July 7, 2010 For Immediate Release
A Little Bit of Everything Andellas Boulevard Meats
SEED Makes Small Business Loans to A Little Bit of Everything Discount and Andella’s Boulevard Meats in Pawtucket
The South Eastern Economic Development (SEED) Corporation has closed on two small business loans in Pawtuckets totaling $455,000. The loans enabled the businesses to expand and create new jobs.
“In these difficult economic times, we are very pleased to be able to provide financing to A Little Bit of Everything Discount in Pawtucket and Andella’s Boulevard Meats in Pawtucket,” stated Paula Botelho, vice president and commercial loan officer with SEED.
“SBA is pleased to partner with SEED to inject $455,000 into the Rhode Island economy and help to create nine new jobs in the city of Pawtucket,” said Mark S. Hayward, director of the SBA Rhode Island District Office. “This is another indication that small business is playing a major role our economic recovery.”
A Little Bit of Everything Discount received a loan of $296,000 under the SBA 504 Program through SEED for the purchase of the 11,205 square foot building they were leasing. The purchase will create five new jobs. The participating bank was Citizens Bank.
“Working with SEED Corporation made the loan process easy. Their communication skills, efficiency and professionalism are outstanding. With their help, we were able to stay in Pawtucket and continue to grow our business,” stated Jeffrey Calista, owner of A Little Bit of Everything Discount.
A Little Bit of Everything Discount is located at 340 Cottage Street in Pawtucket. The business sells a variety of brand name merchandise at discounted prices including food, clothing, health, beauty products, and general merchandise. The company was established by Jeffrey Calista in 1992 and is now owned by Jeffrey and his wife, Linda.
Andella’s Boulevard Meats received a loan of $159,000 under the SBA 504 Program through SEED for the purchase of Michael’s Boulevard Meats. The purchase will create four new jobs. The participating bank was Mechanics Cooperative Bank.
Andella’s Boulevard Meats is located at 627 Armistice Boulevard in Pawtucket. Kevin Andella purchased the business in 2008 and offers a full service, high quality meat market where he prepares a variety of custom cut meats.
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.
“Often the cost of financing real estate with an SBA 504 loan is less than the cost of leasing. The major benefit of the program is that it enables a small business to obtain up to 90 percent financing and keep more of its cash for operations,” stated Botelho.
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% fixed depending on the use of the funds and whether there is bank participation.
SEED Corporation is a non-profit economic development organization certified in 1982 by the U.S. Small Business Administration. 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, please call 508-822-1020 or visit SEED at http://www.seedcorp.com.
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