The South Eastern Economic Development (SEED) Corporation has recently made a small business loan of $100,000 to New Hope Chiropractic under the SBA 504 Program. The loan has allowed the company to purchase a 1,150 square foot building. The expansion will create two new jobs. The participating lender was Richard Van Blarcom of Rockland Trust.
“As a small start-up company looking to expand, getting financing can be a challenge,” stated Dr. Rodger Lincoln, owner of New Hope Chiropractic. “I was very fortunate to work with SEED, as they made it possible for me to get the financing I needed to double the size and scope of my company.”
“The SBA 504 loan program allows small businesses like New Hope Chiropractic to expand and create jobs,” said Mark S. Hayward, director of the SBA Rhode Island District Office. “I congratulate SEED and Rockland Trust for providing the access to capital that is so important to the small business community.”
The business is located at 192 Newport Avenue in Pawtucket, Rhode Island. Dr. Rodger Lincoln has operated his practice from 9 Forbes Street in Riverside since 2008 and will now operate out of his second location in Pawtucket. New Hope Chiropractic offers patients an approach to health optimization for the spine and nervous system through diet and exercise programs. Currently, both locations are open from Monday through Friday with varying hours. For more information, visit their website at www.newhopefamilychiropractic.com.
“We are very pleased to be able to provide financing to New Hope Chiropractic, making it possible to expand their practice to a second location in Pawtucket,” stated Lisa Holmes, senior vice president and lending team leader at SEED. “Often the cost of financing real estate with an SBA 504 loan is less than the cost of leasing.”
Under the SBA 504 Program, SEED can provide up to 40 percent of the financing needed behind a bank for the purchase of buildings and equipment. SEED’s portion can range from $50,000 to $5 million for most small businesses, and $5.5 million for
manufacturing businesses, at a fixed interest rate below market for 20 years, currently 4.9 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 $1,000 up to $5.5 million to assist small businesses to grow and create jobs throughout the region.
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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