The South Eastern Economic Development (SEED) Corporation has recently closed on a $102,000 commercial real estate loan to The Early Education Academy in Abington. The financing will enable the family child care center to expand and create three new jobs.
“The loan process was great!” stated owner and director Jessica Moscardelli. “I love my business, so having a positive experience throughout the lending project was very important to me. Everyone at SEED was friendly and nice to work with, and everything moved forward very smoothly.”
Moscardelli established the child care center in 1999, which operates out of her home in Brockton. In September of 2016, she was able to expand the daycare to a second location at 396 Ashland Street in Abington. The Early Education Academy’s goal is to help nurture happy, well-adjusted children through a socially-stimulating and educational environment. The Academy currently enrolls 61 children ranging in ages from six weeks to five years of age and employs qualified teachers able to accommodate children at every stage of development.
Apart from day-long care, Moscardelli also offers hourly drop-ins at a reduced rate and discounts for siblings. The business operates Monday through Friday from 7:00 am to 6:00 pm. The lending team for the project was Liz Voss from SEED and Itamar Chalif of Rockland Trust, which also participated in the financing. For more information, visit their website at www.earlyed.net.
SEED Corporation is a non-profit economic development organization certified in 1982 by the U.S. Small Business Administration. SEED is a Community Development Financial Institution (CDFI) under the U.S. Department of the Treasury and the SBA Micro Lender for the region. SEED makes loans from $1,000 under the Micro Loan Program and up to $5.5 million under the SBA 504 Program to assist small businesses to grow and create jobs throughout the region.
Under its Small Loan Program, SEED can finance up to $250,000 in participation with a bank or alone. The loan funds can be used for working capital, furniture, fixtures, equipment, and real estate for the use of the business. Interest rates range from 5% to 6% fixed for terms up to 10 years and amortizations up to 20 years.
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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