The South Eastern Economic Development (SEED) Corporation has recently closed on loans to Scituate Package Store in Scituate and Rosie’s Liquor in Abington. The loans totaling $683,000 enabled the businesses to expand and create nine new jobs.
Scituate Package Store was provided with a $227,000 loan under the SBA 504 Program for the purchase of a 4,112 square foot building located at 184 Front Street.
“SEED’s loan programs made it possible for me to take my business to the next level and purchase a building,” stated Elie Houayes, new owner of Scituate Package Store. “The loan process can be time consuming and demanding but Laurie Driscoll and the SEED staff were so helpful and made me feel very comfortable and at ease.”
The loan was also used to purchase furniture, fixtures, and equipment. The store was founded in 1941 and is located on the waterfront, making it easily accessible and popular among locals and tourists.
Elie will maintain the business’ current inventory of beer, wine, and spirits, but will introduce products currently not offered, including lottery terminals. The store will be open seven days a week between 11 a.m. and 11 p.m. The project will create four new jobs. The lending team was Laurie Driscoll from SEED and John Berton from BayCoast Bank.
Rosie’s Liquor received a $456,000 loan under the SBA 504 Program for the purchase of a 7,389 square foot building at 751 Bedford Street.
“Working with SEED was a wonderful experience, and made getting the loan for my business much easier,” stated Suhas Patel, owner of Rosie’s Liquor. “The experience was painless thanks to Lisa Holmes who was able to close the loan in a timely manner.”
Suhas recently purchased Rosie’s Liquor, which was founded in 1988 and has thrived by building up a loyal customer base, which he plans to maintain. The liquor store will carry a large selection of beer, wine, liquors, and cigars, and will be offering weekly wine tastings. The project will create five new jobs. The lending team on the project was Lisa Holmes of SEED and Sergio DoRego from Rockland Trust.
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.
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.
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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