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 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 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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