The South Eastern Economic Development (SEED) Corporation has recently closed on a $50,000 small business loan to Meineke Car Care in Raynham. The loan enabled the business to expand and create two new jobs.
SEED provided Meineke Car Care with a $50,000 micro loan for the purchase of equipment and for working capital. These additions will enable the company to take on more business and increase efficiency. The SEED Lender was Tamarah Bacon.
“It was a great experience working with the staff at SEED. I was guided step by step from beginning to end by two very patient individuals, Angela and Tamarah,” stated owner Milfort Suprilus. “With this loan, I’ve been able to buy new equipment and have already added one more employee to the payroll. I am very happy and grateful to have worked with SEED for a business loan. I now have the opportunity to take my business to the next level.”
Meineke has been owned and operated by Milfort since 2007. The automotive repair shop offers a variety of services, including diagnostic scans, exhaust system repairs, oil changes, and state inspections. Clients also have access to the Car Care Club which offers rewards and benefits for auto needs including free annual tire rotations as well as members’ only discounts. Meineke Car Care is located on Route 44 in Raynham and is open Monday through Friday between 7:30 a.m. and 6 p.m., and Saturday from 7:30 a.m. to 4 p.m.
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. 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 4.91 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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