SEED loans benefit Island businesses

SEED loans benefit Island businesses

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The South Eastern Economic Development (SEED) Corporation has closed on five small business loans in the Cape and Islands totaling $750,000. The loans enabled the businesses to expand and create new jobs, according to a press release.

The businesses included Twin Oaks Inn in Vineyard Haven and Alison Shaw Photography in Oak Bluffs.

Twin Oaks Inn received a loan of $75,000 under SEED’s Revolving Loan Fund for working capital for the bed and breakfast business in Vineyard Haven. The loan will help the business retain five jobs and create another three, according to a press release.

Alison Shaw Photography received a loan of $50,000 under SEED’s Revolving Loan Fund for working capital to prepare her fine art gallery for the upcoming tourist season. The business is located at 88 Dukes County Avenue in Oak Bluffs. The loan will help the business to retain three jobs and create another one.

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.

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 5 percent to 6 percent fixed 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. Under various programs, SEED makes loans from $1,000 up to $4 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 call 508-822-1020 or visit www.seedcorp.com.