The South Eastern Economic Development (SEED) Corp. has closed on three small business loans in Weymouth and Sharon totaling $1.7 million. The loans enabled the businesses to expand and create new jobs.

"In these difficult economic times, we are very pleased to provide financing to South Coastal Animal Health LLC, Capital Paper Recycling Inc. and its sister company Mass Hauling Corp. and Paisley Vending Inc.," said Maria Gooch-Smith, SEED’s executive director.

South Coastal Animal Health received a $650,000 loan under the SBA 504 program to construct a 6,080-square-foot veterinary medical facility in Weymouth. The expansion will create 10 new jobs. The participating bank was Randolph Savings Bank.

"SEED made applying for our SBA loan an easy and pleasant process. The loan helped us to finance construction of our new, state-of-the art veterinary hospital. We are very pleased with the product and the process," said Grace Strake, owner of South Coastal Animal Health.

Capital Paper Recycling and its sister company Mass Hauling in Weymouth received a loan of more than $1 million under the SBA 504 program to purchase the building they had leased for many years. The expansion will create seven new jobs. The participating bank was Rockland Trust.

Paisley Vending received a $35,000 loan under the micro loan program to expand the existing amusement arcade business located in Sharon. Owner Robert Pais purchases, installs, maintains and repairs arcade games for local restaurants and sports centers and has been doing so for the past 19 years.

"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," said Gooch-Smith.