SEED Makes Small Loans to Three Rhode Island Businesses

PROVIDENCE, RI — The South Eastern Economic Development (SEED) Corporation has recently closed on loans totaling $168,000 to Fathom Research, LLC in Middletown, Spike’s Junkyard Dogs in Providence, and Renzi, LLC in Providence. The loans enabled the existing businesses to expand and create five new jobs.

SEED provided Fathom Research with a $73,000 loan for the purchase of a commercial property at 855 Aquidneck Avenue in Middletown, which will allow the business to store more equipment. The loan will create two new jobs. The lending team for the project was Lisa Holmes from SEED and Deborah Byrne from Bank Newport, which also participating in the financing.

“It was a great experience being able to work with SEED to better my company,” stated owner Ward McIntyre. “The loan was really helpful in allowing me to move forward to my new location and expand my business!”

Established in 2002 by owner Ward McIntyre, Fathom Research is an applied marine science consulting firm specializing in data collection services for clients in the private, government, and academic sectors. With a wide range of technical skills and decades of cumulative field experience, Fathom’s staff of marine scientists have completed over 200 underwater projects in 27 states and seven different countries.

The company’s data collection services include aquatic photography, underwater mapping, sonar imaging, and endangered species and marine mammal observer services. Fathom has also worked alongside infrastructure efforts through various pre-construction bridge surveys, post-demolition debris remediation and removal, as well as scientific diver-based environmental and engineering projects. For more information, visit their website at www.fathomresearchllc.com.

Spike’s Junkyard Dogs received a $75,000 loan through SEED for the acquisition of commercial real estate located at 485 Branch Avenue in Providence. The loan will create two new jobs. The lending team for the project was Lisa Holmes from SEED and Nancy Dufresne of BankRI, which also participated in the financing.

“It was a pleasure to work with Linda to assist her in acquiring the real estate where she has successfully operated her business for over 15 years,” stated SEED lender Lisa Holmes. “They are a great family owned and operated business!”

Spike’s Junkyard Dogs was purchased in 2000 by Linda Andeoli. Although known for its hotdogs, Spike’s menu also includes chicken sandwiches, wings, and tenders, as well as salads and subs. Restaurant-goers can choose between three types of fries along with a variety of other sides. For dessert, customers are offered the famous giant chocolate chip cookies, known as “hubcaps.”

Spike’s is open Monday through Saturday from 11 a.m. to 11 p.m. and Sunday from noon to 8 p.m. Visit their website at www.spikesjunkyarddogs.com.

Renzi, LLC received a $20,000 SBA micro loan for working capital, which will allow the business to expand operations, take on additional contracts, and create one new job. Owner Paul Renzi established the snow plowing and sanding business in 2012. Paul works as a subcontractor for Rhode Island Snow and Ice, which provides snow plowing and sanding services to commercial locations in Providence. The SEED lender for the project was Angela Knight.

SEED can make direct loans 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 percent to 6 percent fixed depending on whether there is bank participation.

SEED Corporation is a non-profit economic development organization certified in 1982 by the U.S. Small Business Administration.  SEED is also a Community Development Financial Institution (CDFI) under the U.S. Department of the Treasury.  Under various programs, SEED makes loans from $1,000 up to $5.5 million to assist small businesses to grow and create jobs throughout the region.

Under the SBA 504 Program, SEED can also 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 $120,000 to $5 million for most small businesses, and $5.5 million for manufacturing businesses, at a fixed interest rate below market for 20 years, currently 4.32 percent.

For more information about the SBA 504 Program and other SEED loan programs, please call 508-822-1020 or visit SEED at www.seedcorp.com.

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