[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. 

“Without SEED’s gap loans, many small businesses would not have been able to start-up, stay open, or expand and create new jobs in the region," explained Sue Murray, SEED's Executive Director. SEED approved and closed 19 Small Business Administration (SBA) 504 loans totaling $14 million to enable small businesses to purchase or improve their own building or acquire heavy machinery and equipment. SEED made an additional 49 small business loans totaling $3.8 million under the SBA micro loan and small loan program. These loans ranged from $10,000 to $280,000. 

In 2022, SEED was awarded a $3.75 million EDA grant under the American Rescue Plan Act (ARPA) to establish a new revolving loan fund to assist the region in rebounding from the devasting effects of the pandemic.  These funds will enable SEED to continue making small loans up to $350,000 .  This affordable source of capital will be instrumental in new business startups and assisting small business owners who may be ready to expand but lack access to affordable capital.

In addition to our ARPA award, SEED was awarded our second grant from Massachusetts Growth Capital Corporation (MGCC) in the amount of $450,000 for lending and administrative costs.  Total funding from MGCC totals $1.59 million to support the Massachusetts small business economy. Also in 2022, the Rhode Island Commerce Corporation awarded SEED an additional grant of $175,000 for total funding of $1.3 million for lending to small business in the Rhode Island small business community.  SEED was also fortunate to receive a renewal of a $20,000 operating grant from Santander Bank.

SBA 504 loans up to $5.5 million are made in participation with financial institutions, and provide an attractive option for small businesses undertaking real estate projects, or financing heavy machinery and equipment. The down payment is generally as low as 10 percent for the total project, and the interest rate is below market and fixed for 20 or 25 years for SEED’s portion of the financing (up to 40%). A participating financial institution provides the remining 50 percent of the financing under this program. 

According to Murray, SEED’s small loans assist small businesses that are unable to qualify for conventional financing alone due to tight cash flow, insufficient collateral, start-up nature of the business, or lower personal credit scores, but are viable community businesses which create jobs and are important to the region’s economy.  SEED’s flexible loans have terms up to 10 years, repayment schedules up to 20 years (for real estate projects), fixed interest rates from 5 - 6%, and can be used for most any business purpose.  These loans are often made in participation with a financial institution to fill a financing gap.

This past year, SEED held or participated in a total of 84 entrepreneurial workshops, financing panels, and small business trainings attended by 1,667 prospective entrepreneurs and provided business technical assistance to another 959 individuals for a total of 2,626 people assisted. SEED’s workshops were sponsored by the following:  BankNewport, Bluestone Bank, Mechanics Cooperative Bank, Dedham Institution for Savings, Santander Bank, North Easton Savings Bank, Eastern Bank, Merrimack Valley Credit Union, and Webster Bank.  SEED worked closely with the SBA, SBA resources partners including the Small Business Development Center, SCORE, Center for Woman and Enterprise, Veterans Business Outreach Center, as well as the local chambers of commerce, and various community organizations to present the workshops.  SEED also joined 64 additional panels and workshops to present our information and other financial related topics.

SEED is a non-profit corporation established in 1982 to assist small businesses in the region.  In 40 years, SEED has made 2,4002 loans totaling $436 million, and assisting in the creation of 14,300 new jobs.  Our lending has also leveraged an additional $878 million dollars of private investment in the region!

For a loan application and more information about SEED's loan programs, please call 508-822-1020 or visit SEED at www.seedcorp.com.

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. 

Read more: SEED Awarded $4.5 million from RI Commerce Corporation through State Small Business Credit...

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.

Read more: Healey-Driscoll Administration Announces $78 Million for New Grant Programs to Support...

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! 

Read more: SEED Honors 2022 Award Recipients at 40th Annual Meeting

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. 

Read more: Lisa Holmes Named NADCO's CDC Employee of the Year

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.

Read more: Tamarah Bacon Joins SEED Lending Team

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

Programs sponsored by:

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.