The South Eastern Economic Development (SEED) Corporation has closed on a loan OF $1,861,000 to Route 44 Hyundai in Raynham. The loan enabled the automobile dealership to expand and create fifteen new jobs.
Route 44 Hyundai received a loan of $1,861,000 under the SBA 504 Program through SEED to assist in the purchase and construction of the 17,650 square foot building where they operate their dealership. The business presently has 28 employees. The participating lending team was Anne Trevisani of SEED and William Lewis of Bristol County Savings Bank.
“Our new facility has allowed us to give our customers the comfort and convenience they truly deserve,” stated Bob Barboza, owner of Route 44 Hyundai. “Without the assistance of SEED we would not have been able to do so.”
Route 44 Hyundai is located at 1094 and 1110 new State Highway (Rte. 44) on the Raynham “Auto Mile.” The business is family owned and operated. The dealership was established in 2000 to sell new and used Hyundai vehicles. In addition to car sales, they offer a full auto parts and service department for all Hyundai vehicles. Their website is www.route44hyundai.com.
“The ability for us to be a part of the acquisition and give the Barboza family and their well established business the opportunity to expand was exciting and an honor,” stated Trevisani, Vice President and Commercial Loan Officer at SEED. “I wish the Barboza family the best with their newly renovated dealership!”
Under the SBA 504 Program, SEED can provide up to 40 percent of the financing needed behinda bank for the purchase of buildings and equipment. SEED’s portion can range from $120,000 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 4.37 percent.
With its own capital, 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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