By Michael Souza
PBN Staff Writer
TAUNTON – The South Eastern Economic Development Corp. has closed on two small-business loans to Hair, Heart and Soul Inc. and Yoga Antara LLC in Rhode Island, totaling $60,000. The loans enabled the businesses to start up and expand.
Hair, Heart and Soul Inc. received a $50,000 U.S. Small Business Administration micro-loan for working capital and the purchase of equipment for their existing salon. The business is located at 407 Hope St. in Bristol.
Yoga Antara LLC received a $10,000 SBA microloan for working capital and the purchase of furniture and fixtures to assist in the start up of the studio. The business is located at 189 Governor St. in Providence.
Owners Sarah and Michael Redman purchased Hair, Heart and Soul in 2003. Currently, their artistic team consists of ten hair stylists, two nail technicians and one make-up artist. The expansion will allow the salon to provide new services. Yoga Antara offers a large variety of beginning, intermediate and advanced level adult yoga classes, Zumba classes and monthly workshops.
SEED can 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. For more information about the SBA 504 Program and other SEED loan programs, please call (508) 822-1020 or visit SEED at www.seedcorp.com.