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TAUNTON, Mass. – The South Eastern Economic Development (SEED) Corporation recently made a micro loan to Newport Potters Guild to enable the small business to start a pottery and clay art gallery and create four new jobs.
Newport Potters Guild is located at 302 Thames St. in the heart of the historic district in Newport. The gallery will offer unique one-of-a-kind items including hand-crafted jewelry and pottery as well as a do-it-yourself ceramics studio. In addition, it will hold semi-annual art shows featuring local artisans and offer various workshops.
“It is a tremendous boost to our confidence to begin our business with this financing, which also establishes our credit rating,” stated Louise Korver-Swanson, owner of Newport Potters Guild. “We were referred by the Newport County Chamber of Commerce, and we were very pleased with the ease of doing business with our SEED loan officer, Laurie Walsh.”
Micro loans up to $35,000 are available for existing and startup small businesses including home-based businesses. Loan funds can be used for: working capital, inventory, machinery and equipment, furniture and fixtures and refinancing business credit card debt with high interest rates. The term on the loans is up to six years and the current rate is 6.5 percent fixed.
SEED can also provide loans up to $100,000 for the same purposes. These loans can be amortized over 10 years and carry a fixed interest rate of 5.5 percent if there is bank participation in the financing.
Small business owners need to have at least a 600 credit score and the ability to explain delinquencies, SEED said. SEED will review the small-business owner’s entire household income to see if there is enough income to repay the loan.
The application process includes filling out SEED's two page application form, and providing federal income tax returns for three years for the small business and the owner. The application and list of items needed is available on SEED's Web site, www.seedcorp.com.