The South Eastern Economic Development (SEED) Corporation has recently closed on four small business loans totaling $385,600 to Eaton Chiropractic in Taunton, Classic Barbershop in Dighton, Coffee Milano 2 in Taunton, and Mandrake Tattoo in Raynham. The loans enabled the businesses to expand and create 11 new jobs.
SEED provided Eaton Chiropractic with a $167,000 loan under the SBA 504 Program through SEED for the purchase of a 2,600 square foot building at 109 Dean Street in Taunton to expand their chiropractic practice. The expansion will create three new jobs. The lending team on this project was Lisa Holmes of SEED and Robert Polito from Webster Bank. Eaton Chiropractic provides full family wellness care along with nutritional counseling and massage therapy. Their website is www.eatonchiropractic.net.
Classic Barbershop and Mount Hope Village Liquor Store, Inc. received 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 Avenue in Dighton where they will operate their barbershop and liquor store. The expansion will create three new jobs. The lending team on the project was Lisa Holmes of SEED Corporation and Anthony Medeiros of BayCoast Bank. Their website is www.myclassicbarbershop.com.
SEED provided Coffee Milano 2, Inc. with a $51,600 loan under SEED’s Revolving Loan Fund Program for the purchase of a 1,188 square foot building located at 67 Main Street in Taunton where they will operate the second location of their coffee/sandwich shop. The expansion will create four new jobs. The lending team on the project was Laurie Driscoll of SEED and John Biggio from Mayflower Bank. Owner Margaret Gudmundsson opened her first location in Middleboro in 2009.
Mandrake Tattoo, Inc. received a $20,000 loan under SEED’s SBA Micro Loan Program for working capital. The tattoo parlor is located at 302 Broadway in Raynham. The project will create one new job. The lender from SEED was Laurie Driscoll. Heather Smith started Mandrake Tattoo in 2003. She specializes in custom design tattoos but also offers permanent makeup application and has a small retail area. Her website is www.mandraketattoostudios.com.
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 $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 4.2 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. SEED is also a Community Development Financial Institution (CDFI) under the U.S. Department of the Treasury. 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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