SEED gives 2 Pawtucket companies a total of $455K in SBA-backed loans

TAUNTON, Mass. – South Eastern Economic Development Corp. has made loans totaling $455,000 to two Pawtucket businesses that the nonprofit lender said will enable them to expand and hire more workers.
A Little Bit of Everything, a discount store on Cottage Street in Pawtucket, received a $296,000 loan through the U.S. Small Business Administration’s 504 program to buy an 11,205-square-foot building it had been leasing. SEED said the purchase will lead to the creation of five jobs. Citizens Bank participated in the loan.
Andella’s Boulevard Meats, located on Armistice Boulevard in Pawtucket, received a $159,000 loan, also through the SBA 504 program, to help complete the purchase of Michael’s Boulevard Meats. SEED said the transaction will create four new jobs. The participating bank was Taunton-based Mechanics Cooperative Bank.
“Working with SEED Corp. made the loan process easy,” said Jeffrey Calista, owner of A Little Bit of Everything. “Their communication skills, efficiency and professionalism are outstanding. With their help, we were able to stay in Pawtucket and continue to grow our business.”
A Little Bit of Everything sells a variety of brand-name merchandise at discounted prices, including food, clothing, and health and beauty products. The company was established by Calista in 1992 and is now owned by him and his wife, Linda.
Under the SBA 504 Program, SEED can provide up to 40 percent of the financing needed behind a bank for the purchase of buildings and equipment. SEED’s portion can range from $80,000 to $2 million for most small businesses, and $4 million for manufacturing businesses, at a fixed-interest rate below market for 20 years, currently 5.25 percent.
SEED can also 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 to 6 percent fixed, depending on the use of the funds and whether there is bank participation.
SEED is a nonprofit economic development organization certified in 1982 by the SBA. Under various programs, SEED makes loans from $1,000 up to $4 million to assist small businesses to grow and create jobs throughout the region.
For more information about the SBA 504 Program and other SEED loan programs, call (508) 822-1020 or visit SEED at seedcorp.com..