SEED Announces SBA 504 Loan Program Still in Business
Reports 2008 Lending Results
FOR IMMEDIATE RELEASE
3 October 2008
Tamarah Barao
508-822-1020
South Eastern Economic Development (SEED) Corporation announced today that in spite of the current credit crisis and the slowing of commercial lending for business expansion, SBA 504 loans are still available for qualified small businesses. SEED also reported making 102 small business loans totaling $33.2 million in fiscal year 2008 which ended on September 30.
“The credit crisis has not frozen SBA 504 loans which are still available for businesses seeking to expand through real estate acquisition, adding on to their existing buildings, or needing to make large equipment purchases,” stated Jim McEvoy, SEED chair and co-regional president for TD Banknorth on Cape Cod.
“SEED and SBA are doing business as usual and will continue to do so for the long haul. SBA 504 loans provide a steady source of long term debt at fixed interest rates, frequently with only 10 percent down on a new project for a small business, helping to conserve cash for operating expenses,” added McEvoy.
Maria Gooch-Smith, SEED’s executive director, reported that SEED continued making small business loans in a challenging year, ending fiscal year 2008 with 102 loans totaling $33.2 million. According to Gooch-Smith, 68 of these loans were made under the SBA 504 Program and 34 loans were small loans up to $100,000.
“These loans leveraged another $50 million in bank loans and private funds, and were responsible for the creation of 534 new jobs. Many of the smaller loans were made to businesses which could not qualify for conventional bank financing due to insufficient collateral, and tight cash flow,” stated Gooch-Smith.
According to Gooch-Smith, a vacant commercial property or one that is for sale can represent an opportunity for a small business owner who needs more space, and can consider expanding or buying at a very advantageous price, instead of leasing.
“The SBA 504 Program is the perfect financing option at times like this since the participating bank only has to provide 50 percent of the financing needed, and an SBA 504 loan provides 40 percent behind the bank. In addition, the SBA 504 loan carries a fixed interest rate for 20 years, currently 6.4 percent,” added Gooch-Smith.
Jim McEvoy explained that SBA 504 loans remain a great option for banks, since they mitigate bank lending risk on commercial real estate financing. Funds for SBA 504 loans come from the sale each month of long term bonds. These bonds carry the full faith and backing of the U.S. government, and present an attractive investment option for pension funds, insurance companies and other large institutional investors.
“The sales of SBA 504 bonds, known as debentures, have been successfully conducted every month for the past 27 years, and the amazing part is that they cost the Federal government absolutely nothing, due to the low default rate costs which are covered by the program’s low fees,” added McEvoy.
SEED is a non-profit economic development corporation established in 1982 to assist small businesses in the region. Under various programs, SEED makes loans from $5,000 to $4 million to assist small businesses to grow and create jobs.
SEED also provides technical assistance to small businesses and works with other economic development organizations 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.
For more information about the SBA 504 Program and other SEED loan programs, please call 508-1020 or visit SEED at www.seedcorp.com.
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SEED Makes SBA 504 Loan to Natalie L. Chambers, M.D., P.C. in Falmouth
FOR IMMEDIATE RELEASE
16 July 2008
Tamarah Barao
508-822-1020
The South Eastern Economic Development (SEED) Corporation closed recently on a SBA 504 loan for Natalie L. Chambers, M.D., P.C. in Falmouth. The loan enabled the small business to move to a new building to expand operations.
“We are very pleased to be able to assist Natalie L. Chambers, M.D., P.C. with financing for the purchase of the property,” stated Susann Patterson, SEED’s vice president and commercial loan officer.
Natalie L. Chambers, M.D., P.C. is a family medicine solo practice. Dr. Chambers established her business in July, 2001 and employs a staff of six.
The new space enables the business to create two new jobs. The office is located in a newly constructed, 2,000 square foot medical condominium in Bayside Medical Center, one of the newest medical parks in Falmouth.
The expansion allows the practice to offer a state of the art laboratory, radiology, subspecialty and out-patient surgical services. SEED provided Natalie L. Chambers, M.D., P.C. with a loan under the SBA 504 Program in conjunction with financing from Community Bank.
“In this economic climate, SBA 504 loans enable small businesses to undertake projects which can help them to grow and create jobs. An SBA 504 loan makes it easier to finance the purchase, construction and improvement of buildings for business use, and the acquisition of machinery and equipment with a life of 10 years or more,” explained Patterson.
“Often the cost of financing real estate with an SBA 504 loan is less than the cost of leasing. The major benefit of the SBA 504 Program is that it enables a small business to obtain up to 90 percent financing and keep more of its cash for operations,” added Patterson.
Under the SBA 504 Program, SEED can provide up to 40 percent of the financing needed behind a bank. SEED’s portion can range from $80,000 to a maximum of $2 million for most small businesses, and $4 million for manufacturing businesses, at a fixed interest rate below market for 20 years. SEED can get involved in small business real estate projects ranging from $200,000 to $10 million or more.
This past year, SEED approved and closed on 111 SBA 504 loans to businesses ranging from manufacturing to restaurants, motels, day care centers, car washes, professional offices, car dealers, gas stations, and others.
“Small businesses create most of the new jobs. The bottom line for us is assisting small businesses which are going to create jobs and have a positive impact on the economy of our region,” added Patterson.
Under the SBA 504 Program, SEED works with the small business’ bank which is providing a first mortgage for a building purchase, construction or improvements, or financing machinery and equipment. A loan request can come from a bank or a small business.
On a typical $1 million project, for example, the bank provides $500,000 (50 percent) on a conventional basis. SEED provides the next $400,000 (40 percent) for 10 or 20 years at a fixed interest rate below market, and the small business contributes 10 percent.
SEED Corporation is a non-profit economic development organization certified in 1982 by the U.S. Small Business Administration. Under various programs, SEED makes loans from $5,000 up to $4 million to assist small businesses to grow and create jobs throughout the region.
This past year, SEED made 143 small business loans totaling $47.7 million, leveraging another $69.4 million in bank financing and private funds, and assisting in the creation of 785 new jobs.
SEED also provides business assistance and works with other economic development organizations 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.
For more information about the SBA 504 Program and other SEED loan programs, please call 508-822-1020 or visit SEED at www.seedcorp.com.
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SEED Wins National "2008 SBA Excellence in Lending Award"
FOR IMMEDIATE RELEASE
21 March 2008
Tamarah Barao
508-822-1020
The South Eastern Economic Development (SEED) Corporation announced today that they have been selected by the U.S. Small Business Administration (SBA) as the recipient of the “2008 SBA Excellence in Lending Award”.
“I am so pleased that SEED is receiving this national recognition for the tremendous job done by a dedicated, experienced and knowledgeable staff over more than two decades. SEED has built a fine loan portfolio, now exceeding $100 million, clearly demonstrating that they can get the job done for the small business community in our region,” stated Jim McEvoy, SEED’s chair and co-regional president for TD Banknorth on Cape Cod.
Robert Nelson, Massachusetts SBA District Director, stated “We commend SEED for their commitment to the small business community and the SBA 504 Program which has earned them national recognition. This is a well-deserved honor and is indicative of SEED’s efforts to assist small businesses and stimulate the economy.”
“This is a great honor for the SEED staff, and board and committee members who have provided invaluable guidance and advice over the last 25 years. Only two SBA 504 lenders in the country received this award. SEED is the recipient in the category of active SBA 504 loan portfolio under $100 million in 2007. SEED’s selection was based on portfolio performance and growth in loan volume” explained Maria Gooch-Smith, SEED’s executive director.
According to SBA Administrator Steven Preston, award winners demonstrate “a valued commitment in providing small businesses with greater access to capital.” Preston will be presenting the “2008 SBA Excellence in Lending Award” to SEED in New York City on April 25, 2008 during “Small Business Week.”
In 2007, SEED worked with the region’s banks to approve 56 SBA 504 loans and close on another 55 loans, for a total of 111 loans representing $42.9 million. These loans leveraged $55.4 million in bank financing and private funds, and assisted with the creation of 637 new jobs.
According to Gooch-Smith, the SBA 504 loan program enabled small businesses in the region to grow and create jobs by providing long term, below market, fixed rate financing for the purchase and improvement of buildings. These businesses ranged from manufacturing to retail establishments, professional offices, restaurants, motels, day care centers, car washes, car dealers, gas stations, and convenience stores.
“SBA 504 loans are attractive to small businesses because of the low fixed interest rate for 20 years, now just around 6 percent, the smaller down payment of 10 percent, and the ability to include other related costs in the financing,” explained Gooch-Smith.
“In this economic climate SBA 504 loans also minimize the risk to the bank and increase the availability of credit since there are plenty of funds available for SBA 504 loans,.” added Gooch-Smith.
Under the SBA 504 loan program, SEED provides up to 40 percent of the financing at a low fixed interest rate for 10 or 20 years. A bank selected by the small business provides the first 50 percent at conventional terms and rate, and the small business contributes 10 percent .
SEED is non-profit regional economic development corporation certified in late 1982 by SBA. In addition to the SBA 504 loan program, SEED runs three other loan programs designed to assist start-up and expanding small businesses. Under all its loan programs, SEED can provide loans from $5,000 to $4 million.
SEED also runs a business assistance program which includes monthly entrepreneurial workshops. For more information on SEED and its programs, please call 508-822-1020 or visit www.seedcorp.com.
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SEED Extends SBA 504 Silver Promotion
FOR IMMEDIATE RELEASE
13 June 2008
Tamarah Barao
508-822-1020
The South Eastern Economic Development (SEED) Corporation announced today the extension of its SBA 504 Silver Promotion to June 30, 2008 to celebrate 25 years of excellence in lending. The special promotion offers the lowest possible interest rate of 6.5% percent fixed for 20 years on SBA 504 loans for small businesses purchasing or improving buildings and/or purchasing machinery and equipment.
In addition to the long-term low fixed interest rate, the promotion includes: up to 90% financing; no upfront deposit until June 30, 2008; all eligible costs are rolled into the loan; 24 hour pre-qualification on a loan; no application form to fill out; and the availability of other small loans up to $100,000 at 5.9 percent fixed for working capital.
“SBA 504 loans enable small businesses to grow and create jobs by making it easier for them to finance the purchase, construction and improvement of buildings for their use, and purchase machinery and equipment with a life of 10 years or more,” explained Gooch-Smith. “Often the cost of financing real estate with an SBA 504 loan is less than the cost of leasing,” added Gooch-Smith.
According to Gooch-Smith, under the SBA 504 Program, SEED can provide up to 40 percent of the financing needed behind a participating bank. SEED’s portion can range from $80,000 to a maximum of $2 million for most small businesses, and $4 million for manufacturing businesses. SEED can get involved in small business real estate projects ranging from $200,000 to $10 million or more.
This past year, SEED approved and closed on 111 SBA 504 loans to businesses ranging from manufacturing to restaurants, motels, day care centers, car washes, professional offices, car dealers, gas stations, and others.
“Small businesses create most of the new jobs. The bottom line for us is assisting small businesses which are going to create jobs and have a positive impact on the economy of our region,” added Gooch-Smith.
Under the SBA 504 Program, SEED works with the small business’ bank which is providing a first mortgage for a building purchase, construction or improvements, or financing machinery and equipment. A loan request can come from a bank or a small business.
On a typical $1 million project, for example, the bank provides $500,000 (50 percent) on a conventional basis. SEED provides the next $400,000 (40percent) for 10 or 20 years at a fixed interest rate below market, and the small business contributes 10 percent.
According to Gooch-Smith, the major benefit of the SBA 504 Program is that it enables a small business to keep more of its cash for operations by providing: a low fixed interest rate for the long term on 40 percent of the total project cost; a lower down payment of 10 percent; and the ability to finance the soft costs related to a project.
SEED Corporation is a non-profit economic development organization certified in 1982 by the U.S. Small Business Administration. Under various programs, SEED makes loans from $5,000 up to $4 million to assist small businesses to grow and create jobs throughout the region.
This past year, SEED made 143 small business loans totaling $47.7 million, leveraging another $69.4 million in bank financing and private funds, and assisting in the creation of 785 new jobs.
SEED also provides business assistance and works with other economic development organizations 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.
For more information about the SBA 504 Program and other SEED loan programs, please call 508-822-1020 or visit SEED at www.seedcorp.com.
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SBA Presents National
"2008 SBA Excellence in Lending Award" to SEED
FOR IMMEDIATE RELEASE
28 APRIL 2008
Tamarah Barao
508-822-1020
Last Friday during “Small Business Week”, the Small Business Administration (SBA) presented the national “2008 SBA Excellence in Lending Award” to the South Eastern Economic Development (SEED) Corporation.
Steven Preston, the SBA administrator, presented the award to Maria Gooch-Smith, SEED’s executive director, stating that “SEED is a small business financing powerhouse” making an average of 150 loans annually in southeastern Massachusetts.
James McEvoy, SEED’s chair and co-regional president for TD Banknorth of Cape Cod, and Robert Nelson, Massachusetts SBA District Director, were also present at the award presentation held at a luncheon at the Westin New York at Times Square in New York City. Michael Porter, Harvard Business School professor, gave the keynote remarks.
“I am so pleased that SEED has received this national recognition for the tremendous job done by a dedicated, experienced and knowledgeable staff over more than two decades. SEED has built a fine loan portfolio, now exceeding $100 million, clearly demonstrating that they can get the job done for the small business community in our region,” stated McEvoy.
“This is a great honor for the SEED staff, board of directors and committee members who have provided invaluable guidance and advice over the last 25 years. Only two SBA 504 lenders in the country received this award. SEED is the recipient in the category of active SBA 504 loan portfolio under $100 million in 2007. SEED’s selection was based on portfolio performance and growth in loan volume” explained Gooch-Smith.
In 2007, SEED worked with the region’s banks to approve 56 SBA 504 loans and close on another 55 loans, for a total of 111 loans representing $42.9 million. These loans leveraged $55.4 million in bank financing and private funds, and assisted with the creation of 637 new jobs.
According to Gooch-Smith, the SBA 504 loan program enabled small businesses in the region to grow and create jobs by providing long term, below market, fixed rate financing for the purchase and improvement of buildings. These businesses ranged from manufacturing to retail establishments, professional offices, restaurants, motels, day care centers, car washes, car dealers, gas stations, and convenience stores.
“SBA 504 loans are attractive to small businesses because of the low fixed interest rate for 20 years, now just around 6 percent, the smaller down payment of 10 percent, and the ability to include other related costs in the financing,” explained Gooch-Smith.
“In this economic climate SBA 504 loans also minimize the risk to the bank and increase the availability of credit since there are plenty of funds available for SBA 504 loans,.” added Gooch-Smith.
Under the SBA 504 loan program, SEED provides up to 40 percent of the financing at a low fixed interest rate for 10 or 20 years. A bank selected by the small business provides the first 50 percent at conventional terms and rate, and the small business contributes 10 percent.
SEED is non-profit regional economic development corporation certified in late 1982 by SBA. In addition to the SBA 504 loan program, SEED runs three other loan programs designed to assist start-up and expanding small businesses. Under all its loan programs, SEED can provide loans from $5,000 to $4 million in all of Massachusetts and most of Rhode Island.
SEED also runs a business assistance program which includes monthly entrepreneurial workshops. For more information on SEED and its programs, please call 508-822-1020 or visit www.seedcorp.com.
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SEED and SBA Hold Training on SBA 504, SBA 7A and SBIC Programs for Commercial Lenders
FOR IMMEDIATE RELEASE
26 March 2008
Tamarah Barao
508-822-1020
The South Eastern Economic Development (SEED) Corporation and the U.S. Small Business Administration (SBA) will hold training on the SBA 504, SBA 7A, and the Small Business Investment Company (SBIC) programs for commercial lenders on Friday, April 4, 2008 from 8 a.m. to 12:30 p.m. at the Stoneforge Publick House in Raynham.
“In this economic climate, SBA loans can make a major difference to small businesses needing working capital or financing to buy or improve a building, or purchase machinery and equipment. SBA loans minimize the risk to the bank. In addition, the SBA 504 program increases the availability of credit since there are plenty of funds available for SBA 504 loans,” stated Maria Gooch-Smith, SEED’s executive director.
According to Gooch-Smith, the training is targeted to bankers, but is also beneficial to commercial realtors and economic development officials who are trying to obtain more advantageous financing for their small business clients.
The SBA 7A guarantee program training will be conducted by Anne Hunt, lead lender relations specialist for the SBA in Boston. SBA 504 training will be conducted by Lisa Holmes, vice president for SEED Corporation. Tom Wooters, vice president and investment manager for SEED Ventures LP will conduct the SBIC training. Robert Nelson, the SBA district director for Massachusetts will welcome trainees.
The SBA 7A training will address the basics of the program including SBA Express, latest changes to the program, loan closing and reporting requirements. The SBA 504 training will address the nuts and bolts of the program including eligibility requirements, loan closing and funding. SBIC training will address the role of subordinated debt in assisting under capitalized growing businesses.
According to Gooch-Smith, the SBA 7A program provides banks with a guaranty up to 85 percent which enables banks to make loans which they would not otherwise be able to make. “SBA 504 loans are attractive to small businesses purchasing or improving buildings because of the low fixed interest rate for 20 years, now just around 6 percent, the smaller down payment of 10 percent, and the ability to include other related costs in the financing,” explained Gooch-Smith.
In 2007, SEED worked with the region’s banks to approve 56 SBA 504 loans and close on another 55 loans, for a total of 111 loans representing $42.9 million. These loans leveraged $55.4 million in bank financing and private funds, and assisted with the creation of 637 new jobs.
Under the SBA 504 loan program, SEED provides up to 40 percent of the financing at a low fixed interest rate for 10 or 20 years. A bank selected by the small business provides the first 50 percent at conventional terms and rate, and the small business contributes 10 percent .
SEED is non-profit regional economic development corporation certified in late 1982 by SBA. In addition to the SBA 504 loan program, SEED runs other loan programs designed to assist start-up and expanding small businesses. SEED can provide loans from $5,000 to $4 million.
For more information on the training or SEED and its programs, please call 508-822-1020 or visit www.seedcorp.com.
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SEED Presents Small Business Awards at 25th Annual Meeting
FOR IMMEDIATE RELEASE
03 December 2007
Tamarah Barao
508-822-1020
The South Eastern Economic Development (SEED) Corporation presented small business awards for 2007 to Storm Duds Raingear of Attleboro, “Small Business of the Year”, and Precision Orthotic & Prosthetic Technology of New Bedford, “Start-up Small Business of the Year,” at its 25th Annual Meeting last week held at White’s of Westport.
“Storm Duds Raingear, ‘Small Business of the Year’ for 2007, has grown over its 18 years of operation, and now has 27 employees, $5 million in sales, and occupies an 18,000 square foot building in the Attleboro Industrial Park. This small business is an excellent example of what can happen to an idea shared by two college friends when combined with hard work and sound management,” stated Maria Gooch-Smith, SEED’s executive director.
SEED’s Nominating Committee selected Storm Duds Raingear from a pool of 300 candidates. SEED’s criteria included enhancement of the region’s economy through creation of jobs, and financial performance. Storm Duds Raingear sells umbrellas, rain jackets, beach towels and flip flops to college bookstores, Disney, Hard Rock Cafés, and the promotional products industrry. The products are designed by the principals and manufactured overseas.
Gary Libman and Tim Baurley started the small business in 1989. Their idea was to sell flags and banners to college bookstores, but this business was very seasonal and they soon expanded into “raingear and beach duds.”
In 2001, SEED provided Storm Duds Raingear with a $237,000 loan under the SBA “504"Program in conjunction with financing from Bristol County Savings Bank. The total project of $600,000 included the purchase of 1.2 acres of land and construction of a 10,000 square foot building which provided the company with expansion space. Earlier in the company’s history, SEED provided two small working capital loans which enabled the company to continue growing.
Precision Orthotic and Prosthetic Technology, Inc., the Start-Up Small Business of the Year, was started in 2003 by Matthew Hebert after an accident at sea while attending Massachusetts Maritime Academy. The accident claimed Hebert’s lower right leg, and starting a small business to manufacture custom orthopedic devices became his dream.
“Start-up small businesses create most of the new jobs, yet the failure rate of these businesses is very high. Precision Orthotic and Prosthetic Technology, Inc. is not only a success story, but also a heartwarming story,” stated Gooch-Smith.
In 2004, SEED provided the small business with a $35,000 working capital loan for its start-up phase. In 2005, SEED provided another $30,000 loan for expansion. Today, the small business, which is located in New Bedford and has a satellite office at Charlton Memorial Hospital in Fall River, has four employees and sales approaching half a million.
SEED presented the Banker of the Year award to Steven Ingalls, assistant vice president for Rockland Trust Company. The award is presented to the lender who has participated in the largest amount of loans with SEED and exemplifies the spirit of small business assistance.
SEED presented the “Gus Yankopoulos Regional Business Advocate of the Year” to Diana Shearstone for her commitment to the region over 37 years of service to the Taunton Area Chamber of Commerce.
State Representative Patricia Haddad, State Senator Marc Pacheco, and the Southeastern Regional Planning and Economic Development District (SRPEDD) received “Certificates of Appreciation” for their support of SEED over the years.
The guest speaker was Congressman Barney Frank. The new SBA Regional Administrator for New England, Sandford “Sandy” Blitz, gave remarks on behalf of the U.S. Small Business Administration.
According to Gooch-Smith, SEED just finished the best year in its 25 year history, becoming the number two SBA 504 Certified Development Company in New England and surpassing $100 million in its active loan portfolio. In its 25 years of operation, SEED has made a total of 1,405 small business loans totaling $213 million, leveraging $461.6 million in private funds and assisting in the creation of 9,418 new jobs.
SEED members voted on a slate for officers, directors and members for 2008 for an area which covers all of Massachusetts and most of Rhode Island. The new SEED officers are: James McEvoy, chair (TD Banknorth, N.A.); Manuel Tavares, vice-cair (Slades Bank); Ferdinand Kelley, vice chair; William Barnes, treasurer (Citizens Bank); R. Bruce Hammatt, Jr, assistant treasurer (Cape Cod Five Cents Savings Bank); Richard Shafer, clerk (Taunton Industrial Development Commission); William Lewis, assistant clerk (Bristol County Savings Bank); and Jack Meehl, Jr. past chair (Sovereign Bank).
SEED is a non-profit corporation certified in late 1982 by the SBA to assist small businesses. SEED runs five loan programs and a small business technical assistance program. The loan programs provide financing from $5,000 to $4 million at fixed interest rates below market.
SEED’s members are community leaders who represent government, business, finance, and community organizations. Members meet on an annual basis to elect a board of directors and officers. For more information about SEED’s programs call 508-822-1020 or visit www.seedcorp.com.
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SBA Micro Loans Provide Working Capital for Growing Businesses
FOR IMMEDIATE RELEASE
29 June 2007
Tamarah Barao
508-822-1020
South Eastern Economic Development (SEED) Corporation announced that it made loans to two local businesses in Plymouth and Stoughton under the SBA Micro Loan Program and the Revolving Loan Fund. SEED provided $35,000 to Weed and Feed Professional Services, Inc. in Plymouth and $35,000 to Hannaford Plumbing, Heating & Air Conditioning, Inc. in Stoughton. The funds were used for working capital.
Weed & Feed Professional Services, Inc. is located at 8 Meadow Park Road in Plymouth, and offers commercial, industrial, and sports turf fertilization and pest control services. Hannaford Plumbing, Heating & Air Conditioning, Inc. is located in Stoughton, and offers plumbing, heating and air conditioning services for new construction, remodels and repairs for commercial and residential buildings.
“We are very pleased to have been able to assist these small businesses. SEED’s role is to assist small businesses to start-up, expand and create jobs in the region,” stated Maria Gooch-Smith, Executive Director for SEED Corporation.
Weed and Feed Professional Services was established by Bob Mann and is equipped to handle turf areas ranging from 90,000 square feet to 300,000 square feet as well as golf courses and sports fields. Bob received his A.S. in Turf Management from the Stockbridge School of Agriculture and a B.S. in Agricultural and Resource Economics from UMass Amherst. Bob stated “working with SEED was a wonderful experience. The process was made as easy as possible and the entire staff is not only professional, but very accommodating and friendly. I’d recommend them to anyone”.
Hannaford Plumbing, Heating & Air Conditioning was established by Charles and Ligaya Hannaford and is a small, full-service company dedicated to providing quality service to all of their commercial and residential customers. The company covers Boston and communities south and east of the city. Chuck brings ten years of experience in the plumbing, heating and air conditioning field. “SEED Corporation was a great avenue for me to obtain the financing I needed to keep my company running smoothly. Their support of me and my business is deeply appreciated” stated Chuck.
The Micro Loan Program provides loans up to $35,000 which can be used for working capital, leasehold improvements, machinery and equipment, and furniture and fixtures. Loans are made for a term of up to six years at a 7.5% fixed interest rate.
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SBA Micro Loan Makes Television
Show a Reality
FOR IMMEDIATE RELEASE
07 March 2007
Tamarah Barao
508-822-1020
With a $35,000 SBA micro loan obtained in 2004, the creators of
the New England show “Port O’ Call,” started
their creative venture and made the show a reality.
Steven Wyman and Tina Marie Giambro, owners of Port O’ Call
Productions, Inc., said “We are grateful this program exists.
It fit our needs and allowed us to take those first few baby steps
without biting off more than we could chew. The support and technical
assistance we received are just as much a comfort and help as the
funding itself and it continues today; three years later.”
“Port O' Call” airs weekly on NESN, Comcast New York
and Comcast Pennsylvania. The weekly show features the Meridian
459 Motoryacht and its voyage from the Dale Yacht Basin East
Marina in Point Pleasant, New Jersey to Grand Cove Marina in
Edgewater,
New Jersey. While under way with Captain Bernie Reeder, viewers
will get a demonstration of the latest navigation technology
as well as pick up tips on how to prep their boat for a voyage.
Steven
Wyman and Tina Marie Giambro have brought the experience
of boating and the lifestyle associated with it to life with
their television program “Port O’Call”. The
idea for the program came from both Steven and Tina, who envisioned
capturing
the imagination of boating families, fishermen and captains alike.
The innovative program covers every aspect of boating in the
Northeast as they journey to new and exciting destinations each
week. The
show includes tips on the boating lifestyle: new points of interest,
angling information, restaurants, where to shop, tour and explore,
and much more. Port O’ Call is in its third successful
year of production and currently employs three full-time employees.
The
micro loan came from South Eastern Economic Development (SEED)
Corporation, an SBA Certified Development Company located in
Taunton, Massachusetts. SEED Corporation is focused on financing
all types
of small businesses in an effort to spur job creation and economic
development in Massachusetts and Rhode Island.
The SBA Microloan Program provides short-term loans up to $35,000
for working capital, leasehold improvements, furniture and fixtures,
and machinery and equipment.
Today, Steve is an active member of the Massachusetts Marine
Trades Association, participating on their Education, Safety & Public
Affairs Committee. He also works with the Cape Cod Marine Trades
Association.
Tina serves as a Director of the Massachusetts Marine
Trades Association and
Chairman for the Greater Boston Region. She also serves the MMTA as a Vice
President, Trustee of the Massachusetts Marine Trades Educational Trust and
Clerk for Boat
Shows, Inc.
For more information on “Port O’ Call”, please
visit their Web site at www.portocalltv.com, and for more information on
SEED and its programs, please
call the SEED office at 508-822-1020 or visit SEED’s Web site at www.seedcorp.com.
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