By Michael Souza
PBN Staff Writer
TAUNTON – The South Eastern Economic Development Corp. announced on Jan. 26 it has closed on loans designed to assist small businesses. According to Tamarah Bacon, business development and assistance manager, the loans indicate an increasing need for SEED’s services.
“This is usually a busy time but this year it’s even busier,” Bacon said, “but in dealing with some of the banks we use, they have said that business is increasing.”
She also said that an increasing amount of companies are looking into their SBA 504 program, where SEED loans 40 percent, a lending institution finances 50 percent and the applicant 10 percent. The lending institution’s portion is financed at conventional rates and terms.
In order to navigate the system, the applicants have already taken some of SEED’s seminars and courses for entrepreneurs and small businesses.
SEED is a Taunton-based nonprofit corporation certified by the United States Small Business Administration. They administer four loan programs, which provide loans ranging from $1,000 under the micro-loan program to $5.5 million under the SBA 504 Program.