The South Eastern Economic Development (SEED) Corporation has recently closed on a $250,000 commercial real estate loan to Adjective Art & Framing, Inc. in Stoughton. The financing enabled the art gallery to purchase a 6,896 square foot storage facility located at 471 Page Street and create four new jobs. The lending team for the project was Lisa Holmes from SEED and Daniel Donovan from Eastern Bank, which also participated in the financing.
“We were extremely happy with the support SEED gave us in navigating through the SBA 504 loan process,” stated owner Alex Jacobson. “I can honestly say we wouldn’t have been able to purchase our building without their help. I highly recommend small business owners get in touch with SEED and look into the 504 product if they are considering purchasing large assets.”
Founded in 2011 by Jacobson, Adjective Art builds high-quality contemporary picture frames for artists, galleries, museums, and collectors all over New England. Custom framework is designed in consultation with each artist to ensure that every piece is complemented by its frame and safely preserved.
Adjective Art has the ability to cater to a wide range of projects large or small, and service both commercial and residential customers. The gallery is open Monday through Friday from 9:00 am to 5:00 pm where guests are able to view art work and pick up finished products. For more information, or to purchase art through Adjective Art’s online gallery, visit their website at www.adjframes.com.
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. 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.
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 4.67 percent.
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.