The South Eastern Economic Development (SEED) Corp. has closed on seven loans totaling $1.3 million to Cape and Island businesses. The loans enabled the businesses to start-up or expand and created 29 new jobs.
Recipients include the Dockside Inn in Oak Bluffs; Building Blocks of Barnstable in Centerville; Sheinkopf & Tomasik Eye Care Assoc. in South Yarmouth; Twin Oaks Inn in Vineyard Haven; Yarmouthport Village Store in Yarmouthport; Cape Destinations in Harwich; and Atlantic Book & Coin in Brewster.
Dockside Inn LLC received a loan of $559,000 under the SBA 504 Program through SEED to assist in the purchase of a 6,699 square foot building at 9 Circuit Avenue Ext. in Oak Bluffs where they operate their inn. The acquisition will create nine new jobs. The lending team on the project was Laurie Driscoll from SEED and Tim Lowe from Martha’s Vineyard Savings Bank.
SEED provided Building Blocks of Barnstable, Inc. with a loan of $299,000 under the SBA 504 Program to assist in the purchase of a building at 546 Phinney’s Lane in Centerville for their child day care center. The expansion will create five new jobs. The lending team on the project was Anne Trevisani of SEED and Mark Sexton of Bank of Cape Cod.
Sheinkopf & Tomasik Eye Care Assoc. received a loan of $241,000 under the SBA 504 Program through SEED to assist in the purchase and expansion of the 1,540 square foot building at 279 Station Avenue in South Yarmouth where Dr. Thomas Tomasik operates his family eye care business. The expansion will create three new jobs. The lending team on the project was Lisa Holmes of SEED and Rob Reisner of Cape Cod Five Cents Savings Bank.
SEED provided Twin Oaks Inn with two loans for $90,000 to install solar energy equipment and for working capital. The inn is located at 20 & 28 Edgartown Road in Vineyard Haven. The project will create two new jobs. The lending team at SEED was Angela Knight, Laurie Driscoll and Lindsey Williams. The 16-room Bed and Breakfast is owned and operated by husband and wife team Stephen and Judith Pearlman.
Yarmouthport Village Store received a loan of $60,000 from SEED for working capital. The store is located at 330 Route 6A in Yarmouthport. The project will create four new jobs. The lending team on the project was Lisa Holmes of SEED and Charles DeSimone of Bank of Cape Cod. The business offers beer, wine, spirits, basic groceries, penny candy, snacks and a full service deli counter.
SEED provided Cape Destinations with a loan of $48,000 to assist in the purchase of a building located at 196 Queen Anne Road in Harwich to expand their operations. The expansion will create five new jobs. The lending team on the project was Lisa Holmes from SEED and Peter Smith of the Cooperative Bank of Cape Cod. The transportation company was established in 1998 by Peggy Garrahan and Jay Kavanaugh.
Atlantic Book and Coin received a loan of $42,000 for working capital. The business is located at 249 A P Newcomb Road in Brewster. The project will create one new job. The lending team from SEED was Angela Knight and Laurie Driscoll.
