SEED Corp. makes six loans to R.I. small businesses

The South Eastern Economic Development Corp. recently closed on six small-business loans to Rhode Island businesses, under the U.S. Small Business Administration’s 504 and microloan program. More

To continue reading this article, please do one of the following.



small business

SEED Corp. makes six loans to R.I. small businesses

COURTESY SOUTH EASTERN ECONOMIC DEVELOPMENT CORP.
ATEN ENERGY CONSERVATION, a contracting company based in Providence, is one of six Rhode Island businesses that recently received loans from the South Eastern Economic Development Corp. under the U.S. Small Business Administration’s 504 loan and microloan programs.
Posted 11/1/13

(Updated, Nov. 5, 3:37 p.m.)

TAUNTON – The South Eastern Economic Development Corp. recently closed on six small-business loans to Rhode Island businesses under the U.S. Small Business Administration’s 504 loan and microloan programs.

The loans, totaling $462,000, provide capital to help the companies expand or launch for the first time, creating 27 new jobs, SEED said Friday.

“Business expansion and job creation are vital to the growth of the Rhode Island economy,” said Mark S. Hayward, director of the U.S. Small Business Administration Rhode Island District Office. “I congratulate these six small businesses for obtaining the resources they need to grow, and commend SEED for their continuing commitment to providing capital to the small business community.”

A Subway franchise owned by Derek Savas and Jay DeLeon received the largest SEED loan, in the amount of $302,000, for the purchase and construction of a new 1,008-square-foot sandwich shop at 48 Green End Ave. in Middletown. The project – funded under the SBA’s 504 loan program in a partnership between SEED and BankFive of Fall River – is expected to create seven new jobs, SEED said.

“We are thrilled to be a part of Derek’s sixth Subway acquisition,” said Lisa Holmes, lending team leader for SEED. “We assisted Derek with his first Subway purchase and have been fortunate to see his company grow from one to eight locations. We wish him all the best!”

The other Rhode Island companies receiving loans from SEED include:

  • American Chest Co., North Kingstown: $25,000 microloan to purchase starting inventory for the distributor of American-made hardwood chests designed by owner David McLoughlin.

  • Hair Heart & Soul Salon and Spa, Bristol: $50,000 microloan for working capital to expand the business owned by Sarah and Michael Redman.

  • Angkor Restaurant Inc., Providence: $15,000 microloan for working capital to expand the Cambodian, Thai and Vietnamese restaurant owned by Chutema Am.

  • Aten Energy Conservation LLC, Providence: $50,000 microloan for working capital to expand the contracting company, owned by Matthew Banoub, that helps homeowners optimize energy consumption.

  • Rive Gauche Day Spa, Woonsocket: $20,000 microloan to purchase furniture, fixtures and equipment for the salon and day spa owned by Sophie Gras.

Under the SBA’s 504 loan program, SEED can provide up to 40 percent of the financing needed behind a bank for the purchase of buildings and equipment. SEED’s contribution can range from $120,000 to $5 million for most small businesses, and up to $5.5 million for manufacturing businesses, at a fixed interest rate for 20 years, currently set at 5.46 percent.

For more information about the 504 loan program and other SEED loan programs, call (508) 822-1020 or visit www.seedcorp.com.

Calendar
PBN Hosted
Events

Save the Date - Thursday, May 29th - for the Business Women Awards Luncheon at the Providence Marriott. Winners to be announced May 2nd.
  • Manufacturing Awards
    Only a few seats remain for PBN's Manufacturing Awards Dinner and Ceremony, Thur ...
  • 40 Under Forty
    It's the 10th Anniversary of 40 Under Forty, and PBN is planning a special event ...
  • Healthiest Employers
    Enrollment now open for the 2014 Healthiest Employers Program. Please take a mom ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News