Lending Programs
Micro and Small Loan Program
Under the SBA Micro Loan Program and Small Loan Program, SEED provides loans up to $50,000 and $350,000, respectively in Massachusetts and Rhode Island. These loans are made to start-up and existing businesses who are not able to obtain traditional financing or who are in need of gap financing in partnership with a bank or credit union.
- Loan Term: up to 7 years (micro loan)/ up to 10 years (small loan)
- No prepayment penalty
- Credit score of 600+ (or 680+ if under-secured)
- Interest rates: 6-7%
- Bankruptcies must be discharged for 5+ years
- Collateral: Residential/commercial real estate and/or business assets
- Cash flow: Global repayment ability
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Funded [in part] through a Cooperative Agreement with the U.S. Small Business Administration
Fast Track Loans (up to $25,000)
Within the Micro Loan Program, SEED administers Fast Track Loans to borrowers looking for $25,000 or less in financing for their start-up or existing business. This program offers business owners all the benefits of a Micro or Small Loan, along with quicker approvals and closing dates.
- Interest rate: 7%
- Loan Term: up to 7 years
- No prepayment penalty
- Quicker approval and turnaround time
- Credit score: 600+ (or 680+ if under-secured)
- Bankruptcies must be discharged for 5+ years
- Collateral: Residential/commercial real estate and/or business assets
- Cash flow: Global repayment ability
Fast Track, Micro, and Small Loans can be made to both start-up and existing businesses
Use of Funds:
- Working capital
- Leasehold improvements/build-outs
- Inventory/Supplies
- Business acquisitions
- Real estate acquisitions (owner-occupied)
- Furniture, fixtures, and equipment
- Refinancing business credit card debt
Who can apply?
- Retail shops
- Manufacturing facilities
- Office professionals
- Restaurants/food services
- Home health care
- Physicians
- Contracting
- Pet services
- Lodging
- Daycare
- Personal services
- Franchises
- Landscaping
- Home-based operations
- Salons/spas
- and many more!
Business Assistance Program
SEED also offers complimentary business assistance to all micro loan borrowers as well as prospective clients in the form of workshops, a variety of business planning resources, and financial consultations. Any business in need of technical assistance can utilize this program as often as needed, and annual check-ins will be done by the SEED staff to ensure all SEED clients are being served.
