In 2007, Thomas Kelly and John Peters started Ecologic Insulation, Inc., providing insulation services for both residential and commercial customers. After 11 years, the business has outgrown its current building and will move into an 8,980 square foot building and create three new jobs
The expansion was possible with the help of a $256,000 SBA 504 loan made in conjunction with Coastway Bank. The lending team for the project was Laurie Driscoll from SEED and Joe Hindle from Coastway Community Bank.
“SEED has been with us from the beginning,” stated owner John Peters. “For every growth step Ecologic has experienced, we’ve been fortunate enough to have had SEED in our corner. I don’t know where we would be without their staff’s support and Laurie Driscoll.”
Focused on creating energy efficient and environmentally-friendly homes and commercial spaces, Ecologic offers spray foam insulation in attics, crawl spaces, basements, and walls. In addition to spray foam, the company is also qualified to install a variety of other types of insulation including fiberglass batt insulation, mineral wool batt insulation, loose fill insulation, and thermal and ignition barrier coatings.
To give their clients the best possible results, Ecologic also provides energy efficiency consultation and diagnosis, and uses thermal imaging, heating & cooling modeling, and air leakage testing to measure the performance of insulation products. The business operates Monday through Friday from 9:00 am to 8:00 pm. Visit their website www.ecologicinsulation.com to learn more about their services.
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 5.30 percent.
For more information about SEED’s Small Loan Program and SBA 504 Program, please call 508-822-1020 or visit SEED at www.seedcorp.com.
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