32 Years of Service to Small Businesses
SOUTH EASTERN ECONOMIC DEVELOPMENT CORPORATION
ANNUAL REPORT 2014
80 DEAN STREET, TAUNTON, MA 02780
(508) 822-1020
www.seedcorp.com
The Parched Painter, Walpole, MA
Haddad’s Ocean Café, Marshfield, MA
Mockingbird Restaurant
East Bridgewater, MA
Learning Center of Hopkinton, MA
Good Friends Café
Dennis, MA
North River Lacrosse
Norwell, MA
Monty’s Roast Beef
Hyannis, MA
ComForcare Senior
Services, Canton, MA
ServPro
Plymouth, MA
Village Pediatrics
Brockton, MA
Aten Energy
Conservation
Pawtucket, RI
O’Crepe
Providence, RI
Evans Machine Co.
Brockton, MA
Total Body Affinity
Johnston, RI
Johnny Macaroni’s, II
East Bridgewater, MA
Reidar’s Manufacturing
New Bedford, MA
JRA Collision Center
Bristol, RI
Christopher Stien
Fisheries
Menemsha, MA
Shawme Animal Hospital, Sandwich, MA
Vetelino Landscape, Pembroke, MA
Inn on Shipyard Park, Mattapoisett, MA
Brix III, Inc., Nantucket, MA
GERARD NADEAU
MARIA GOOCH-SMITH
Chairman of the Board
Executive Director
Report to the Corporation
As the region continued to struggle, demand
for SBA 504 loans, which mainly finance real
estate projects for growing small businesses,
decreased by more than the 25 percent
experienced nationwide. In Massachusetts,
504 loan volume decreased by 21 percent.
The decline was due to elimination of the
refinance program, higher interest rates, and
fewer 504 eligible business projects.
SEED’s small loans up to $200,000, however,
can be used for working capital, in addition to
equipment and real estate, and were in high
demand. These loans are made under the
Micro Loan Program and the Revolving
Loan Fund (RLF).
In 2014 with your support, SEED was able to
make 79 loans totaling $21.3 million. These
loans leveraged $32.3 million in bank loans
and private funds, and assisted in the
creation of 370 new jobs.
This past year, SEED was successful once
again in obtaining another $1.3 million in grants
from the Community Development Financial
Institution (CDFI) Fund under the U.S. Department
of the Treasury, and the State of Massachusetts
to continue making loans up to $200,000.
As the region’s local development company for
the last 32 years, SEED has made 1,912
loans totaling $329 million, leveraging $691
million in private funds, and creating 11,955
new jobs. SEED’s total current loan portfolio is
$107 million.
In 2014, working with the region’s financial
institutions, SEED closed on 24 SBA 504 loans
and approved another 18, for a total of 42
loans representing $19.2 million. Since 1983,
SEED has made 674 SBA 504 loans totaling
$243 million and creating 5,544 new jobs.
RLF loans often represent a portion of the total
financing needed, and are subordinated to the
participating financial institution. In 2014,
SEED made 15 RLF loans totaling $1.24
million, leveraging $5.3 million in private funds,
and creating 58 new jobs. Since its inception,
SEED has made 427 RLF loans totaling $18
million, and creating 2,558 new jobs.
As the regional SBA Intermediary for the
Micro Loan Program, SEED continued to
make micro loans up to $50,000, and conduct
its Business Assistance Program, which
includes small business workshops, individual
business assistance, and a small business
library.
In 2014, SEED made 18 micro loans totaling
$629,000, leveraging $987,000 in private
funds, and creating 60 new jobs. The average
micro loan was $35,000. Since its inception,
SEED has made 431 micro loans totaling
$10.5 million and creating 1,266 new jobs.
This past year, with grants from the SBA and
Rockland Trust CDE, SEED held 35 workshops
attended by 505 entrepreneurs, and
provided individual business assistance to
another 663 for a total of 1,168 entrepreneurs
assisted. The workshops taught the basics on
starting up and operating a small business,
and understanding financial statements and
cash flow.
SEED Ventures LP, a $20 million mezzanine
fund sponsored by SEED and licensed by SBA
in 2005 as a Small Business Investment
Company (SBIC), is now in the harvesting
stage. Over the last eight years, the Fund has
made 30 investments totaling $14.4 million.
Fund investments have ranged from $250,000
to $1.25 million in companies with potential for
growth and job creation.
For their support to SEED over the last 32 years,
we would like to thank: the financial institutions in
the region; our small business and economic
development partners; our small businesses;
and the region’s legislators. We would also like
to acknowledge the following agencies for their
financial support: 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;
and the U.S. Department of Agriculture
(USDA).
We are honored to serve the small
businesses in our region, 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 competent and
dedicated staff.
Thank you all for your trust and support.
Respectfully submitted,
Gerard Nadeau
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
apologize for not being able to include everyone. SEED Corporation, 80 Dean Street,Taunton, MA 02780 • (508) 822-1020.
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. Later
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 30 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 (EDA) and the State of Massachusetts. Since 1984
SEED has received a total of $3.2 million in EDA and State grants to provide gap financing
for small businesses.
In 2010, SEED became certified as a Community Development Financial Institution (CDFI)
under the U.S. Department of the Treasury.
Since becoming a CDFI, SEED has received two grants totaling $2.4 million for loan capital
under the RLF Program.
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. These loans are usually made in conjunction with a
participating financial institution. 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 the State of 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; Santander 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%.
3
SEED PORTFOLIO
October 1, 2013 - September 30, 2014
SBA “504” PROGRAM
SMALL BUSINESS
PARTICIPATING
BANK
FINANCING (000’S)
TOTAL
SEED
Modern Real Estate, Inc., Boston, MA
Middlesex Savings Bank
$653
$269
NEW
JOBS
5
________________________________________________________________________________________________________________________________________
Medical Component Spec., Bellingham, MA
Middlesex Savings Bank
250
107
2
________________________________________________________________________________________________________________________________________
Reidar’s Manufacturing, New Bedford, MA
Bristol County Savings
1,885
566
11
________________________________________________________________________________________________________________________________________
JRA Collision Center, Bristol, RI
Saint Anne’s Credit Union
610
207
4
________________________________________________________________________________________________________________________________________
Landmarks RE of MV, Vineyard Haven, MA
Martha’s Vineyard Savings
1,100
456
2
________________________________________________________________________________________________________________________________________
Haddad’s Ocean Café, Marshfield, MA
S-Bank
2,900
1,104
19
________________________________________________________________________________________________________________________________________
Performance Plus Dog Training, Inc., Raynham, MA
First Citizens Federal CU
1,010
419
3
________________________________________________________________________________________________________________________________________
Inn on Shipyard Park, Mattapoisett, MA
First Citizens Federal CU
1,450
526
9
________________________________________________________________________________________________________________________________________
Mockingbird Restaurant, East Bridgewater, MA
Mechanics Cooperative Bank
2,445
1,080
16
________________________________________________________________________________________________________________________________________
Brix III, Inc., Nantucket, MA
Pilgrim Bank
744
300
3
________________________________________________________________________________________________________________________________________
RKM Enterprises, Inc., ServPro, Plymouth, MA
Eastern Bank
1,000
404
5
________________________________________________________________________________________________________________________________________
General Auto Supply, Co., Marshfield, MA
Rockland Trust Company
876
285
6
________________________________________________________________________________________________________________________________________
Lucky Star Petroleum, Stoughton, MA
Rockland Trust Company
800
251
4
________________________________________________________________________________________________________________________________________
Besthands Construction & Repairs, Norton, MA
Middlesex Savings Bank
480
193
3
________________________________________________________________________________________________________________________________________
Vetelino Landscape, Inc., Pembroke, MA
Rockland Trust Company
550
230
4
________________________________________________________________________________________________________________________________________
Aten Energy Conservation, Pawtucket, RI
Bristol County Savings Bank
388
160
6
________________________________________________________________________________________________________________________________________
Mulcahy Chiropractic, Falmouth, MA
Cape Cod Five Cents Savings
500
200
1
________________________________________________________________________________________________________________________________________
Village Pediatrics, LLC, Brockton, MA
HarborOne Bank
2,000
949
4
________________________________________________________________________________________________________________________________________
AVO Fence & Supply, Inc., Stoughton, MA
Rockland Trust Company
751
312
5
________________________________________________________________________________________________________________________________________
Wesley & Co., Inc./Laxmi, Wellfleet, MA
Bank of Cape Cod
270
115
1
________________________________________________________________________________________________________________________________________
Red Top Sporting Goods, Inc., Bourne, MA
Rockland Trust Company
318
135
2
________________________________________________________________________________________________________________________________________
Evans Machine Company, Brockton, MA
Webster Bank
2,000
646
14
________________________________________________________________________________________________________________________________________
Evans Machine Company, Brockton, MA
Webster Bank
1,500
559
14
________________________________________________________________________________________________________________________________________
Riel Auto Body, LLC, North Attleboro, MA
Bristol County Savings Bank
SUBTOTAL LOANS
TOTAL “504” LOANS 2
1. Loans approved in Fiscal Year 2014, but not yet closed.
731
251
2
$ 25,211
$ 42,611
$9,724
$16,578
145
186
2. Loans approved and closed in FY 2014.
4
SBA “504” PROGRAM (CONTINUED)
SMALL BUSINESS
PARTICIPATING
BANK
FINANCING (000’S)
TOTAL
SEED
Bridgewater Pediatrics, LLC, Bridgewater, MA 1
Bridgewater Savings Bank
$4,440
NEW
JOBS
$1,776
7
________________________________________________________________________________________________________________________________________
Eastern Ice Co., Inc., Fall River, MA 1
Webster Bank
5,430
1,957
5
________________________________________________________________________________________________________________________________________
Phoenix Electric Corp., Canton, MA 1
Bank of Canton
2,700
1,114
12
________________________________________________________________________________________________________________________________________
Twisters Gymnastics, Brookfield, MA 1
North Brookfield Savings
475
200
2
________________________________________________________________________________________________________________________________________
Queen Cleaners & Alterations, Cambridge, MA 1
First Trade Union Bank
782
326
2
________________________________________________________________________________________________________________________________________
Fire Resistant Solutions, Inc., Weymouth, MA 1
Rockland Trust Company
240
103
2
________________________________________________________________________________________________________________________________________
Creative Child, Inc., Coventry, RI 1
BankNewport
455
191
5
________________________________________________________________________________________________________________________________________
Duxbury Hardware Corp., Kingston, MA 1
Bridgewater Savings Bank
SUBTOTAL “504” LOANS 1
TOTAL “504” LOANS 2
1. Loans approved in Fiscal Year 2014, but not yet closed.
2,878
1,187
6
$ 17,400
$ 42,611
$6,854
$16,578
41
186
2. Loans approved and closed in FY 2014
BUSINESS ASSISTANCE
WORKSHOPS (35)
•
FUNDAMENTALS OF PLANNING, PREPARING
FOR AND FINANCING YOUR BUSINESS
•
505 ENTREPRENEURS
UNDERSTANDING FINANCIAL STATEMENTS
INDIVIDUAL SESSIONS
663 ENTREPRENEURS
TOTAL ENTREPRENEURS ASSISTED
1,168 ENTREPRENEURS
WORKSHOP SPONSORS: BRIDGEWATER SAVINGS BANK; CAPE COD FIVE CENTS SAVINGS BANK; EASTERN BANK;
MANSFIELD BANK; MARTHA’S VINEYARD SAVINGS BANK; MIDDLESEX SAVINGS BANK; TD BANK; ROCKLAND TRUST
COMMUNITY DEVELOPMENT, LLC.; AND WESTERLY COMMUNITY CREDIT UNION.
5
REVOLVING LOAN FUND (RLF)
SMALL BUSINESS
PARTICIPATING
BANK
Johnny Macaroni’s II, East Bridgewater, MA
Rockland Trust Company
TELLinMedicine, LLC, North Attleboro, MA
FINANCING (000’S)
TOTAL
SEED
NEW
JOBS
$570
$118
17
Bristol County Savings
268
94
2
LDS Design, Inc., Bellingham, MA
Dean Bank
450
120
3
Clark’s Auto Sales & Service, Inc., Cranston, RI
Freedom National Bank
249
100
2
Shawme Animal Hospital, PC, Sandwich, MA
Cape Cod Five Cents Savings
850
150
4
Learning Center of Hopkinton, Inc., MA
Middlesex Savings Bank
805
90
2
Coast Automation, Inc., Hingham, MA *
NA
150
100
1
Supreme Pizza, Westerly, RI
Bank of Cape Cod
749
100
12
Good Friends Café, LLC, Dennis, MA
Cape Cod Five Cents Savings
295
73
4
Darlington Liquors, Pawtucket, RI
Bristol County Savings Bank
210
84
1
Mulcahy Chiropractic, PC, Falmouth, MA
Cape Cod Five Cents Savings
525
25
1
Silver Fox Fisheries, Inc., Narragansett, RI
NA
40
40
4
Health First Chiropractic, Yarmouth, MA
Cape Cod Five Cents Savings
259
50
1
Blue Hills Pharmacy, Inc., Braintree, MA
Brookline Bank
268
50
3
Riel Auto Body, LLC, North Attleboro, MA
Bristol County Savings Bank
823
50
1
$6,511
$1,244
58
________________________________________________________________________________________________________________________________________
________________________________________________________________________________________________________________________________________
________________________________________________________________________________________________________________________________________
________________________________________________________________________________________________________________________________________
________________________________________________________________________________________________________________________________________
________________________________________________________________________________________________________________________________________
________________________________________________________________________________________________________________________________________
________________________________________________________________________________________________________________________________________
________________________________________________________________________________________________________________________________________
________________________________________________________________________________________________________________________________________
________________________________________________________________________________________________________________________________________
________________________________________________________________________________________________________________________________________
________________________________________________________________________________________________________________________________________
________________________________________________________________________________________________________________________________________
TOTAL “RLF” LOANS
Includes loans made with grant funds from the U.S. Economic Development Administration (EDA), and the Community Development
Financial Institution (CDFI) under the U.S. Department of the Treasury
*Guaranteed by the U.S. Small Business Administration under the Community Advantage Program
MICRO LOAN PROGRAM
SMALL BUSINESS
PARTICIPATING
BANK
Mode 4 Music Studios, Hyannis, MA
Cape Cod Five Cents Savings
Total Body Affinity, Johnston, RI
FINANCING (000’S)
TOTAL
SEED
NEW
JOBS
$130
$ 60
1
NA
77
10
6
The Sky Connection, Dedham, MA
NA
9
9
1
Christopher Stien Fisheries, West Tisbury, MA
NA
25
25
1
ComForcare Senior Services, Canton, MA
NA
120
50
18
New England Fire Supply, Inc., Plymouth, MA
NA
10
10
1
A.G. Services, LLC, Providence, RI
NA
19
19
6
Besthands Construction & Repairs, Norton, MA
Middlesex Savings Bank
530
50
4
The Parched Painter, LLC, Walpole, MA
NA
25
25
3
Monty’s Roast Beef, Hyannis, MA
NA
150
50
5
Coast Automation, Inc., Hingham, MA
NA
150
50
1
O’Crepe, LLC, Providence, RI
NA
46
36
2
North River Lacrosse, LLC, Norwell, MA
NA
25
25
3
North River Pest & Wildlife Control, Halifax, MA
NA
20
20
1
Raven Ridge Landscaping, North Kingstown, RI
NA
40
40
1
Achievement Loop, LLC, Somerville, MA
NA
140
50
3
Windward Power Systems, Inc., Fairhaven, MA*
NA
100
100
3
$1,616
$629
60
________________________________________________________________________________________________________________________________________
________________________________________________________________________________________________________________________________________
________________________________________________________________________________________________________________________________________
________________________________________________________________________________________________________________________________________
________________________________________________________________________________________________________________________________________
________________________________________________________________________________________________________________________________________
________________________________________________________________________________________________________________________________________
________________________________________________________________________________________________________________________________________
________________________________________________________________________________________________________________________________________
________________________________________________________________________________________________________________________________________
________________________________________________________________________________________________________________________________________
________________________________________________________________________________________________________________________________________
________________________________________________________________________________________________________________________________________
________________________________________________________________________________________________________________________________________
________________________________________________________________________________________________________________________________________
________________________________________________________________________________________________________________________________________
TOTAL MICRO LOANS
* Two loans were made to the small business
6
SEED VENTURES LP
2006 - 2014
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
________________________________________________________________________________________________________________________________________
1,166
IDS Holdings, LLC., Manchester, NH*
________________________________________________________________________________________________________________________________________
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
FY ’ 14*
$
JOBS
NUMBER
OF LOANS
1983 TO 2014**
LOAN
AMOUNTS
PRIVATE
LEVERAGE
NEW JOBS
CREATED
SBA 504
STARTED IN 1983
42*
19.2 MM
223 JOBS
674
$243.3 MM
$524.2 MM
5,544
SBA GUARANTY (7A)
STARTED IN 1990 ***
4
$.24 MM
29 JOBS
136
$41.9 MM
$16.6 MM
1,443
REVOLVING LOAN FUNDS
STARTED IN 1984
15
$1.24 MM
58 JOBS
427
$17.9 MM
$136 MM
2,558
-
244
$15.7 MM
--
1,144
18
$.63 MM
60 JOBS
431
$10.5 MM
$14.2 MM
1,266
79
$21.3 MM
370 JOBS
1,912
$329.3 MM
$691 MM
11,955
ENTERPRISE FUND
1994 TO 2005
MICRO LOAN
STARTED IN 1994
TOTALS
*Loans approved, closed and funded. **Loans closed. ***In 2012, SEED became an SBA Community Advantage Lender.
7
SEED’S FINANCIAL STATEMENT
BALANCE SHEET
ASSETS
9/30/14*
Cash-Unrestricted ....................................................$ 207,185
Cash-Loan Funds (Restricted) .................................2,934,388
Interest Receivable .......................................................29,720
Notes Receivable-Loan Funds.................................6,427,760
Grant Receivable ..........................................................71,948
Prepaid Expenses .........................................................13,672
Accounts Receivable...................................................144,830
Fixed Assets (Net) .......................................................717,893
9/30/13
.............................$ 385,555
..............................1,890,562
...................................27,525
..............................5,808,457
...................................65,953
.....................................9,607
.................................138,125
.................................702,046
TOTAL ASSETS ......................................................$10,547,396
............................$9,027,830
LIABILITIES & FUND BALANCE
Accounts Payable......................................................$ 11,762
Accrued Expenses ......................................................129,704
Client Deposits ..............................................................20,150
Deferred Revenue ...........................................................7,941
Notes Payable – SBA...............................................1,760,085
Mortgage Payable .......................................................430,985
.................................$18,540
.................................130,795
.....................................9,500
.....................................7,787
..............................1,527,512
.................................456,620
TOTAL LIABILITIES ..............................................$2,360,627
............................$2,150,754
Fund Balance .........................................................$8,186,769
............................$6,877,076
TOTAL LIABILITIES & FUND BALANCE ..............$10,547,396
............................$9,027,830
INCOME STATEMENT
9/30/14*
INCOME
Federal Revenue..................................................$ 1,067,132
State Revenue ............................................................600,000
Other Revenue ............................................................275,792
Interest ........................................................................338,086
Fees .........................................................................1,024,593
9/30/13
............................$1,260,930
...................................75,000
.................................384,917
.................................299,410
..............................1,037,810
TOTAL INCOME ....................................................$3,305,603
............................$3,058,067
EXPENSES
Salaries & Wages...................................................$1,413,299
Consultants ...................................................................41,970
Fringe Benefits ............................................................177,723
Payroll Taxes ...............................................................104,540
Interest ..........................................................................23,180
Depreciation ..................................................................27,742
Office & Other..............................................................209,957
............................$1,382,644
...................................54,672
.................................156,233
...................................97,781
...................................27,629
...................................26,613
.................................224,057
TOTAL EXPENSES ...................................................$1,998,411
EXCESS INCOME OVER EXPENSES .....................$1,307,192
LOANS WRITTEN OFF ......................................................2,500
............................$1,969,629
............................$1,088,438
................................(25,335)
EXCESS INCOME OVER EXPENSES .....................$1,309,692
*Preliminary
............................$1,063,103
8
OFFICERS AND DIRECTORS
2013 - 2014
Chair – Gerard Nadeau, Executive Vice President, Rockland Trust Company
Vice Chair – Richard L. Shafer, Project Manager, Taunton Development Corporation
Vice Chair – Robert Reisner, Vice President, Cape Cod Five Cents Savings Bank
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, Vice President, Bristol County Savings Bank
Assistant Clerk – Roy Nascimento, President & CEO, New Bedford Area Chamber of Commerce
Past Chair – Ferdinand T. Kelley
***
Melinda L. Ailes, Regional Director, MA Small Business Development Center
Kerrie Babin, President, Taunton Area Chamber of Commerce
William Benford, Vice President, Mansfield Cooperative Bank
Wayne Carvalho, Vice President/Chief Commercial Lender, First Citizens Federal Credit Union
Pasquale Ciaramella, Executive Director, Old Colony Planning Council
Christopher Cooney, CEO, Metro South Chamber of Commerce
Adriana Dawson, Director, Employer Outreach & Engagement, Roger Williams University
Carmen Diaz-Jusino, Program Director, Center for Women & Enterprise, RI
Stephen J. Donahue, VP Commercial Sales, Donahue Associate Realtors
Charles Dwyer, Senior Vice President, Middlesex Savings Bank
Ana C. Dyer, Director of Sales & Business Development, Federal Home Loan Bank
Bradford P. Egan, Senior Vice President, Santander
Donald G. Isles, Vice President, Dedham Institution for Savings
Timothy Kelleher, Regional Vice President, TD BankNorth
Ralph L. Letner, Natick Elderly and Disabled Taxation Fund
Daniel McAuliffe, Jr., Manager, Galahad Associates, LLC
Paul S. Medeiros, Senior Vice President & Senior Lender, BankFive
Jack Meehl, Jr., Chair, Plymouth Regional Economic Development Foundation
Jennifer Menard, Dean of Grant Development, Bristol Community College
John F. Moran, Senior Vice President, Cambridge Savings Bank
Jeffrey P. Pineault, CFO, LaFrance Hospitality Company
Charles Smith, Vice President/SBA Specialist, Eastern Bank
Edward F. Sousa, Senior Vice President/Commercial Lending, Bridgewater Savings Bank
Nancy E. Stokes, Senior Vice President, Mechanics Cooperative Bank
Carl W. Taber, Executive Vice President, BayCoast Bank
Mary Waldron, Director, Institute for Policy Analysis & Regional Engagement, Bridgewater State University
Friend S. Weiler, Senior Vice President, HarborOne Bank
William Welsh, Jr., Chair, RI Chapter of SCORE
STAFF
Maria Gooch-Smith, Executive Director
Tamarah Bacon, Assistant Vice President/Business Development & Assistance Manager
Ling Ling Chang, Business Manager/CPA
Ann Desrosiers, Vice President/Operations & Portfolio Management
Laurie Driscoll, Vice President/Commercial Loan Officer
Helen Gildea, Commercial Loan Administrator
Cheryl Gouveia, Commercial Credit Analyst
Lisa Holmes, Senior Vice President/Lending Team Leader
Kelly Joseph, Administrative Assistant
Angela Knight, Marketing & Business Assistance Officer
Anne Rounds, Assistant Vice President/Closing Manager
Sidonia Silva-Reyes, Assistant Vice President/Operations & Servicing Officer
Katherine Torres, Administrative Officer
Anne Trevisani, Vice President/Commercial Loan Officer
Lindsey Williams, Assistant Vice President/Commercial Credit Analyst
Thomas Wooters, Vice President/Investment Manager, SEED Ventures LP
9
MEMBERS 2013-2014
Barnstable, Dukes and Nantucket Counties
David Augustinho
Charles DeSimone
Paul T. Garganigo
Shari L. Hayes
Todor Kozarov
Timothy Lowe
David McCormack
Elizabeth McNichols
Thomas Molloy
Marie Oliva
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
Peter Dello Russo
Linda DeMarco
Raymond A. Dionne
John Duclos
William R. Eccles, Jr.
Bradford P. Egan
Nancy Eyre
Richard Farmer
Bruce E. Fernandes
Patrick J. Gaughan
June Goguen
Alissa Hall
Rick Hamilton
Melodie Hanson
Dean Harrison
Warren R. Hartwell
Carol S. Hegarty
Hal Horvat
Keith Huntoon
Steven J. Ingalls
Kristin Jacinto
Cheryl Johnson
Robin Kennedy
Jim Kinahan
Richard L. LaFrance
Jack Lank
Stuart A. Lawrence
Matthew R. Ledin
William Lewis
Manuel Louis Lopez
Daniel McAuliffe, Jr.
Brian McCowan
Denise McGrail
Anthony Medeiros
Joan M. Medeiros
Paul S. Medeiros
Jennifer Menard
Willitts Mendonca
Betty-Ann Mullins
Roy Nascimento
Kenneth Nasiff
Kevin A. Nery
Jonathan C. Neuner
Matthew Nutter
Seamus M. O’Connell
Stephen Parr
Michael Patacao
Stephen C. Peck
Kevin Pelland
Jeffrey P. Pineault
Linda Plunkett
Clifford Robbins
Janice E. Robbins
Douglas Rodrigues
Harold Rose, Jr
Kathleen Sanderson
Peter E. Selley
Richard Shafer
Glenn Sherman
Stephen C. Smith
Edward F. Sousa
Andrew K. Springer
Linda Sternfelt
Nancy Stokes
Leonard Sullivan
Carl W. Taber
Manuel J. Tavares
Louis T. Teixeira
Lorraine A. Travers
Luke P. Travis
Kathy Watson
Greg White
John Wright
Donald G. Isles
Wayne A. Janelle
Lauretta Jennings
Lisa Jennings
Mark Kearins
Timothy Kelleher
Ferdinand T. Kelley
Thomas G. Kinchla
Julie A. Lane
Robert J. Leary, Jr.
Bill MacKenzie
Jeni Lynn Mather
Cheryl McCormick
Kevin McGowan
Brian McMahon
Jack B. Meehl, Jr.
John F. Moran
Michael J. Moran
Gerard Nadeau
Amy Naples
Richard L. Peterson
Joan Richards
Frank Roche
Meagan Rundell
Michael Savage
Michael D. Savage
Sabine M. Schmitt
Sheila Sullivan-Jardim
Nathan Tynan
Mary Waldron
Friend S. Weiler
Gary J. Heidel
George Hemond
Robert Howard, Jr
James Horrigan
Doug H. Jobling
Karriem Kanston
Tom Kelly
Pamela Kelley
Joe Kriesberg
Richard Labrecque
Rev.Dr.Robert B Lancia
Glenn J Meade
Bharat Patel
Louis Petrovic
Holly Pettis
Christopher Rhodes
Steven Rodrigues
Robert A. Skurka
Arthur Speaks
William Welsh, Jr.
Bristol County
Melinda L. Ailes
Stephen Almeida
Alicia Ambrose
Ann M. Auger
Kerrie Babin
Joseph T. Baptista, Jr.
Tim Baurley
William Benford
Paula Botelho
Roger A. Cabral
Lawrence Cameron
Michael Carriero
Wayne Carvalho
Terrance A. Charest
Michael Chatwin
John F. Clark
Robert F. Collins
Daniel L. Conrad
George Couto
Middlesex, Norfolk & Plymouth Counties
Paul W. Anghinetti
Tony Baldwin
Denis Bergin
R. Andrew Burbine
Frank Camacho
Pasquale Ciaramella
Christopher Cooney
Steven J. Cronen
John S. Davison
Elizabeth Donahue
Stephen J. Donahue
Paul Dunn
Bruce Duphily
Charles Dwyer
Martin Fenton
Joseph Gesualdo
Valerie Glynn
Frederick C. Grosser
James Hanlon
John T. Hayes
Richard Hooke
Bruce G. Hughes
Suffolk Co., MA & Rhode Island
Matthew Banoub
Victor Barros
John Beauchaine
Bob Billington
Jeanne Boyle
Anthony Capuano
Stacey Carter
Kathy Cosentino
Adriana Dawson
Felicia Diaz
Carmen Diaz-Jusino
Stephen DiPrete
Ana C. Dyer
Nicole Girard
Gail M. Gowan
Norman A. Hayes, III
10
32 Years of Service to Small Businesses
SOUTH EASTERN ECONOMIC DEVELOPMENT CORPORATION
ANNUAL REPORT 2014
80 DEAN STREET, TAUNTON, MA 02780
(508) 822-1020
www.seedcorp.com
The Parched Painter, Walpole, MA
Haddad’s Ocean Café, Marshfield, MA
Mockingbird Restaurant
East Bridgewater, MA
Learning Center of Hopkinton, MA
Good Friends Café
Dennis, MA
North River Lacrosse
Norwell, MA
Monty’s Roast Beef
Hyannis, MA
ComForcare Senior
Services, Canton, MA
ServPro
Plymouth, MA
Village Pediatrics
Brockton, MA
Aten Energy
Conservation
Pawtucket, RI
O’Crepe
Providence, RI
Evans Machine Co.
Brockton, MA
Total Body Affinity
Johnston, RI
Johnny Macaroni’s, II
East Bridgewater, MA
Reidar’s Manufacturing
New Bedford, MA
JRA Collision Center
Bristol, RI
Christopher Stien
Fisheries
Menemsha, MA
Shawme Animal Hospital, Sandwich, MA
Vetelino Landscape, Pembroke, MA
Inn on Shipyard Park, Mattapoisett, MA
Brix III, Inc., Nantucket, MA