The South Eastern Economic Development (SEED) Corporation has recently closed on two small business loans, totaling $414,000 to New England Fire and Police Supply, and ServPro of Plymouth/Wareham. The loans will allow these businesses to start-up, expand and create six new jobs.
ServPro of Plymouth/Wareham received a $404,000 loan under the SBA 504 Program for the purpose of expanding their business with an additional 6,100 square feet, a project which will create five new jobs. The lending team on the project was Lisa Holmes from SEED and Ashley Irez of Eastern Bank, which was also participating in the financing project.
"My initial contact with Lisa Holmes and everything that led to out closing was seamless," stated Ken Matejek, owner of ServPro Plymouth/Wareham. "I would recommend them to anyone looking to purchase commercial real estate."
ServPro of Plymouth/Wareham was started in 2009 by Ken and Rebecca Matejek and is a franchise of ServPro Industries, Inc. The company specializes in the cleanup and restoration of residential and commercial properties after fire, smoke, or water damage. ServPro of Plymouth/Wareham provides service 24 hours a day and has large teams to handle natural disasters and commercial disaster recovery projects. In 2012, Ken and Rebecca were recognized by ServPro Industries for achieving $1,000,000 in revenues.
New England Fire and Police Supply received a $10,000 loan from SEED that will provide working capital to the company during its start-up phase. The loan will also create one full-time job within the next two years. The lender from SEED was Tamarah Bacon.
New England Fire and Police Supply was started as an online retail business in 2012 and opened its retail location in March of 2013. The company is currently owned by US Navy war veteran Anthony Colarusso and specializes in uniforms and equipment for police, firefighters, and EMS personnel. The company also offers in-house alteration, customized embroidery and heat press. New England Fire and Police Supply is the only retail company of its kind in the greater Plymouth area.
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 five percent. 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 five to six percent, depending on whether there is bank participation.
SEED Corporation is a nonprofit 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. 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 SBA 504 Program and other SEED loan programs, please visit their website.