The South Eastern Economic Development (SEED) Corporation has been awarded a $1.14 million dollar grant from the Commonwealth of Massachusetts through Mass Growth Capital Corporation (MGCC).  The CDFI Match Grant Program will continue to support lending programs that lower the barriers small businesses face in accessing essential start-up, expansion, and general working capital. These $14.7 million in matching funds are being allocated to 15 non-profits that will administer these loan programs to reach small businesses in their communities.

“To address the impacts of the COVID-19 pandemic on the Commonwealth’s small businesses and main streets, our Administration put forward the largest relief program in the nation as part of our comprehensive plan for economic recovery,” said Governor Charlie Baker.  “With this new round of funding for technical assistance, access to capital, and digital tools, we are strengthening our support for small businesses and taking another major step toward a return to normal.”
 
“The combination of technical assistance and access to capital is critical to supporting businesses along their path to growth and is also a key part of our strategy for economic recovery,” said Lt. Governor Karyn Polito.  “We are grateful to MGCC for their work to provide vital assistance to small businesses throughout the pandemic.”
 
“These new tools and resources, combined with our Small Business Technical Assistance program, continues our support for small businesses that serve traditionally disadvantaged communities and also suffered disproportionately during the pandemic, and provide them with a path to short-term recovery and long-term success,” said Housing and Economic Development Secretary Mike Kennealy. “By increasing access to essential technical assistance, business education, skills training, and capital, we can help make certain the Commonwealth’s diverse small businesses are a part of the return to normal for our downtowns, main streets and our entire economy.”

“We are honored to receive this grant which will increase SEED’s total capital to $15 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 Southeastern MA,” 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 regarding use of funds, repayment, collateral and personal credit scores, however jobs must be created or retained,” explained Murray.

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 counties, 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 the 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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