Brockton, MA – The South Eastern Economic Development (SEED) Corporation has recently closed on two loans totaling $1,205,000 to Evans Machine Company in Brockton. The loans enabled the business to expand and create 14 new jobs.
“We are grateful for having the opportunity to work with SEED and more specifically Lisa Holmes,” stated Dan Evans, Jr., co-owner of Evans Machine Company. “Lisa educated and advised us through every step of the loan process to enable us to receive funding for our construction expansion and to purchase equipment. SEED empowered us to grow and truly made a difference in our business.”
SEED provided the manufacturing company with a $646,000 loan under the SBA 504 Program to purchase land and construct a 6,600 square foot building, and also a second loan of $559,000 to purchase new manufacturing equipment. The project will allow the company to expand to a larger facility and continue growing. The lending team on the project was Lisa Homes of SEED and Robert Polito and Jeffrey Pagliuca from Webster Bank, which also participated in the financing.
Evans Machine Company is owned and operated by father and son team Daniel Evans, Jr. and Daniel Evans, Sr., who started the business in 1968 out of his home. In 1984 the firm moved to its current location, 32 N. Manchester Street in Brockton, where his son joined the business four years later. Since its inception, Evans Machine Company has been a leader in both the precision machining and the poultry deboning industries. They manufacture a wide variety of materials including aluminum, stainless steel, plastics, copper, brass and titanium to name a few. Their website is www.emievans.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 4.79 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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