February 21, 2017 – The South Eastern Economic Development (SEED) Corporation made its first loan under the RI Commerce Fund to Kendall Reiss, LLC in Bristol, RI, a designer and crafter of contemporary jewelry.
The $56,000 loan was made in participation with BankFive. With the loan funds, Kendall Reiss has purchased a small commercial building located at 469 Wood Street in Bristol to expand her business. The loan will enable the business to create two new jobs. The lending team for the project was Liz Voss from SEED and Alicia Ambrose from BankFive.
“We are pleased to award this small business loan to Kendall Reiss, LLC.” said Secretary of Commerce Stefan Pryor. “This modest investment is part of our ongoing strategy to improve access to capital and to help entrepreneurs and small businesses achieve their full potential. Kendall’s work in jewelry, art, and design are representative of what makes our communities shine, and we look forward to watching the business succeed.”
“Working with SEED was a true pleasure from start to finish,” stated owner Kendall Reiss. “Without their help, expanding my business would not have been possible. The organization is an incredible resource for anyone looking to start or expand their business. I would highly recommend SEED and their professional, attentive staff.”
Kendall established her business in 2012 designing, crafting, and selling one-of-a-kind jewelry at galleries and art shows, as well as educating artists on her craft. All her pieces are made by hand from repurposed materials and are uniquely created for individual clients.
Kendall also offers one-on-one instruction and group workshops where she teaches jewelry design, wax carving, and special techniques for alternate materials. Besides running her business, Kendall teaches advanced undergraduate and graduate courses in jewelry and metalsmithing at Tufts University, and has taught at several other prestigious institutions.
“As a non-profit community lender, SEED will be able to make loans up to $250,000 with RI Commerce funds,” explained Maria Gooch-Smith, SEED’s executive director. She added that loans can be made for real estate purchases or improvements for the business, and for a variety of uses including working capital and refinancing of high interest rate business credit cards. The rates range from five to six percent fixed and the term on the loans can go up 10 years with longer amortization.
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 and the SBA Micro Lender for the region. 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 RI Commerce Fund and other SEED loan programs, please call 508-822-1020 or visit SEED at www.seedcorp.com.
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