Published on February 22, 2013 by SouthCoast Business Bulletin
TAUNTON— The South Eastern Economic Development Corporation has recently closed on four small business loans totaling $385,600. Three of the loans were made to enable building purchases for area small businesses.
In total, 11 new jobs will be created through the financing.
Eaton Chiropractic received a $167,000 loan under SEED’s SBA 504 program for the purchase of a 2,600-square-foot building at 109 Dean St. in Taunton. Financing will help expand the chiropractic practice. and is expected to create three new jobs. The lending team on the project was Lisa Holmes of SEED and Robert Polito from Webster Bank.
Classic Barbershop and Mount Hope Village Liquor Store, Inc. is getting a $147,000 loan under the SBA 504 program through SEED for the purchase of a 3,135-square-foot building located at 102 Lincoln Ave. in Dighton. The building will become the new home for the barbershop and liquor store operation. The expansion will also create three jobs. Lending officers on the project were Lisa Holmes of SEED Corporation and Anthony Medeiros of BayCoast Bank.
In Taunton, Coffee Milano 2 Inc. will use a $51,600 loan received through SEED’s Revolving Loan Fund Program for the purchase of a 1,188-square-foot building. The building, at 67 Main St., will house the second location of the business’ coffee and sandwich shop operation. Coffee Milano owner Margaret Gudmundsson opened her first location in Middleboro in 2009. Four new jobs are expected to be created. Lenders on the project were Laurie Driscoll of SEED and John Biggio from Mayflower Bank.
A fourth loan, to Mandrake Tattoo Inc. in Raynham, was made for $20,000 under SEED’s SBA Micro Loan Program for working capital.
Heather Smith started Mandrake Tattoo, located at 302 Broadway, in 2003. She specializes in custom design tattoos but also offers permanent makeup application and has a small retail area.
The tattoo parlor, will add one new job through the loan.
For more information about the SBA 504 Program and other SEED loan programs, call 508-822-1020 or visit www.seedcorp.com.