SEED makes six loans totaling $875K

Posted 10/9/12

TAUNTON – The South Eastern Economic Development Corp., known as SEED, has recently closed on six small-business loans totaling $875,000. The loans were made to: Attwater in Newport; A-1 Paving in Portsmouth; The Learning Garden in Warwick; Stock Culinary Market in Providence; Castle Awards in East Providence; and Bluemoonstone Creations in Providence. The loans enabled the businesses to purchase real estate, continue operations, start-up and create 19 new jobs.

Attwater received a loan of $474,000 under the SBA 504 Program through SEED to purchase a 9,362-square-foot building at 20-22 Liberty St. in Newport where they will operate a bed and breakfast. The expansion will create six new jobs.

A-1 Paving received a loan of $209,000 to purchase a 9,760-square-foot building at Schoolhouse Lane and Martens Road in Portsmouth where they operate their paving company. The expansion will create four new jobs.

“The loan process took a little over a year due to issues on the sellers end when purchasing a commercial building. Throughout the process Laurie was so professional and patient,” said Robert Rodrigues and Andrew Sheekey, owners of A-1 Paving. “Working with SEED made getting the loan an easy process and we would work with them again without hesitation.”

The Learning Garden received a loan of $76,000 under SEED’s Revolving Loan Fund to assist in the purchase of a 3,620-square-foot building to operate their daycare business at 295 Warwick Neck Ave. in Warwick. The project will create seven new jobs.

SEED provided Stock Culinary Market LLC with a loan of $50,000 under the SBA Micro Loan Program to assist in the start-up of Jan Dane’s culinary retail store at 756 Hope St. in Providence. The project will create two new jobs.

Castle Awards LLC received a $36,000 loan under the SBA Micro Loan Program through SEED for working capital. The business was established in 1998 and is owned and operated by Linda and Lester Grace.

SEED provided Bluemoonstone Creations with a $30,000 loan to assist in the startup of Pamela Forman's home-based jewelry business. Pamela has been in the jewelry industry for the past 15 years.

“SBA is pleased to partner with SEED to provide access to capital for these Rhode Island small businesses,” said Mark S. Hayward, director of the SBA Rhode Island District Office, in a statement issued on the announcement of all six loans. “Not only will this funding allow these businesses to grow, but it also results in the creation of much-needed Rhode Island jobs.”

SEED Corp. is a nonprofit economic development organization certified in 1982 by the U.S. Small Business Administration. SEED makes loans from $1,000 up to $5.5 million to assist small businesses to grow and create jobs.

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