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The South Eastern Economic Development (SEED) Corporation has been awarded a $700,000 grant from the Community Development Financial Institution (CDFI) Fund under the U.S. Department of the Treasury.  The award is through the Treasury’s $1.25 billion CDFI Rapid Response Program and will provide necessary capital for CDFI’s to respond to the economic challenges created by the COVID-19 pandemic, particularly in underserved communities.
 
“We are so very pleased to receive this grant which will increase SEED’s total capital to $13.7 million for small loans up to $250,000 and enable SEED to continue meeting the financing needs of start-up and expanding small businesses in underserved markets, and economically distressed areas in our region,” stated Susan Murray, SEED’s Executive Director.   “These loans are typically in conjunction with a financing institution to reduce their level of risk, however SEED can also lend independently when traditional financing is not available.  SEED’s terms are more flexible with use of funds, repayment, collateral and personal credit scores, however jobs must be created or retained as required by EDA.”  Explained Murray.
 
“SEED is an invaluable member of the Commonwealth,” stated Congressman Jake Auchincloss. “Through their work, SEED supports small business and gives them the tools to succeed, creating new jobs and economic growth throughout Southeastern Massachusetts. With this $700,000 award from the CDFI Rapid Response Program, SEED will have the resources needed to help other businesses hurting from the pandemic, spurring economic recovery in Taunton and beyond.”


According to Murray, since being certified as a CDFI by the U.S. Treasury in 2010, SEED has received six CDFI Fund grants totaling $5.2 million. These grants have been matched with another $2.5 million from the Commonwealth of Massachusetts. In addition, SEED has received over $375,000 in contributions from the region’s financial institutions, which served as matches for the CDFI grants, and $1.2 million in interest free loans from RI Commerce Corporation for small business loans in Rhode Island.  
 
SEED is a non-profit corporation established and certified by SBA in 1982 to assist small businesses in Southeastern MA including the Cape and Islands, Middlesex and Suffolk county, and the entire state of Rhode Island. Under various loan programs including the SBA Micro Loan and 504 Programs, SEED makes loans from $5,000 to $5 million to assist small businesses grow and create jobs. Over the past 38 years, SEED has made 2,231 loans totaling $400 million, leveraging $825 million in private funds, and assisting in the creation of 13,450 new jobs.
 
SEED also provides technical assistance to small businesses and works with other economic development organizations, various resource partners through SBA, and financing institutions in the region to ensure that individuals who are committed to owning and operating a small business can obtain the assistance they need to be successful.
 
For more information about SEED’s loan programs, and free entrepreneurial workshops, please call 508-822-1020 or visit SEED at www.seedcorp.com.
 

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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.

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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. 

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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.

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SEED to Participate in Spanish-Speaking Micro Lender Panel hosted by Center for Women & Enterprise 

[July 14, 2022]  The Center for Women & Enterprise (Eastern MA office) will be holding a micro lending panel entitled Micro Loans: Capital for Your Business from Local Organizations administered entirely in Spanish. SEED Corporation will sit on the panel along with resource partners from Ascendus, Boston Local Development Corporation, Dorchester Bay Economic Development Corporation, the U.S. Small Business Administration, and Surfside Capital Advisors, all of whom will be delivering information on business lending practices to an audience of Spanish-speaking business owners. 

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SEED Receives $3 Million in American Rescue Plan Funds to Serve Small Businesses in Eastern Massachusetts 

[May 13, 2022]  U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding SEED a $3 million grant to capitalize and administer a revolving loan fund. This grant is funded by the American Rescue Plan. This grant will be used to provide gap financing to small, local businesses in Barnstable, Bristol, Dukes, Essex, Nantucket, Norfolk, Plymouth and Suffolk counties as they recover, grow, and create new employment opportunities. This EDA grant will be matched with $750,000 in local funds and is expected to create 100 jobs, retain 150 jobs, and generate $7.5 million in private investment, according to grantee estimates.

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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.