Areas Served: Barnstable, Bristol, Dukes, Middlesex, Nantucket, Norfolk, Plymouth and Suffolk counties in Massachusetts and all of Rhode Island.
SEED is an Intermediary Lender under SBA’s Micro Loan Program.
SEED has access to $5 million in SBA loan funds to assist micro businesses in Barnstable, Bristol, Dukes, Middlesex, Nantucket, Norfolk, Plymouth and Suffolk counties in Massachusetts and all of Rhode Island.
Loan Amount Under the Micro Loan Program, SEED provides loans up to $50,000 which can be used for working capital, leasehold improvements, machinery and equipment, furniture and fixtures and refinancing of business credit card debt.
Eligible Businesses Manufacturing, retail, wholesale and service businesses usually having five employees or less at the time of application and meeting the definition of small business.
Geographic Coverage The program provides assistance to small businesses in all of Barnstable, Bristol, Dukes, Middlesex, Nantucket, Norfolk, Plymouth and Suffolk counties in Massachusetts and Rhode Island.
SEED will defer to local programs providing the same type of assistance.
Loan Term Up to six years.
Loan Rate Generally close to current fixed market rate.
Loan Collateral All appropriate business assets, personal guaranties and personal assets as necessary to collateralize the loan.
Job Requirement The small business has to demonstrate potential for job creation or retention, especially jobs which would be available to low and moderate-income individuals.
Job creation compliance will be monitored by SEED.
Management Capacity The small business has to demonstrate management capacity and/or willingness to accept close management consultation and technical assistance throughout the life of the loan, if necessary.
Financing Gap The small business has to demonstrate that adequate capital or loan funds to fully finance the business’ needs are not available.
A micro loan can be a portion of a larger financing package in conjunction with a lending institution.
Contact InformationSouth Eastern Economic Development Corporation
Address: 80 Dean Street
City: Taunton
State: Massachusetts
Website:
http://seedcorp.com/loan-programs/micro-loan/
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