TAUNTON – The U.S. Small Business Administration has presented a “2008 SBA Excellence in Lending Award” to the South Eastern Economic Development Corporation.
Jim McEvoy, chair of the Taunton-based entity, attributed the recognition to a “dedicated, experienced and knowledgeable staff.” He said SEED’s portfolio of loans totaling more than $100 million clearly shows that the agency “can get the job done for the small business community in our region.”
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“This is a well-deserved honor,” said Robert Nelson, the SBA’s Massachusetts district director.
Maria Gooch-Smith, SEED’s executive director, pointed out that only two SBA 504 lenders in the nation received the award and SEED’s selection was based on “portfolio performance and growth in loan volume.”
SBA Administrator Steven Preston will present the award to SEED in New York City on April 25 during “Small Business Week.”
In 2007, SEED worked with the region’s banks to approve 56 SBA 504 loans and close on another 55 loans, for a total of 111 loans representing $42.9 million. These loans leveraged $55.4 million in bank financing and private funds, and assisted with the creation of 637 new jobs.
Businesses that received assistance included manufacturing and retail establishments, professional offices, restaurants, motels, day care centers, car washes, car dealers, gas stations and convenience stores.
Under the SBA 504 loan program, SEED provides up to 40 percent of the financing at a low, fixed interest rate for 10 or 20 years. A bank selected by the small business provides the first 50 percent at conventional terms and rate, and the small business contributes 10 percent.
The South Eastern Economic Development Corporation is a nonprofit regional economic development corporation. To learn more about SEED and its programs, call (508) 822-1020 or visit www.seedcorp.com. For information about the U.S. Small Business Administration and its programs, visit www.sba.gov/ma or www.sba.gov/ri..
