The South Eastern Economic Development (SEED) Corporation has closed on three small business loans to Rejuvenations Salon & Day Spa, Whittemore-Durgin Glass Co. and Borhek Insurance Agency in Plymouth County totaling $505,000. The loans enabled the businesses to continue operations, expand and create new jobs.
Rejuvenations Salon & Day Spa, Inc. received a loan of $205,000 under the SBA 504 Program through SEED to purchase and renovate a 2,900 square foot facility for their business. The expansion will create five new jobs. The participating lender was Pat Gaughan of Mayflower Bank.
“Having done business with SEED when I started Rejuvenations 10 years ago, they were my first thought when the opportunity to buy our own building and triple our space arose,” stated owner Donna McDonough of Rejuvenations Salon & Day Spa. “SEED, and more importantly their staff, were there for us the whole way, so supportive, guiding us as we went through a major building rehabilitation.”
The salon and day spa is located at 5 Manomet Point Road in Plymouth. Owner Donna McDonough has over 25 years of salon experience and provides high quality hair design/coloring, skin and nail care services in a professional and friendly environment. Rejuvenations is open six days a week and offers hair styling services, manicures, pedicures and skin care treatment. Their website is www.rejuvenations.com.
“SEED is known for helping people fulfill their dreams from starting a business to buying their own building,” stated Lisa Holmes, Senior Vice President and Lending Team Leader at SEED. “The ability for us to be a part of both of those opportunities with the McDonough’s was exciting and an honor.”
Whittemore-Durgin Glass Co. received a loan of $136,000 under the SBA 504 Program through SEED to purchase the building they currently lease. The expansion will create two new jobs. The participating lender was Nancy Bailey of Rockland Trust.
The glass company is located at 825 Market Street in Rockland. Co-owners Kathleen Hepburn and Kevin Becker took over the family business in 2006. Whittemore-Durgin provides made-to-order stained and lead glass windows and lampshades, as well as repairs. The co-owners also create architectural glass for glass companies, kitchen and bath outlets and cabinet makers. Their website is www.whittemoredurgin.com.
“SEED was happy to be a part of a continuing family legacy with Kathleen and Kevin,” stated Lisa Holmes. “The beautiful products and sense of history at Whittemore-Durgin is inspiring.”
Borhek Insurance Agency, Inc. received a loan of $180,000 under the SBA 504 Program through SEED to purchase and renovate the 3,000 square foot facility that they currently lease. The expansion will create three new jobs. The participating lender was Tony Aveni of Rockland Trust.
The insurance agency is located at 311 Plymouth Street in Halifax. The business was established in 1988 and is operated by father and son, Jan and Scott Casagrande. The agency provides personal and business lines with most major insurance carriers and currently serves over 3,000 clients in Massachusetts.
“I am very pleased to have been able to assist Borhek Insurance in the renovation of their building,” stated Anne Trevisani, Vice President and Commercial Loan Officer at SEED. “Jan and Scott were a pleasure to work with and I wish them continued success in their well-established business.”
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 4.77 percent.
SEED can also lend up to $200,000 for working capital and other uses. The term on the loans is up to 10 years with longer repayment periods, if necessary. Interest rates range from 5 percent to 6 percent fixed depending on whether there is bank participation.
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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