The South Eastern Economic Development (SEED) Corporation has recently closed on loans to Spring Garden Inn in East Sandwich and Zygote Digital Films in Harwich. The loans enabled the businesses to expand and create four new jobs.
SEED provided Spring Garden Inn, now owned by Stephen and Helen Milewski, with a $150,000 loan for the purchase of a motel located at 578 Route 6A, as well as furniture, fixtures, and equipment.
With a combined 60 years of experience in the hotel industry, Stephen and Helen plan to upgrade the 11-room motel, while still preserving the rustic feel of the inn by keeping its original knotty pine paneling and beam ceilings. They will install flat-screen TVs, clock radios with charging ports for phones and lap tops, and Wi-Fi throughout the property.
During the summer months, the business will offer weekly lobster bakes and promote the site as a small wedding venue. The project will create three new jobs. The lending team was Laurie Driscoll from SEED and Charles DeSimone from Bank of Cape Cod.
Zygote Digital Films, Inc. received a $15,000 Micro Loan from SEED for working capital and the purchase of equipment. Started in 1991, the video production company serves broadcast, corporate, non-profit, and educational clients while also providing freelance production support to national, regional, and local broadcast entities.
Owner Christopher Simmons has been involved with national broadcast companies such as NBC, ABC, and CBS, and has worked on several Emmy award winning projects. With updated cameras and lenses, he will be able to produce higher quality videos. The loan will create one new job. The SEED lender was Tamarah Bacon. Visit his website at www.zygotedigitalfilms.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 4.86 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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