2013 Annual Report - South Eastern Economic Development (SEED)

Land’s End Inn
Provincetown, MA
Brockton, MA
Jordi Labs
Mansfield, MA
Swansea, MA
The Sky Connection, Dedham, MA
Bettencourt
Honda Suzuki,
W. Bridgewater, MA
Somerset, MA
Pembroke, MA
Amaro’s Market
Taunton, MA
Hair, Heart & Soul Spa and Salon, Bristol, RI
Barlow’s Plumbing
& Well Systems,
Scituate, RI
Shelia Donovan Pilates
Studio, Canton, MA
Dartmouth, MA
Providence, RI
Ponds Child Care
Center, Plymouth, MA
Holiday Inn Express,
Milford, MA
Erica Lynn Yoga
Canton, MA
Barrett Distribution Centers, Franklin, MA
Welcome Home Realty
Groups, Taunton, MA
Home Works Energy
Woburn, MA
Inn at Lewis Bay, Yarmouth, MA
SBA MA Micro Lender for 2013
SOUTH EASTERN ECONOMIC DEVELOPMENT CORPORATION
80 DEAN STREET, TAUNTON, MA 02780
(508) 822-1020
www.seedcorp.com
Middleborough, MA
31 Years of Service to Small Businesses
ANNUAL REPORT 2013
( $ $
! "" /
# (
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)# *
Report to the Corporation
This past year with the economy still lagging,
SEED
was able to make 42 small business
loans totaling $2 million under its small loan
programs. SEED also approved and closed
another 60 SBA 504 loans totaling $31.2 million.
With your support during the 2013 fiscal year,
SEED was able to continue meeting the need
for small business loans in the region. Under all
its programs, SEED made 103 loans totaling
$33 million. These loans leveraged $46
million in bank loans and private funds, and
assisted in the creation of 636 new jobs.
SEED was successful in obtaining another $1.3
million in grant funds from the Community
Development Financial Institution (CDFI) Fund
under the U.S. Department of the Treasury, and
the State of Massachusetts to continue making
small business loans up to $200,000.
To continue meeting the need for micro loans up
to $50,000, SEED borrowed an additional $1.25
million from the U.S. Small Business Administration (SBA) as an Intermediary Lender under the
Micro Loan Program. Several banks in the
region assisted SEED with the required loss
reserve for the SBA loan: BayCoast Bank;
Boston Private Bank; Bridgewater Savings
Bank; Bristol County Savings Bank; Cape Cod
Five Cents Savings Bank; Eastern Bank;
HarborOne Bank; and Middlesex Savings Bank.
Demand for SBA 504 Program loans, which
primarily finance the purchase and improvement
of business real estate in participation with the
region’s banks, decreased this past year as
interest rates rose above five percent fixed, and
small businesses waited to make investments
under more reliable economic conditions.
As the region’s local development company for
the last 31 years, SEED has made 1,855 loans
totaling $318 million, leveraging $669 million
in private funds, and creating 13,547 jobs.
SEED’s total current loan portfolio balance is
$109 million.
This past year, working with the region’s
financial institutions, SEED approved 32 loans
under the SBA 504 Program, and closed on
another 28, for a total of 60 loans representing
$31.2 million. Since 1983, SEED has made 650
SBA 504 loans totaling $234 million and
creating 5,399 jobs.
SEED’s Revolving Loan Fund (RLF) provides
loans up to $200,000 which represent a portion
of the total financing needed. These loans assist
small businesses with working capital and fixed
asset projects, and are subordinate to the
participating financial institution. Since its
inception, SEED has made 412 RLF loans
totaling $17 million, and creating 2,500 new
jobs.
As the regional SBA Intermediary for the Micro
Loan Program, SEED continued to make micro
loans and conduct its Business Assistance
Program, which includes small business
workshops, individual business assistance, and
a small business library. Since its inception,
SEED has made 413 micro loans totaling $10
million and creating 1,206 new jobs.
This past year, SEED held 34 workshops
attended by 439 prospective and existing
entrepreneurs, and provided 682 business
assistance sessions for a total of 1,121
individuals. The workshops taught the basics
on starting and operating a small business, and
understanding financial statements and cash
flow. SEED obtained a grant from Rockand
Trust Community Development LLC for its Business Assistance Program, and sponsorships
from several banks for the monthly workshops.
SEED Ventures LP, a $20 million mezzanine
fund sponsored by SEED to assist the region’s
growing businesses, and licensed by SBA in
2005 as a Small Business Investment Company
(SBIC), has made 30 investments totaling
$14.4 million. Investments have ranged from
$250,000 to $1.25 million in companies with
potential for growth and job creation. SEED
Ventures II LP, a second fund in the process of
being established, should be in operation in
2014.
For their support to SEED over the last 31
years, we would like to thank the following: the
Southeastern Regional Planning and Economic
Development District (SRPEDD); the U.S. Small
Business Administration (SBA); the U.S.
Economic Development Administration (EDA);
the Community Development Financial
Institutions (CDFI) Fund: MassDevelopment: the
MA Executive Office of Housing and Economic
Development; the U.S. Department of
Agriculture (USDA); the Town of Wareham; the
banking community; the region’s legislators; our
small business and economic development
partners; and our small businesses.
We are honored to serve our region and its
small businesses as SEED Chair and
Executive Director, and as members of a very
effective team: a highly professional Board of
Directors; dedicated and capable members of
the Loan Review Committee, Micro Loan
Committee, and Nominating Committee; and a
very professional and dedicated staff.
Thank you all for your trust and support.
Respectfully submitted,
Ferdinand Kelley
Chairman of the Board
Maria Gooch-Smith
Executive Director
ABOUT THE COVER: The Annual Report Cover depicts some of the small businesses financed by SEED this past year. We
M • (508) 822-1020.
apologize for not being able to include everyone. SEED Corporation, 80 Dean Street,Taunton, MA 02780
1
BACKGROUND
ABOUT SEED CORPORATION
The South Eastern Economic Development (SEED) Corporation was established in 1982
as a Chapter 180 non-profit corporation under the Massachusetts General Laws. Late
that year, SEED was certified by the U.S. Small Business Administration (SBA) to package
loans under the 504 Program. SEED’s mandate is to assist small businesses to start up,
expand and create new jobs.
In the fulfillment of its mission, SEED has also become: a Community Development
Financial Institution (CDFI) under the U.S. Department of the Treasury; a Community
Advantage Lender under SBA’s 7A Guaranty Program; and an Intermediary Lender under
the SBA Micro Loan Program.
SEED’s geographic coverage presently includes Massachusetts and Rhode Island. SEED
has 200 members and 40 directors. The membership represents: community business
organizations; local economic development officials; financial institutions; and small
businesses. SEED has a staff of fourteen. Administrative costs are covered through fees,
interest on loans, and grant funds for small business technical assistance.
SEED’s financing programs are designed to work in conjunction with the banks in the
region. In some cases, SEED’s role is to assist and support small businesses in their start
up phase until they are ready for bank financing.
SEED runs three programs which provide loans ranging from $1,000 to $5.5 million. They
are: the SBA 504 Program; the Revolving Loan Fund; and the Micro Loan Program.
SEED’S LOAN PROGRAMS
SBA 504
Through the SBA 504 Program, a small business can obtain up to 90 percent financing
for a fixed asset project. A bank selected by the applicant finances 50 percent of the
project and takes first position on the project collateral. An SBA 504 debenture provides
up to 40 percent in second position, and the applicant provides the remaining 10 percent.
The bank portion is financed at conventional rates and terms. SEED staff is responsible
for all the “504” paperwork.
TERM AND RATE
Ten years for machinery and equipment and 20 years for real estate projects. Interest
rate is fixed and close to the prime rate. Last year’s rate averaged 4.5% fixed.
ELIGIBLE BUSINESSES
For-profit corporation, partnership or proprietorship; industrial or commercial enterprise;
net worth not in excess of $15 million; less than $5 million average net profit after taxes
during previous two years.
ELIGIBLE PROJECT
Acquisition of land and buildings; construction and/or renovation; leasehold improvements;
machinery and equipment; furniture and fixtures; interim interest; and professional fees.
MINIMUM AND MAXIMUM
A minimum of $50,000 (a total project of $125,000), and maximum of $5.5 million on a
project of $13.75 million or more. On projects smaller than $300,000, SEED evaluates
the benefits to the client, and may use its Revolving Loan Fund.
JOB REQUIREMENT
One job for each $65,000 of SBA investment over a period of two years. The job requirement may be waived by meeting public policy goals.
2
RLF PROGRAM
SEED established the Revolving Loan Fund (RLF) Program with grants from the U.S.
Economic Development Administration and the State of Massachusetts. Since 1984 SEED
has received a total of $3.2 million in grants to provide gap financing for small businesses.
HOW IT WORKS
Under the RLF Program, SEED provides loans up to $200,000 which can be used as the
down payment on a larger project. The SEED portion of the project is usually 30 percent
but can be larger if there is a demonstrated gap.
ELIGIBLE BUSINESSES
Manufacturing, agriculture and fishing, retail, wholesale and service businesses; net worth
not in excess of $2 million; less than $750,000 average net profit after taxes during
previous two years.
ELIGIBLE PROJECT
Acquisition of land and buildings; construction and/or renovation; equipment and
furnishings; and working capital. Job creation or retention is required.
TERM AND RATE
Up to 10 years with amortization schedules up to 20 years and an interest rate below
market and fixed, currently 5%. Without bank participation the interest rate is 6% fixed.
MICRO LOAN
PROGRAM
SEED administers this program with $1.2 million in grants from Massachusetts, and loans
from SBA. Under SBA’s Micro Loan Program, SEED has access to $5 million in loan funds
to assist small businesses in Massachusetts and Rhode Island. The following banks have
contributed to the reserve fund required for this program: Bank of America; BayCoast Bank;
Boston Private Bank; Bridgewater Savings Bank; Bristol County Savings Bank; Cape Cod
Five Cents Savings Bank; Citizens Bank; Eastern Bank; HarborOne Bank; Middlesex
Savings Bank; Rockland Trust Company; Sovereign Bank; and Webster Bank.
HOW IT WORKS
Under the Micro Loan Program, SEED provides loans up to $50,000 which can be used
for working capital, machinery and equipment, and furniture and fixtures.
ELIGIBLE BUSINESSES
Manufacturing, retail, wholesale and service businesses.
TERM AND RATE
The term is up to six years. The interest rate is close to market and fixed, currently 6%.
SEED VENTURES LP
This $20 million fund, sponsored by SEED and licensed by SBA as a Small Business
Investment Company (SBIC) in 2005, specializes in subordinated debt, senior debt and
equity investments in small and medium size businesses. The fund focuses on
Massachusetts and Rhode Island, but can make investments in New England.
HOW IT WORKS
The investment process formally begins with the submission of a Business Plan which
includes: a brief overview of the company; experience and background of key
management; description of the company’s products and/or services; analysis of the
service market; discussion of the company’s strategic plan; financial history and
projections; amount of financing required and use of funds; and personal financial
statement for the principals.
Investment opportunities are presented to the Investment Committee for review and final
approval.
ELIGIBLE BUSINESSES
Companies with a net worth of $18 million or less, and an average net income in the last
two years of $6 million or less; annual sales of $1.5 million or more; positive cash flow;
and significant growth potential.
USE OF FUNDS
Investments range from $250,000 to $1.25 million, although larger transactions can be
made.The use of funds includes: strategic acquisitions; buyouts; recapitalizations;
capital to support growth; and equipment and real estate purchases.
TERM AND RATE
Up to 7 years maturity; up to two years interest only period; interest of 12% to 14%; and
warrants or a similar equity related security.
INVESTMENTS &
PARTICIPATING
INVESTORS
BankFive; Bank of America CDC; Bridgewater Savings Bank; Bristol County Savings
Bank; Eastern Bank; Citizens Bank; BayCoast Bank; Greater Fall River Development
Corporation; The Life Insurance Community Investment Initiative, LLC; Middlesex
Savings Bank; The Property and Casualty Initiative, LLC; Rockland Trust Company;
Sovereign Bank, FSB; TD Bank, NA; and Webster Financial Corporation.
3
SEED PORTFOLIO
October 1, 2012 - September 30, 2013
SBA “504” PROGRAM
SMALL BUSINESS
PARTICIPATING
BANK
FINANCING (000’S)
TOTAL
SEED
Protectowire Co., Inc., Pembroke, MA
Rockland Trust Company
Produce Barn, Inc. Norton, MA
North Easton Savings Bank
Mt. Hope Village Liquors, Inc., Dighton, MA
BayCoast Bank
LaCerta Group, Inc., Mansfield, MA
Citizens Bank
Inn at Lewis Bay, Yarmouth, MA
NEW
JOBS
$ 3,160
$ 1,297
13
1,000
260
3
400
137
4
1,775
732
18
Bank of Cape Cod
640
202
2
Perry’s Automotive, Inc., Halifax, MA
Rockland Trust Company
600
246
4
Quarterdeck Lounge, Hyannis, MA
Cape Cod Five Cents Savings
993
412
6
Cape Diagnostics Imaging, Yarmouth, MA
Cape Cod Five Cents Savings
920
360
3
Land’s End Inn, Provincetown, MA
TD Bank
4,300
774
8
LaCerta Group, Inc., Mansfield, MA
Citizens Bank
4,300
1,771
18
Clifford & Galvin Contract., W. Bridgewater, MA
Rockland Trust Company
919
374
6
Medical Component Spec., Bellingham, MA
Middlesex Savings Bank
1,000
415
3
Swansea Dental Assoc., PC, Swansea, MA
Mechanics Cooperative Bank
355
150
3
Bettencourt Honda/Suzuki, W. Bridgewater, MA
Webster Bank
475
199
10
Bettencourt Honda/Suzuki, W. Bridgewater, MA
Webster Bank
265
111
10
Boston Tavern, Middleborough, MA
Rockland Trust Company
850
354
18
North Main St. Self Storage, Woonsocket, RI
Charles River Bank
2,245
926
1
Charlie’s Too, Pembroke, MA
Rockland Trust Company
550
230
4
GAI Engineering, Avon, MA
Bank of America
630
263
5
Dyl and Perillo, Inc., Providence, RI
Bristol County Savings Bank
530
206
3
Ponds Child Care Center, Plymouth, MA
Rockland Trust Company
415
175
14
Barrett Distribution Centers, Franklin, MA
Bank of America
2,392
650
7
S&E Home Care Services, Harwich, MA
Cape Cod Five Cents Savings
430
205
5
Subway, Middletown, RI
BankFive
1,065
302
9
Holiday Inn Express, Milford, MA
Bristol County Savings Bank
8,463
3,041
30
The Bog Ice Arena, Kingston, MA
Rockland Trust Company
4,050
955
13
Furniture Consignment Gallery, Hanover, MA
S-Bank
845
352
6
Inn at the Oaks, Eastham, MA
Bank of Cape Cod
1,100
400
3
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SUBTOTAL LOANS
TOTAL “504” LOANS 2
$ 44,667
$ 65,860
1. Loans approved in Fiscal Year 2013, but not yet closed.
$15,499
$24,204
229
344
2. Loans approved and closed in FY 2013.
4
SBA “504” PROGRAM (CONTINUED)
SMALL BUSINESS
PARTICIPATING
BANK
FINANCING (000’S)
TOTAL
SEED
NEW
JOBS
Prestige Auto Mart, Inc., Westport, MA 1
Rockland Trust Company
$3,100
$1,290
12
Mulcahy Family Chiropractic, Nantucket, MA 1
Cape Cod Five Cents Savings
435
185
1
Performance Plus Dog Training, Raynham, MA 1
First Citizens Credit Union
1,060
445
3
TMC Environmental, Inc., Franklin, MA 1
TD Bank
2,970
1,240
19
Evans Machine Company, Brockton, MA 1
Webster Bank
1,500
625
15
Brix III, Inc., Nantucket, MA 1
Pilgrim Bank
744
310
3
Modern Real Estate, Inc., Boston, MA 1
Middlesex Savings Bank
653
275
5
Evans Machine Company, Brockton, MA 1
Webster Bank
2,000
775
15
Vetelino Landscape, Inc., Pembroke, MA 1
Rockland Trust Company
2,000
835
15
Village Pediatrics, LLC, Brockton, MA 1
HarborOne Bank
2,300
960
4
Mu-Han Martial Art, Inc., Taunton, MA 1
Mechanics Cooperative Bank
635
265
2
Pricerite Oil, Inc., Seekonk, MA 1
Bristol County Savings Bank
370
160
3
Children’s Playhouse, Inc., Saugus, MA 1
Eastern Bank
1,700
620
10
Barrows Excavating, Harwich, MA 1
Cape Cod Five Cents Savings
850
355
2
General Auto Supply, Marshfield, MA 1
Rockland Trust Company
876
365
6
$16,349
$24,204
15
44
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SUBTOTAL “504” LOANS
TOTAL “504” LOANS 2
$ 21,193
$ 65,860
1
1. Loans approved in Fiscal Year 2013, but not yet closed.
2. Loans approved and closed in FY 2013. Does not include four loans withdrawn.
BUSINESS ASSISTANCE
WORKSHOPS (34)
•
FUNDAMENTALS OF PLANNING, PREPARING
FOR AND FINANCING YOUR BUSINESS
•
439 ENTREPRENEURS
UNDERSTANDING FINANCIAL STATEMENTS
INDIVIDUAL SESSIONS
682 ENTREPRENEURS
TOTAL ENTREPRENEURS ASSISTED
1,121 ENTREPRENEURS
WORKSHOP SPONSORS: BRISTOL COUNTY SAVINGS BANK; CAPE COD FIVE CENTS SAVINGS; EASTERN BANK;
MANSFIELD COOPERATIVE BANK; MECHANICS BANK; MUTUAL BANK; MIDDLESEX SAVINGS BANK; AND ROCKLAND
TRUST COMMUNITY DEVELOPMENT, LLC.
5
REVOLVING LOAN FUND (RLF)
PARTICIPATING
BANK
SMALL BUSINESS
FINANCING (000’S)
TOTAL
SEED
NEW
JOBS
Tavares Cleaning Services, Inc., Providence, RI
Greenwood Credit Union
$ 441
$ 100
6
________________________________________________________________________________________________________________________________________
Ecologic Spray Foam Insulation, Tiverton, RI
Coastway Community Bank
254
93
2
________________________________________________________________________________________________________________________________________
Coastal Land Design, Eastham, MA
Bank of Cape Cod
334
120
5
________________________________________________________________________________________________________________________________________
Stars of Tomorrow, LLC, Wrentham, MA
Dedham Savings Bank
250
100
6
________________________________________________________________________________________________________________________________________
Amaro’s Market, Inc., Taunton, MA
NA
60
60
4
________________________________________________________________________________________________________________________________________
Pool ’N Play, Inc., Brockton, MA
NA
60
40
5
________________________________________________________________________________________________________________________________________
Welcome Home Realty Group, Inc., Taunton, MA
Webster Bank
377
151
17
________________________________________________________________________________________________________________________________________
Collaborative Technology Partners, Quincy, MA
NA
100
50
5
________________________________________________________________________________________________________________________________________
Nicole’s Hair Design, Somerset, MA
Mechanics Cooperative Bank
128
40
1
________________________________________________________________________________________________________________________________________
Welcome Home Realty Group, Inc., Taunton, MA
NA
50
50
17
________________________________________________________________________________________________________________________________________
Jordi Labs, LLC, Mansfield, MA
Middlesex Savings Bank
1,575
300
32
________________________________________________________________________________________________________________________________________
NA
150
50
3
Dream Sweet Froyo, Dartmouth, MA
________________________________________________________________________________________________________________________________________
HomeWorks Energy, Inc., Woburn, MA
NA
120
50
3
________________________________________________________________________________________________________________________________________
Home Away from Home, LLC, Easton, MA
HarborOne Bank
471
52
6
________________________________________________________________________________________________________________________________________
Sun Ride Transit, Brockton, MA
NA
12
10
3
________________________________________________________________________________________________________________________________________
NorthStar Asset Management, Boston, MA
Eastern Bank
TOTAL “RLF” LOANS
800
100
2
$5,182
$1,366
117
FINANCING (000’S)
TOTAL
SEED
NEW
JOBS
MICRO LOAN PROGRAM
SMALL BUSINESS
PARTICIPATING
BANK
The Sky Connection, Dedham, MA
NA
$ 16
$ 10
2
________________________________________________________________________________________________________________________________________
Better Times Emporium, Plymouth, MA
NA
5
5
2
________________________________________________________________________________________________________________________________________
Adriance Furnituremakers, Inc., Dartmouth, MA
NA
35
35
6
________________________________________________________________________________________________________________________________________
Wheel Happy Bike Shop, Edgartown, MA*
NA
73
73
12
________________________________________________________________________________________________________________________________________
The Cape Cod Dog, Eastham, MA
NA
14
14
2
________________________________________________________________________________________________________________________________________
Collaborative Technology Partners, Quincy, MA
NA
100
50
5
________________________________________________________________________________________________________________________________________
The Drake Company, Holliston, MA
NA
10
10
2
________________________________________________________________________________________________________________________________________
Helium Party Place, Franklin, MA
NA
28
20
1
________________________________________________________________________________________________________________________________________
The Rhody Center for World Music, Pawtucket, RI
NA
32
28
1
________________________________________________________________________________________________________________________________________
Barlow’s Plumbing & Well Systems, Scituate, RI
NA
20
20
1
________________________________________________________________________________________________________________________________________
Get in Shape for Women, Easton, MA
NA
50
50
4
________________________________________________________________________________________________________________________________________
Native Times Coffee, LLC, Middleborough, MA
NA
9
7
1
________________________________________________________________________________________________________________________________________
Shelia Donovan Pilates Studio, LLC, Canton, MA
NA
50
50
3
________________________________________________________________________________________________________________________________________
David’s Tire and Auto, Inc., Canton, MA
NA
40
40
7
________________________________________________________________________________________________________________________________________
Hannaford Plumbing & Heating, Stoughton, MA
NA
12
12
1
________________________________________________________________________________________________________________________________________
Erica Lynn Yoga, Canton, MA
NA
10
10
1
________________________________________________________________________________________________________________________________________
Aten Energy Conservation, LLC, Providence, RI*
NA
73
50
4
________________________________________________________________________________________________________________________________________
Dream Sweet Froyo, Dartmouth, MA
NA
150
50
3
________________________________________________________________________________________________________________________________________
HomeWorks Energy, Inc., Woburn, MA
NA
120
50
3
________________________________________________________________________________________________________________________________________
Rive Gauche Day Spa, Woonsocket, RI
NA
28
20
2
________________________________________________________________________________________________________________________________________
The Therapy Room, LLC, Boston, MA
NA
50
10
2
________________________________________________________________________________________________________________________________________
American Chest Company, Wickford, RI
NA
35
25
1
________________________________________________________________________________________________________________________________________
Hair Heart & Soul Spa and Salon, Bristol, RI
NA
50
50
5
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Angkor Restaurant, Inc., Providence, RI
NA
TOTAL MICRO LOANS
* Two loans were made to the small business
6
15
15
2
$1,025
$704
73
SEED VENTURES LP
2006 - 2013
SMALL BUSINESS
INVESTMENT ($000’S)
Reynolds DeWalt Printing, Inc., New Bedford, MA
$
250
________________________________________________________________________________________________________________________________________
Adaptive Instruments, Hudson, MA
450
________________________________________________________________________________________________________________________________________
JRM Holdings / Speidel, Inc., East Providence, RI
450
________________________________________________________________________________________________________________________________________
Superior Apparel, Inc., Fall River, MA
500
________________________________________________________________________________________________________________________________________
Saylent Technologies, Inc., Franklin, MA **
788
________________________________________________________________________________________________________________________________________
LogicBay Corporation, Providence, RI *
662
________________________________________________________________________________________________________________________________________
Tanya’s Creations, Inc., East Providence, RI
250
________________________________________________________________________________________________________________________________________
Education Inc., Plymouth, MA
500
________________________________________________________________________________________________________________________________________
Dover Saddlery, Inc., Littleton, MA
1,000
________________________________________________________________________________________________________________________________________
IDS Holdings, LLC. Manchester, NH*
1,166
________________________________________________________________________________________________________________________________________
Raw Seafoods, Inc., Fall River, MA *
250
________________________________________________________________________________________________________________________________________
48HourPrint.com, Boston, MA **
1,234
________________________________________________________________________________________________________________________________________
Jet Products, LLC., East Bridgewater, MA
500
________________________________________________________________________________________________________________________________________
Mearthane Products Corp., Cranston, RI
650
________________________________________________________________________________________________________________________________________
Little Blue Incite, LLC., Avon, CT *
1,056
________________________________________________________________________________________________________________________________________
Mail Computer Services, Inc., West Bridgewater, MA **
2,236
________________________________________________________________________________________________________________________________________
Single Digits, Inc., Manchester, NH
700
________________________________________________________________________________________________________________________________________
Medport, LLC., Providence, RI
850
________________________________________________________________________________________________________________________________________
Precision Fabricators, Stoughton, MA
400
________________________________________________________________________________________________________________________________________
National Marker Company, North Smithfield, RI
550
TOTAL SEED VENTURES LP INVESTMENTS
* Two investments made.
$14,442
** Three investments made.
LOANS MADE BY PROGRAM
PROGRAM
NUMBER
OF LOANS
1983 TO 2013**
LOAN
AMOUNTS
PRIVATE
LEVERAGE
NEW JOBS
CREATED
60*
31.2 MM
441 JOBS
650
$233.6 MM
$508.7 MM
5,399
SBA GUARANTY (7A)
STARTED IN 1990
1
$.04 MM
5 JOBS
136
$41.9 MM
$16.6 MM
1,443
REVOLVING LOAN FUNDS
STARTED IN 1984
16
$1.4 MM
97 JOBS
412
$16.7 MM
$130.7 MM
2,500
-
244
$15.7 MM
--
1,144
26
$.7 MM
73 JOBS
413
$9.9 MM
$13.2 MM
1,206
103
$33.3 MM
636 JOBS
1,855
$317.8 MM
$669.2 MM
13,547
SBA 504
STARTED IN 1983
ENTERPRISE FUND
1994 TO 2005
MICRO LOAN
STARTED IN 1994
TOTALS
*Loans approved, closed and funded.
FY’13
$
JOBS
7
**Loans closed.
SEED’S FINANCIAL STATEMENT
BALANCE SHEET
ASSETS
9/30/12
Cash-Unrestricted .....................................................$537,093
Cash-Loan Funds (Restricted) .................................1,626,399
Interest Receivable .......................................................26,064
Notes Receivable-Loan Funds.................................4,760,609
Grant Receivable ..........................................................64,085
Prepaid Expenses ...........................................................5,596
Accounts Receivable ...................................................115,006
Fixed Assets (Net) .......................................................718,400
9/30/13*
...............................$606,628
..............................1,669,489
...................................27,525
..............................5,808,456
...................................65,953
.....................................9,607
.................................130,738
.................................702,047
TOTAL ASSETS ........................................................$7,853,252
............................$9,020,443
LIABILITIES & FUND BALANCE
Accounts Payable .......................................................$20,078
Accrued Expenses.......................................................116,622
Client Deposits ..............................................................11,250
Deferred Revenue ..............................................................214
Notes Payable – SBA...............................................1,402,250
Mortgage Payable .......................................................488,864
.................................$18,540
...................................77,544
.....................................9,500
.....................................7,788
..............................1,527,512
.................................456,620
TOTAL LIABILITIES ..............................................$2,039,278
............................$2,097,504
Fund Balance .........................................................$5,813,974
............................$6,922,939
TOTAL LIABILITIES & FUND BALANCE ................$7,853,252
............................$9,020,443
INCOME STATEMENT
9/30/12
INCOME
Federal Revenue.......................................................$384,252
State Revenue ............................................................125,000
Other Revenue ............................................................349,843
Interest ........................................................................284,762
Fees .........................................................................1,043,605
9/30/13*
............................$1,260,930
...................................75,000
.................................383,668
.................................299,410
..............................1,016,696
TOTAL INCOME ....................................................$2,187,462
............................$3,035,704
EXPENSES
Salaries & Wages...................................................$1,312,848
Consultants ...................................................................93,370
Fringe Benefits ............................................................136,572
Payroll Taxes .................................................................95,500
Interest ..........................................................................30,470
Depreciation ..................................................................26,802
Office & Other..............................................................236,486
............................$1,329,394
...................................40,946
.................................156,233
...................................97,782
...................................27,629
...................................26,613
.................................224,056
TOTAL EXPENSES...................................................$1,932,048
EXCESS INCOME OVER EXPENSES ........................$255,414
LOANS WRITTEN OFF..................................................(48,338)
............................$1,902,653
............................$1,133,051
................................(24,085)
EXCESS INCOME OVER EXPENSES ........................$207,076
*Preliminary
............................$1,108,966
8
OFFICERS AND DIRECTORS
2012 - 2013
Chair – Ferdinand T. Kelley
Vice Chair – Richard L. Shafer, COO, Taunton Development Corporation
Vice Chair – Gerard Nadeau, EVP/Senior Lender, Rockland Trust Company
Treasurer – Lorraine A. Travers, C.P.A., C.F.P.
Assistant Treasurer – Paul W. Anghinetti, SVP/Business Banking Market Executive, Bank of America
Clerk – William D. Lewis, VP, Bristol County Savings Bank
Assistant Clerk – Roy Nascimento, President & CEO, New Bedford Area Chamber of Commerce
***
Melinda L. Ailes, Regional Director, MA Small Business Development Center
David Augustinho, Ex. Dir., Cape & Islands Workforce Investment Board
Kerrie Babin, President, Taunton Area Chamber of Commerce
William Benford, Vice President, Mansfield Bank
John J. Biggio, VP & Senior Loan Officer, Mayflower Bank
Wayne Carvalho, Vice President, First Citizens Federal Credit Union
Pasquale Ciaramella, Executive Director, Old Colony Planning Council
Christopher Cooney, President & CEO, Metro South Chamber of Commerce
Adriana Dawson, State Director, RI Small Business Development Center
Carmen Diaz-Jusino, Program Director, Center for Women & Enterprise, RI
Stephen DiPrete, SVP, Eastern Bank
Stephen J. Donahue, VP Commercial Sales, Donahue Associate Realtors
Charles Dwyer, VP, Middlesex Savings Bank
Ana C. Dyer, Director of Sales & Business Development, Federal Home Loan Bank
Bradford P. Egan, EVP, Martha’s Vineyard Savings Bank
Denis J. Hanks, Ex. Dir., Plymouth Area Chamber of Commerce
Donald G. Isles, VP, Dedham Institution for Savings
Timothy Kelleher, SVP Commercial Lending, TD BankNorth
Daniel McAuliffe, Jr., Manager, Galahad Associates, LLC
Paul S. Medeiros, SVP & Senior Lender, BankFive
Jack B. Meehl, Jr., Principal, Ashberry Street Advisors
Jennifer Menard, Ex. Dir., SouthCoast Development Partnership/UMass Dartmouth
John F. Moran, SVP/Relationship Manager, Citizens Bank
Jeffrey P. Pineault, CFO, LaFrance Hospitality Company
Robert Reisner, VP, Cape Cod Five Cents Savings Bank
Edward F. Sousa, SVP/Senior Commercial Lender, Bridgewater Savings Bank
Nancy E. Stokes, SVP, Mechanics Cooperative Bank
Carl W. Taber, EVP & Chief Lending Officer, BayCoast Bank
Michael Tulman, Principal, Michael M. Tulman CPA, CVA, Cr.PA
Mary Waldron, Ex. Dir., Brockton 21st Century Corporation
Friend S. Weiler, SVP, HarborOne Credit Union
William Welsh, Jr., Chair, RI Chapter of SCORE
STAFF
Maria Gooch-Smith, Executive Director
Tamarah Bacon, Business Development & Assistance Manager
Ling Ling Chang, Business Manager / CPA
Jason Croghan, Administrative Assistant
Ann Desrosiers, VP/Operations & Portfolio Management
William Diskin, Business Assistance Officer
Laurie Driscoll, VP/Commercial Loan Officer
Diana Fleming, Business Development Officer
Helen Gildea, Commercial Loan Administrator
Lisa Holmes, SVP/ Lending Team Leader
Angela Knight, Marketing & Business Assistance Officer
Henry Price, Business Development Officer
Anne Rounds, AVP/Closing Manager
Sidonia Silva-Reyes, AVP/Operations & Servicing Officer
Katherine Torres, Administrative Officer
Anne Trevisani, VP/Commercial Loan Officer
Lindsey Williams, AVP/Commercial Credit Analyst
Thomas Wooters, VP/ Investment Manager, SEED Ventures LP
9
MEMBERS 2012-2013
Bristol County
Melinda L. Ailes
Stephen Almeida
Ann M. Auger
Kerrie Babin
Joseph T. Baptista, Jr.
Tim Baurley
William Benford
Paula Botelho
Richard Brown
Rita Burke
Russell Burke
Roger A. Cabral
Lawrence Cameron
Michael Carriero
Wayne Carvalho
Terrence A. Charest
Michael Chatwin
John F. Clark
Robert F. Collins
Daniel L. Conrad
George Couto
Peter Dello Russo
Linda DeMarco
Raymond A. Dionne
Russ Driscoll
John Duclos
William R. Eccles, Jr.
Jacqueline Einstein
Nancy Eyre
Richard Farmer
Bruce E. Fernandes
Ross J. Forbes
Patrick J. Gaughan
Cynthia Gilchrest
June Goguen
Alissa Hall
Rick Hamilton
Melodie Hanson
Dean Harrison
Warren R. Hartwell
Norman A. Hayes, III
Carol S. Hegarty
Hal Horvat
Steven J. Ingalls
Jim Kinahan
Richard L. LaFrance
Jack Lank
Stuart A. Lawrence
Matthew R. Ledin
William Lewis
Gary Libman
Manuel Louis Lopez
Daniel McAuliffe, Jr.
Anthony Medeiros
Joan M. Medeiros
Paul S. Medeiros
Jennifer Menard
Willitts Mendonca
Matthew A. Morrissey
Betty-Ann Mullins
Roy Nascimento
Kevin A. Nery
Jonathan C. Neuner
Seamus M. O’Connell
Gregory F. O’Donnell
Stephen Parr
Michael Patacao
Peter Paul
Stephen C. Peck
Kevin Pelland
Louis J. Petrovic
Niko Phillips-Diaz
Jeffrey P. Pineault
Richard V. Poyant
Janice E. Robbins
Douglas Rodrigues
Harold Rose, Jr.
Peter E. Selley
Richard Shafer
Glenn Sherman
Larry Silvia
Stephen C. Smith
Edward F. Sousa
Andrew K. Springer
Linda Sternfelt
Nancy Stokes
Leonard Sullivan
Carl W. Taber
Manuel J. Tavares
Nelson Tavares
Louis T. Teixeira
Lorraine A. Travers
Luke P. Travis
Donald G. Isles
Wayne A. Janelle
Mark Kearins
Timothy Kelleher
Ferdinand T. Kelley
Thomas G. Kinchla
Julie A. Lane
Robert J. Leary, Jr.
Jeni Lynn Mather
Cheryl McCormick
Kevin McGowan
Brian McMahon
Jack B. Meehl, Jr.
John F. Moran
Michael J. Moran
Gerard Nadeau
Amy Naples
Dick Nichols
Matthew J. Nutter
Robert Pellegrini
Richard L. Peterson
Lawrence J. Pitman
Jason M. Rawlins
Joan Richards
Frank Roche
Meagan Rundell
Michael Savage
Michael D. Savage
Frank Sebastian
Jeff Sinkiewicz
Stephen Sooy
Ellen Thomas
James Tynan
Nathan Tynan
Mary Vigeant
Mary Waldron
Friend S. Weiler
Bill MacKenzie
Elizabeth McNichols
Thomas Molloy
Marie Oliva
Robert Parady
John Paulding
Robert E. Reisner
Christopher E. Richards
Edward A. Rubel
William L. Skinner
Peter Q. Smith
Stephen J. Spitz
Ron Standish
Robert A. Talerman
Michael Tulman
Veronica Torres
Paul J. Watts
Andrew P. Young
James Horrigan
Doug H. Jobling
Tom Kelly
Joe Kriesberg
Steven K. Kuada
Richard Labrecque
Helenmary Lauth
Roy Lauth
Sabina Matos
Dan Morrison
Bharat Patel
Holly Pettis
Christopher Rhodes
Robert A. Skurka
Arthur Speaks
William Welsh, Jr.
Nelson White
Michael A. Zanni
Plymouth & Norfolk Counties
Paul W. Anghinetti
John E. Berton
John J. Biggio
Frank Camacho
Paul T. Carey
Pasquale Ciaramella
Timothy Coe
Christopher Cooney
Arthur E. Davis
John S. Davison
Stephen G. De Castro
Stephen DiPrete
Stephen J. Donahue
Paul Dunn
Bruce Duphily
Charles Dwyer
Bob Fuler
Joseph Gesualdo
Gregory Glennon
Valerie Glynn
Richard Goneau
David Hamburger
Denis J. Hanks
James Hanlon
John T. Hayes
Bruce G. Hughes
Barnstable, Dukes and Nantucket Counties
David Augustinho
Steven J. Cronen
Charles DeSimone
Russell Dieter
Bradford Egan
Christine Flynn
Paul T. Garganigo
Paul Goddu
Shari L. Hayes
Barry Johnson
Gary Logie
Timothy Lowe
Rhode Island & Massachusetts/Other
Alicia O. Ambrose
Bob Billington
Jeanne Boyle
Anthony Capuano
Stacey Carter
Heath Cleveland
Adriana Dawson
Carmen Diaz-Jusino
Ana C. Dyer
Charles Feldman
Karen Feldman
Britta Gobitas
Gary J. Heidel
Robert Howard, Jr.
10
Land’s End Inn
Provincetown, MA
Brockton, MA
Jordi Labs
Mansfield, MA
Swansea, MA
The Sky Connection, Dedham, MA
Bettencourt
Honda Suzuki,
W. Bridgewater, MA
Somerset, MA
Pembroke, MA
Amaro’s Market
Taunton, MA
Hair, Heart & Soul Spa and Salon, Bristol, RI
Barlow’s Plumbing
& Well Systems,
Scituate, RI
Shelia Donovan Pilates
Studio, Canton, MA
Dartmouth, MA
Providence, RI
Ponds Child Care
Center, Plymouth, MA
Holiday Inn Express,
Milford, MA
Erica Lynn Yoga
Canton, MA
Barrett Distribution Centers, Franklin, MA
Welcome Home Realty
Groups, Taunton, MA
Home Works Energy
Woburn, MA
Inn at Lewis Bay, Yarmouth, MA
SBA MA Micro Lender for 2013
SOUTH EASTERN ECONOMIC DEVELOPMENT CORPORATION
80 DEAN STREET, TAUNTON, MA 02780
(508) 822-1020
www.seedcorp.com
Middleborough, MA
31 Years of Service to Small Businesses
ANNUAL REPORT 2013