The South Eastern Economic Development (SEED) Corporation has recently closed two small loans to C.J. Rubbish Removal in Middleboro and Parris & Associates and Easton Sheet Metal in Raynham totaling $289,000. The loans enabled the businesses to expand and create six new jobs.
SEED provided C.J. Rubbish Removal, Inc. with a $169,000 loan under the SBA 504 Program to assist in the purchase of the 3,660 square foot building where the waste removal business currently operates at 83 Cambridge Street in Middleboro. The loan enabled the business to create three new jobs. The lending team on the project was Laurie Driscoll from SEED and Al Inglesi of Eastern Bank.
“Working with Laurie Driscoll at SEED was something I will never be able to replicate with another lender,” stated Karen Cunningham, Owner of C.J. Rubbish Removal. “She was extremely helpful and very informative and walked me through the loan process. By the end I felt as though Laurie and I built a strong family-like relationship.”
Karen purchased the business in 2006 from her brother who owned the business for almost 30 years. C.J. Rubbish Removal provides roll-off containers to homeowners, businesses and contractors for construction and demolition debris, as well as for household items, including furniture, clothing, books, papers and other items. Their website is www.cjrubbishremoval.com.
Parris & Associates, Inc. and Easton Sheet Metal, Inc. received a $120,000 loan to purchase and renovate a 3,600 square foot building where brothers Robert and Michael Parris will relocate their respective companies to 333 Richmond Street in Raynham. The expansion will create three new jobs. The lending team on the project was Laurie Driscoll from SEED and Stephen Peck of Bridgewater Savings Bank.
Robert Parris owns Parris and Associates, which was established in 2004. The business is involved in the construction of commercial projects, primarily health care construction renovations in the New England area. Their website is www.parrisandassociates.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 4.6 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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