The South Eastern Economic Development (SEED) Corp. recently secured $1 million in loan funds under the SBA Micro Loan Program to assist small businesses in and around the city of Brockton. 

"SEED has access to a total of $3.5 million to assist viable small businesses with loans to enable them to continue operating in these difficult times," stated Maria Gooch-Smith, SEED’s executive director. 

SEED Corp. has also partnered with the Brockton 21st Century Corp., the Metro South Chamber of Commerce and the Old Colony Planning Council to establish a Revolving Loan Fund for Brockton businesses with funding from the U.S. Economic Development Administration.

"This is great news for the business community of our great city" stated Mayor James E. Harrington. "In these tough economic times, when businesses are having a daunting time expanding on their own, to be able to get a shot in the arm with a low interest loan, speaks volumes and clearly demonstrates the quality of work being done by SEED Corp."

Micro loans up to $35,000 are available for existing and start-up small businesses including home-based businesses, SEED said in a statement. These loans can be amortized over 10 years and carry a fixed interest rate of 5.5 percent if there is bank participation in the financing.