.

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Baker-Polito Administration Announces Partnerships for Recovery with $774 Million Economic Recovery Plan

[October 23, 2020] This week, the Baker-Polito Administration announced a $774 million comprehensive plan to stabilize and grow the Massachusetts economy. The plan focuses on getting people back to work, supporting small businesses, fostering innovation, revitalizing downtowns and ensuring housing stability. Partnerships for Recovery begins today by directing $115 million in new funding to small businesses and Main Streets hardest hit by the COVID-19 pandemic and for workforce training efforts. Additionally, the Administration is aligning multiple funding sources, both existing and proposed, to appropriately respond to the crisis.

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MicroBusiness Grants Available in Foxboro, Medfield and Walpole 

[October 6, 2020] The Towns of Foxboro, Medfield, and Walpole have created a microenterprise grant up to $10,000 for businesses located in their communities. Applications are now being accepted!

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Angela Laperriere Named 2020 Rhode Island & New England Financial Services Champion

[October 5, 2020] Without capital, a small business’ journey ends before it even begins. Making sure that journey has a chance to flourish is what Angela Laperriere has been doing since 2011. Angela, better known as Angie, began her career with South Eastern Economic Development Corporation (SEED) as a marketing intern in 2010 prior to finishing her senior year at the University of Tampa.  After graduating in 2011, she was hired full-time as the marketing and business development officer. The position engrossed her in SEED’s lending program which paid dividends when she became involved with the lending side in 2012.

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SCORE RI's Annual Women's Small Business Summit

[October 5, 2020] We’re excited to announce the return of the Women’s Small Business Summit, hosted by SCORE RI. This year’s event has gone virtual—and it’s packed with inspiration, insights, and resources for current and aspiring female small business owners. Open this article for a full list of events and registration information!

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SEED Client Evans Machine Co. Named Family-Owned Business of the Year 

[September 17, 2020] The Small Business Administration (SBA) has named Evans Machine Co. the 2020 Jeffrey Butland Family Owned Business of the Year for Massachusetts and New England. Evans Machine Co. earned the recognition for contributions to the manufacturing industry and leadership in community service. Based in Brockton, Evans Machine Co. is a precision manufacturing facility involved in product development for several industries, including medical, health, defense, and automotive.

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Laurie Driscoll of South Eastern Economic Development Corporation Named Financial Services Champion of the Year 

[September 16, 2020] The Small Business Administration (SBA) has named Laurie Driscoll, Vice President of  South Eastern Economic Development Corporation, the 2020 Financial Services Champion of the Year for Massachusetts. Driscoll earned the recognition as an advocate for small businesses, providing technical support and financing expertise to underserved entrepreneurs throughout the Commonwealth.

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SEED Receives Grant from U.S. Department of Commerce Economic Development Administration CARES Act Funding 

[August 28, 2020] The South Eastern Economic Development (SEED) Corporation has been awarded a $3.6 million grant from the Economic Development Administration CARES Act Recovery Assistance Fund under the U.S. Department of Commerce.  This new award is in addition to SEED’s current EDA grant funding of $3 million in support of the growth and development of entrepreneurs and small businesses in the South Eastern Massachusetts region.  Counties covered by these EDA funds include; Barnstable, Bristol, Dukes, Essex, Nantucket, Norfolk, Plymouth and Suffolk. 

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SBA Announces First Online VETRN Training Program for Veteran Small Business Owners

[May 29, 2020] The SBA announced the first online VETRN Training Program for veteran small business owners and their immediate family members beginning in August 2020.

This award winning VETRN Streetwise MBA program was created exclusively for veterans to provide them with the skills, resources, mentoring and networking necessary to grow their own small business. The program is free of charge and is open to veterans and family members of established small businesses located in all New England states, New York and New Jersey.

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South Eastern Ecomonic Development Corporation home page

80 Dean Street,
Taunton, MA 02780

1-508-822-1020

Business Hours:
Mon-Thu 8am-5pm
Friday 8am-4pm

SBA Lender Certified CDFI US Department of Treasury
SEED Corporation is a certified lender in Massachusetts and Rhode Island.

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SEED Corporation is an equal opportunity lender and business assistance partner.