By Michael Souza
PBN Staff Writer
TAUNTON â€“ The South Eastern Economic Development Corp. has closed on two small-business loans totaling $699,000 to Hannoush Jewelers in West Warwick, and Marathon Industries in Pawtucket. The loans enabled the businesses to purchase real estate and equipment.
â€śI congratulate Hannoush Jewelers and Marathon Industries on obtaining the financing they need to expand their businesses and create jobs,â€ť said Mark S.Hayward, director of the SBA Rhode Island District Office. â€śThe financing provided through SBA and SEED will result in the creation of 11 Rhode Island jobs. Small business job creation is the key to revitalizing our economy.â€ť
Hannoush Jewelers has over 30 years of experience in the industry and also owns Kay Jewelers, Belden Jewelers and Jared.
â€śWe are very pleased to be able to provide financing to Hannoush Jewelers, making it possible to continue their jewelry company at their current location,â€ť stated Trevisani, vice president and commercial lender at SEED. â€śI wish the Silva's all the best!â€ť
Hannoush Jewelers received a loan of $579,000 under the SBA 504 program through SEED to purchase a 7,356 square foot building where they operate their jewelry store at 685 Bald Hill Road. The expansion will create nine new jobs. The lending team on this project was Anne Trevisani from SEED Corporation and Patrick Annese of Bank of America.
Marathon Industries, Inc. received $110,000 under SEED's small loan program and the SBA's micro loan program. The loans assisted in the purchase of equipment and provided working capital for their rigging company. The expansion will create two new jobs. â€śI just want to thank SEED Corporation for giving me this opportunity. Starting a new business, especially in today's economy can be overwhelming and sometimes impossible,â€ť said Alexis Bacon, owner of Marathon Industries. â€śSEED made it achievable for me to get started with a loan, and I am thankful to be up and running. I especially want to thank all the employees at SEED that made the loan process effortless.â€ť
On a different matter, SEED has announced it has received $50,000 from Rockland Trust for financial counseling. The bank's support will enable SEED to continue counseling targeted to low-income community businesses and residents through group and one-on-one workshops and sessions.
When presenting the check to SEED, Rockland Trust Executive Vice President and Director of Commercial Banking Gerry Nadeau said Rockland is committed to strengthening the communities in which they work and live.
The funding was provided through $50 million in tax credits awarded to Rockland Trust by the federal government's New Markets Tax Credit program. The program was enacted in December 2000 and is designed to foster job creation and stimulate economic growth in low-income communities across the country. Rockland Trust has received four such awards from the program totaling $191 million to date.
"We are grateful to Rockland Trust for their continued support," said Maria Gooch-Smith, SEED's executive director. â€śIn this troubling economic climate as other funding sources are drying up, Rockland Trust continues to make substantial investments to fund technical assistance for small businesses, which enables them to continue operating and creating new jobs.â€ť