The South Eastern Economic Development (SEED) Corporation has recently closed on a small business loan to Performance Plus Dog Training in Raynham totaling $440,000. The loan enabled the business to expand and create jobs.
Performance Plus Dog Training, inc. received a $440,000 loan under the SBA 504 Program for the purchase of land and construction of a 10,000 square foot facility to operate the dog training business. The project will create three new jobs. The lending team on the project was Lisa Holmes from SEED and Wayne Carvalho of First Citizens Federal Credit Union.
Owner, Nancy Droukas, started Performance Plus in 2004 and has been training and showing dogs since 1992. The dog training facility currently caters to competition obedience, or show dogs. The new facility will allow Performance Plus to expand and offer additional services such as day school, daycare, overnight boarding, and board and train packages and grooming. The business is located at 57 Commercial Street in Raynham. Their website is www.performanceplusk9.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 with a life of 10 years. 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 5.3 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.
# # #