The South Eastern Economic Development (SEED) Corporation has recently closed on three loans totaling $804,000 to Brockton area businesses: Reservitz Law Offices in Brockton; Hill Top Candy Kitchen in Brockton; and Dry Zone Basement Systems in Bridgewater. The loans enabled the businesses to expand and create 12 new jobs.
SEED provided Reservitz Law Offices, Inc. with a $241,000 loan under the SBA 504 Program for the purchase of 1327 Belmont Street in Brockton, where the family-owned law office will relocate.
“SEED and Eastern Bank enabled us to obtain our goal of purchasing a new office building and achieving the second phase of developing our business,” stated Andrew Reservitz. “Lisa Holmes made the loan process easy and I truly enjoyed working with her and the SEED staff.”
The law practice was established in 1934 by current owners, Andrew and David’s grandfather, and was passed down to their father in 1987. In 2005, Andrew and David Reservitz took over the family business where they now focus on personal injury cases, criminal defense, real estate law, family law and entertain civil and general litigation. The project will create two new jobs. The lending team was Lisa Holmes from SEED and Daniel Donovan from Eastern Bank.
Hill Top Candy Kitchen received a $100,000 loan from SEED for working capital and equipment repairs to allow the candy manufacturing business to relocate and continue operations.
“The SEED loan helped me get my business back up and running after suffering a roof collapse at our old location,” stated owner Chase Kurinskas. “Without the help from SEED’s amazing staff, we would have never been able to re-open our doors at our new location in Brockton.”
Chase purchased Hill Top Candy Kitchen in 2010, and has recently relocated from West Bridgewater to 15 Jonathan Drive, Unit 3 in Brockton. The business manufactures and wholesales old fashioned Ribbon Candy, Puff Candy and Salt Water Taffy to stores throughout New England. The business is open Monday through Friday from 9:00 am to 3:00 pm. The loan will create two new jobs. The SEED lender was Tamarah Bacon. Their website is www.hilltopcandy.com.
Dry Zone Basement Systems, Inc. received a $463,000 loan under the SBA 504 Program for the purchase and renovation of a 14,224 square foot building at 850 Bedford Street in Bridgewater to expand the basement waterproofing and repair company. The company provides perimeter drainage, interior sump pump installations, basement refinishing, crawl space incapcilation and installation of humidifiers.
Owners Erica Adams and Todd Lutinski established the business in 2007 and have a territory south of the Mass Pike to Cape Cod and the Islands, as well as Rhode Island. The project will create eight new jobs. The lending team on the project was Lisa Holmes of SEED and Matthew Ledin from Mechanics Cooperative Bank. Visit their website at www.dryzonebasementsystems.com.
As an SBA micro lender, SEED can make loans from $1,000 to $50,000 for working capital, inventory, machinery and equipment, furniture and fixtures and refinancing business credit card debt. SEED has small loan funds available specifically for Brockton based businesses. The interest rate is at 6 percent fixed for six years with no prepayment penalty.
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.
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 4.97 percent.
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.
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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