The South Eastern Economic Development (SEED) Corporation has recently closed on loans totaling $347,500 to Mulcahy Chiropractic in Falmouth, Good Friends Café in West Dennis, and Monty’s Roast Beef in Hyannis. The loans enabled the businesses to start-up, expand, and create ten new jobs.
Mulcahy Chiropractic received a $200,000 loan under the SBA 504 Program for the purchase of the company’s current leased location and a $25,000 loan for working capital. The loans will allow the company to acquire operating space and maintain working capital for operations. The project will create one new job. The lending team for the project was Lisa Holmes from SEED and Christopher Richards of Cape Cod Five Cents Savings Bank.
“Chris and I worked closely with Dr. Bob over the years as his practice has continued to grow,” stated Lisa Holmes. “We were happy to be part of this exciting milestone with him.”
Dr. Bob Mulcahy purchased Mulcahy Chiropractic in 2000 and acquired his second location in Nantucket in 2008. Currently, Dr. Mulcahy works six days a week, splitting his time between the two locations. Mulcahy Chiropractic provides care for infants, children, and adults through a range of adjusting techniques and the use of state of the art tools. Besides health care, the practice also offers workshops in various areas of health such as nutrition, exercise, and vaccination. The business is located at 704 Main Street in Falmouth. Their website iswww.mulcahychiropractic.com.
Monty’s Roast Beef received a $50,000 micro loan for the purchase of machinery and equipment and working capital for the start-up restaurant. The project will create five new jobs. The lender for the project was Tamarah Bacon from SEED.
“This is our second loan with SEED and I couldn’t recommend the company more highly. The SEED staff is always so wonderful to work with,” stated Errol Thompson, owner of Monty’s Roast Beef. “ I have already exceeded what I believed to be inflated projections and I couldn’t be happier!”
Monty’s Roast Beef is a new sandwich shop focusing primarily on roast beef sandwiches. The menu will also include grass-fed hamburgers, fresh local seafood, hand-cut french fries, and homemade onion rings. By purchasing produce from local growers, owner Errol Thompson is incorporating a grower-to-table concept into his restaurant. Providing an alternative to processed meats, Monty’s Roast Beef will aim for quality and wellness over traditional “fast food” convenience. The business is located at 251 Iyannough Road in Hyannis and will be open 362 days a year from 10 a.m. to 11 p.m. Their website iswww.montysroastbeef.com.
Good Friends Café LLC received a $72,500 loan to assist in the purchase of commercial real estate to operate the full service restaurant. The project will allow the business to expand and create four new jobs. The lending team on the project was Lisa Holmes from SEED and Shari Hayes of Cape Cod Five Cents Savings Bank, who was also involved in the financing.
“Shari and I were glad to be a part of Christine Carr’s expansion plans,” stated Holmes. “I am looking forward to personally sampling the new bakery products when Chrissy’s new space opens!”
Christine Carr purchased Good Friends Café in 2009 and has twenty years of experience in the restaurant industry. Good Friends Café recently began offering a homemade dessert menu, which has become popular as a result of the lack of bakeries in the area. The loan allows the restaurant to expand its bakery operations and enhance its existing kitchen. The business is located at 83 School Street in West Dennis. Their website is www.goodfriendscafe.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 4.9 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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