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ANNUAL REPORT 2015

33 Years of Service to Small Businesses

SOUTH EASTERN ECONOMIC DEVELOPMENT CORPORATION80 DEAN STREET, TAUNTON, MA 02780

(508) 822-1020 www.seedcorp.com

Goodrich Lumber Co.Kingston, MA

Barrington Automotive, Inc.

Barrington, RI

Foxboro, MA

Quinlan and Co.West Bridgewater, MA

Cook & Brown Public House

Providence, RI

C.J. Rubbish RemovalMiddleborough, MA

Fazenda CoffeeRoastersDedham, MA

Roasted and BrewedNewport, RI

Forever FrenchNail SalonNorwood, MA

KC Dance ExpressionsRaynham, MA

Done Deal Motors, Inc.

Canton, MA

Building Envelope Systems

Plainville, MA

Rosie’s Liquor

Abington, MA

Zygote DigitalFilms, Inc.Harwich, MA

Bobby Pins Hair Salon

Cranston, RI

Kushala Sip CoffeeHouseStoneham, MA

Tracey Gear & Precision Shaft

Pawtucket, RI

Eastern Ice Co.Fall River, MA

Hill Top CandyKitchenBrockton, MA

Southcoast KitchenDesigns

Carver, MA

MEMBERS 2014-2015

Barnstable, Dukes and Nantucket Counties

Melinda L. AilesStephen AlmeidaAlicia AmbroseAnn M. AugerKerrie BabinJoseph T. Baptista, Jr.Tim BaurleyWilliam BenfordJill BeresfordPaula BotelhoRoger A. CabralLawrence CameronMichael CarrieroWayne CarvalhoTerrance A. CharestMichael Chatwin John F. ClarkRobert F. CollinsMark ConelyDaniel L. ConradGeorge CoutoPeter Dello Russo

Linda DeMarcoRaymond A. DionneJohn DuclosWilliam R. Eccles, Jr.Bradford P. EganNancy EyreRichard FarmerBruce E. FernandesCharles ForanPatrick J. GaughanJune D. GoguenMaria Gooch-SmithAlissa HallRick HamiltonMelodie Hanson Dean HarrisonWarren R. HartwellCarol S. HegartyHal HorvatKeith HuntoonSteven J. IngallsKristin Jacinto

Cheryl JohnsonRobin KennedyJim KinahanRichard L. LaFranceJack LankStuart A. LawrenceMatthew R. LedinWilliam LewisManuel Louis LopezDaniel McAuliffe, Jr.Brian McCowanDenise McGrailAnthony MedeirosJoan M. MedeirosPaul S. MedeirosJennifer Menard Willitts MendoncaJoan MoranPaul MoranBetty-Ann MullinsRoy NascimentoKenneth Nasiff

Kevin A. NeryJonathan C. NeunerMatthew NutterCynthia O’BlenisSeamus M. O’ConnellGregory O’DonnellDan OliveiraStephen ParrRobert A. Parris, Jr.Michael PatacaoStephen C. PeckKevin PellandThomas J. PercyJeffrey P. PineaultLinda PlunkettClifford RobbinsJanice E. RobbinsClaudia RochaDouglas RodriguesHarold Rose, Jr.Kathleen SandersonPeter E. Selley

Richard ShaferGlenn ShermanGlenn Silverberg, Jr.Stephen C. SmithEdward F. SousaAndrew K. SpringerPaul St. PierreWilliam St. PierreLinda SternfeltNancy StokesLeonard SullivanCarl W. TaberManuel J. TavaresLouis T. TeixeiraLorraine A. TraversLuke P. TravisJim TynanNathan TynanKathy WatsonGreg WhiteJohn Wright

Paul W. AnghinettiTony BaldwinMatthew BarzowskasRichard BeaulieuDenis BerginChris BondR. Andrew BurbineFrank CamachoPasquale CiaramellaChristopher CooneySteven J. CronenJohn S. DavisonElizabeth DonahueStephen J. DonahuePaul Dunn

Bruce DuphilyCharles DwyerMartie DwyerArmand FernandezMartin FentonTim ForbesDonald GaleJoseph GesualdoValerie GlynnLorraine GreenFrederick C. GrosserJames HanlonJohn T. HayesRichard HookeBruce G. Hughes

Donald G. IslesWayne A. JanelleLauretta JenningsLisa JenningsMark KearinsTimothy KelleherFerdinand T. KelleyMichael KuhnJulie A. LaneRobert J. Leary, Jr.Katherine LightBill MacKenzieJeni Lynn MatherRob MayMaryellen Mayes

Cheryl McCormickKevin McGowanBrian McMahonJack B. Meehl, Jr.John F. MoranMichael J. MoranGerard NadeauAmy NaplesTom O’RourkeDeborah PaivaRichard L. PetersonLouis PetrovicThomas PrattiJoan RichardsFrank Roche

John RogozenskiMeagan RundellBrian RussellVincent Saccone, Jr.Michael SavageMichael D. SavageSabine M. SchmittMichael St. JeanBonnie SullivanSheila Sullivan-JardimMary WaldronFriend S. Weiler

Middlesex, Norfolk & Plymouth Counties

David AugustinhoCharles DeSimonePaul T. GarganigoShari L. HayesLisa Kirkwood

Todor KozarovTimothy LoweChris MartinDavid McCormackElizabeth McNichols

Thomas MolloyMarie OlivaRobert E. ReisnerChristopher E. RichardsEdward A. Rubel

William L. SkinnerPeter Q. SmithStephen J. SpitzRon StandishRobert A. Talerman

Michael TulmanVeronica TorresPaul J. WattsAndrew P. Young

Matthew BanoubVictor BarrosJohn BeauchaineBob BillingtonJeanne BoyleAnthony CapuanoStacey CarterRoberto CastellanosKathy Cosentino

Felicia DiazCarmen Diaz-JusinoDenise DiDonatoStephen DiPreteMiguelina DominguezAna C. DyerCristina FendonMary GervaisHeriberto Gonzalez

Gail M. GowanNorman A. Hayes, IIIGary J. HeidelGeorge HemondRobert Howard, Jr.James HorriganDoug H. Jobling Karriem KanstonDevin Kelly

Tom KellyPamela KelleyThomas G. KinchlaJoe KriesbergRichard LabrecqueDavid McLoughlinGlenn J. MeadeWilliam J. NattressTimothy Ouhrabka

Holly PettisChristopher RhodesSteven RodriguesRobert A. SkurkaCharles Smith Arthur SpeaksWilliam Welsh, Jr.Roger Williams

Suffolk Co., MA & Rhode Island

10

As the region's economy continued to improve,demand for SBA 504 loans, which mainly finance real estate projects for growing smallbusinesses, increased by over 40 percent.With its capital base, SEED also continued toserve the need for small business loans up to$200,000.

In 2015 with your support, SEED made 77loans to small businesses throughout theregion. The loans totaled $22.1 million,leveraged $35.3 million in bank loans andprivate funds, and assisted in the creationof 344 new jobs.

The loans were made under all of SEED's loanprograms, which range from micro loans up to$50,000, small loans up to $200,000, and SBA504 loans up to $5.5 million.

As the region’s local development company forthe last 33 years, SEED has made 1,963loans totaling $341 million, leveraging $710million in bank loans and private funds,and creating 12,164 new jobs. SEED’s totalactive loan portfolio is $105 million.

In 2015, working with the region’s financial institutions, SEED closed on 21 SBA 504loans and approved another 26, for a total of47 loans representing $20.4 million. Since1983, SEED has made 695 SBA 504 loanstotaling $253 million and creating 5,651new jobs.

Under the Revolving Loan Fund (RLF) Program, SEED often provides a portion of thetotal financing needed, in a subordinated position to a participating financial institution.In 2015, SEED made 15 RLF loans totaling$1.2 million, leveraging $4.1 million in privatefunds, and creating 49 new jobs. Since its

inception, SEED has made 442 RLF loanstotaling $19 million, and creating 2,607 newjobs.

As the regional SBA Intermediary for theMicro Loan Program, SEED continued tomake micro loans up to $50,000, and conductits Business Assistance Program, which includes small business workshops, individualbusiness assistance, and a small business library.

In 2015, SEED made 14 micro loans totaling$515,000, and creating 51 new jobs. The average micro loan was $37,000. Since its inception, SEED has made 445 micro loanstotaling $11 million and creating 1,317 newjobs.

This past year, with grants from the SBA andRockland Trust CDE, SEED held 27 work-shops attended by 316 entrepreneurs, andprovided individual business assistance toanother 587 for a total of 903 entrepreneursassisted. The workshops taught the basics ofstarting up and operating a small business,and understanding financial statements andcash flow.

SEED Ventures LP, a $20 million mezzaninefund sponsored by SEED and licensed by SBAin 2005 as a Small Business Investment Company (SBIC), is now in the harvestingstage. Over the last nine years, the Fund hasmade 30 investments totaling $14.4 million.Fund investments have ranged from $250,000to $1.25 million in companies with potential forgrowth and job creation.

For their support to SEED over the last 33years, we would like to thank: the financial institutions in the region; our small business

and economic development partners; oursmall 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: Mass Development: the MA Executive Office ofHousing and Economic Development; and theU.S. Department of Agriculture (USDA).

We are honored to serve the small businesses in our region, as SEED Chairand Executive Director, and as members of avery effective team: a highly professional Boardof Directors; dedicated and knowledgeable members of the Loan Review Committee,Micro Loan Committee, and Nominating Committee; and a very competent and loyalstaff.

Thank you all for your trust and support.

Respectfully submitted,

Gerard NadeauChairman of the Board

Maria Gooch-SmithExecutive Director

1

Report to the Corporation

ABOUT THE COVER: The Annual Report Cover depicts some of the small businesses financed by SEED this past year. Weapologize for not being able to include everyone. SEED Corporation, 80 Dean Street,Taunton, MA 02780 • (508) 822-1020.

Bristol County

MARIA GOOCH-SMITHExecutive Director

GERARD NADEAUChairman of the Board

OFFICERS AND DIRECTORS2014 - 2015

Chair – Gerard Nadeau, Executive Vice President, Rockland Trust CompanyVice Chair – Richard L. Shafer, Project Manager, Taunton Development Corporation

Vice Chair – Jennifer Menard, Dean of Grant Development, Bristol Community CollegeTreasurer – Lorraine A. Travers, C.P.A., C.F.P.

Assistant Treasurer – Robert Reisner, Vice President, Cape Cod Five Cents Savings Bank Clerk – William D. Lewis, Vice President, Bristol County Savings Bank

Assistant Clerk – Roy Nascimento, President & CEO, New Bedford Area Chamber of CommercePast Chair – Ferdinand T. Kelley (Advisory)

* * *

Paul Anghinetti, SVP/Market Executive, Bank of America Kerrie Babin (Advisory), President, Taunton Area Chamber of Commerce

William Benford, Senior Vice President, Mansfield Cooperative Bank Wayne Carvalho, Vice President/Chief Commercial Lender, First Citizens Federal Credit Union

Pasquale Ciaramella, Executive Director, Old Colony Planning CouncilChristopher Cooney, CEO, Metro South Chamber of Commerce

Stephen J. Donahue, VP Commercial Sales, Donahue Associate RealtorsCharles Dwyer, Senior Vice President, Middlesex Savings Bank

Ana C. Dyer (Advisory), Director of Sales & Business Development, Federal Home Loan BankBradford P. Egan, Senior Vice President, Santander

Mary Gervais, Program Manager, Center for Women & Enterprise RIMaria Gooch-Smith, Executive Director, South Eastern Economic Development Corporation

Timothy Kelleher (Advisory), Regional Vice President, TD BankRobert Leary, Jr., Senior Vice President, Dedham SavingsDaniel McAuliffe, Jr., Manager, Galahad Associates, LLC

Paul S. Medeiros (Advisory), Senior Vice President & Senior Lender, BankFiveJack Meehl, Jr., Chair, Plymouth Regional Economic Development Foundation

John F. Moran, First Vice President, Cambridge Savings BankJeffrey P. Pineault, CFO, Lafrance Hospitality Company

Charles Smith, Vice President/SBA Specialist, Eastern BankEdward F. Sousa, Senior Vice President/Commercial Lending, Bridgewater Savings BankNancy E. Stokes, Senior Vice President/Lending Division, Mechanics Cooperative Bank

Carl W. Taber, Executive Vice President, BayCoast BankMary Waldron, Director, Institute for Policy Analysis & Regional Engagement, Bridgewater State University

William Welsh, Jr., Chair, RI Chapter of SCORE

STAFF

Maria Gooch-Smith, Executive DirectorTamarah Bacon, Assistant Vice President/Business Development & Assistance Manager

Ling Ling Chang, Business Manager/CPAAnn Desrosiers, Vice President/Operations & Portfolio Management

Laurie Driscoll, Vice President/Commercial Loan OfficerDiane Fontes, Administrative Assistant

Helen Gildea, Commercial Loan Administrator Cheryl Gouveia, Commercial Credit Analyst

Lisa Holmes, Senior Vice President/Lending Team LeaderKelly Joseph, Administrative Assistant

Angela Knight, Marketing & Business Assistance OfficerJessica Mello, Marketing Assistant

Anne Rounds, Assistant Vice President/Closing ManagerSidonia Silva-Reyes, Assistant Vice President/Operations & Servicing Officer

Katherine Torres, Administrative OfficerLindsey Williams, Assistant Vice President/Commercial Credit Analyst

9

ABOUT SEED CORPORATION

The South Eastern Economic Development (SEED) Corporation was established in 1982as a Chapter 180 non-profit corporation under the Massachusetts General Laws. Latethat year, SEED was certified by the U.S. Small Business Administration (SBA) to packageloans 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 underthe SBA Micro Loan Program.

SEED’s geographic coverage presently includes Massachusetts and Rhode Island. SEEDhas 220 members and 33 directors. The membership represents: community businessorganizations; 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 startup phase until they are ready for bank financing.

SEED runs three programs which provide loans ranging from $1,000 to $5.5 million. Theyare: the SBA 504 Program; the Revolving Loan Fund; and the Micro Loan Program.

SEED’S LOAN PROGRAMS

Through the SBA 504 Program, a small business can obtain up to 90 percent financingfor 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 providesup 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 responsiblefor all the “504” paperwork.

Ten years for machinery and equipment and 20 years for real estate projects. Interestrate is fixed and close to the prime rate. Last year’s rate averaged 4.8% fixed.

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 taxesduring previous two years.

Acquisition of land and buildings; construction and/or renovation; leasehold improvements;machinery and equipment; furniture and fixtures; interim interest; and professional fees.

A minimum of $50,000 (a total project of $125,000), and maximum of $5.5 million on aproject of $13.75 million or more. On projects smaller than $300,000, SEED evaluatesthe benefits to the client, and may use its Revolving Loan Fund.

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.

BACKGROUND

SBA 504

TERM AND RATE

ELIGIBLE BUSINESSES

ELIGIBLE PROJECT

MINIMUM AND MAXIMUM

JOB REQUIREMENT

2

RLF PROGRAM

HOW IT WORKS

ELIGIBLE BUSINESSES

ELIGIBLE PROJECT

TERM AND RATE

MICRO LOANPROGRAM

HOW IT WORKS

ELIGIBLE BUSINESSES

TERM AND RATE

3

SEED established the Revolving Loan Fund (RLF) Program with grants from the U.S. Economic Development Administration (EDA) and the State of Massachusetts. Since 1984SEED has received a total of $3.2 million in EDA and State grants to provide gap financingfor 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 capitalunder the RLF Program.

Under the RLF Program, SEED provides loans up to $200,000, which can be used as thedown payment on a larger project. These loans are usually made in conjunction with aparticipating financial institution. The SEED portion of the project is usually 40 percent butcan be larger if there is a demonstrated gap.

Manufacturing, agriculture and fishing, retail, wholesale and service businesses; net worthnot in excess of $2 million; less than $750,000 average net profit after taxes during previous two years.

Acquisition of land and buildings; construction and/or renovation; equipment and furnishings; and working capital. Job creation or retention is required.

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.

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 millionin loan funds to assist small businesses in Massachusetts and Rhode Island. The followingbanks have contributed to the reserve fund required for this program: Bank of America;BayCoast Bank; Boston Private Bank; Bridgewater Savings Bank; Bristol County SavingsBank; Cape Cod Five Cents Savings Bank; Citizens Bank; Eastern Bank; HarborOne Bank;Middlesex Savings Bank; Rockland Trust Company; Santander; and Webster Bank.

Under the Micro Loan Program, SEED provides loans up to $50,000 which can be usedfor working capital, machinery and equipment, and furniture and fixtures.

Manufacturing, retail, wholesale and service businesses.

The term is up to six years. The interest rate is currently 6% fixed for the term of theloan.

BALANCE SHEET

ASSETS 9/30/14 9/30/15*Cash-Unrestricted .....................................................$207,185 ...............................$609,886Cash-Loan Funds (Restricted) .................................2,934,388 ..............................2,248,877Interest Receivable .......................................................29,720 ...................................35,156Notes Receivable-Loan Funds.................................6,427,759 ..............................6,897,240Grant Receivable ..........................................................71,948 ...................................85,340Prepaid Expenses .........................................................13,672 ...................................13,594Accounts Receivable...................................................140,323 ...................................69,015Fixed Assets (Net) .......................................................686,065 ..................................668,459

TOTAL ASSETS ......................................................$10,511,060 ..........................$10,627,567

LIABILITIES & FUND BALANCEAccounts Payable........................................................$11,762 ...................................$6,590Accrued Expenses ......................................................130,704 .................................106,091Client Deposits ..............................................................20,150 ...................................55,279Deferred Revenue...........................................................7,941 .....................................1,448Notes Payable – SBA...............................................1,760,085 ..............................1,756,319Mortgage Payable .......................................................430,985 .................................397,239

TOTAL LIABILITIES ..............................................$2,361,627 ............................$2,322,966

Fund Balance .........................................................$8,149,433 ............................$8,304,601

TOTAL LIABILITIES & FUND BALANCE...............$10,511,060 ...........................$10,627,567

INCOME STATEMENT

INCOME 9/30/14 9/30/15*Federal Revenue....................................................$1,067,132 ...............................$234,558State Revenue ............................................................600,000 .................................100,000Other Revenue............................................................278,292 ...................................45,000Interest ........................................................................338,086 .................................379,845Fees .........................................................................1,020,086 ..............................1,043,532

TOTAL INCOME ....................................................$3,303,596 ............................$1,802,935

EXPENSESSalaries & Wages...................................................$1,414,299 ............................$1,141,733Consultants ...................................................................41,970 ...................................42,967Fringe Benefits ............................................................177,723 .................................139,820Payroll Taxes ...............................................................104,539 ...................................87,349Interest ..........................................................................24,383 ...................................21,606Depreciation ..................................................................27,742 ...................................25,509Office & Other..............................................................240,584 .................................188,784

TOTAL EXPENSES ...................................................$2,031,240 ............................$1,647,768EXCESS INCOME OVER EXPENSES .....................$1,272,356 ...............................$155,167

*Preliminary

SEED’S FINANCIAL STATEMENT

8

7

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 ________________________________________________________________________________________________________________________________________

IDS Holdings, LLC., Manchester, NH* 1,166________________________________________________________________________________________________________________________________________

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 $14,442

* Two investments made. ** Three investments made.

SEED VENTURES LP2006 - 2015

LOANS MADE BY PROGRAMPROGRAM FY ’15* 1983 TO 2015**

$ NUMBER LOAN PRIVATE NEW JOBSJOBS OF LOANS AMOUNTS LEVERAGE CREATED

47*SBA 504 $20.4 MM 695 $252.9 MM $538.7 MM 5,651STARTED IN 1983 179 JOBS

1SBA GUARANTY (7A) $.05 MM 137 $42 MM $16.6 MM 1,445 STARTED IN 1990 *** 2 JOBS

15REVOLVING LOAN FUNDS $1.2 MM 442 $19.1 MM $140.1 MM 2,607STARTED IN 1984 49 JOBS

ENTERPRISE FUND - 244 $15.7 MM -- 1,144 1994 TO 2005 -

14MICRO LOAN $.52 MM 445 $11 MM $14.7 MM 1,317STARTED IN 1994 51 JOBS

77TOTALS $22.1 MM 1,963 $340.7 MM $710.1 MM 12,164

344 JOBS

*Loans approved, closed and funded. **Loans closed. ***In 2012, SEED became an SBA Community Advantage Lender.4

PARTICIPATING FINANCING (000’S) NEWSMALL BUSINESS BANK TOTAL SEED JOBS

Creative Child, Inc., Coventry, RI BankNewport 455 191 5________________________________________________________________________________________________________________________________________

C.J. Rubbish Removal, Middleborough, MA 1 Eastern Bank 400 169 3________________________________________________________________________________________________________________________________________

Goodrich Lumber Co., Kingston, MA Bridgewater Savings Bank 2,878 1,187 6________________________________________________________________________________________________________________________________________

Phoenix Electric Corp., Canton, MA Bank of Canton 2,700 1,114 12________________________________________________________________________________________________________________________________________

Prestige Auto Mart, Inc., East Providence, RI Avidia Bank 1,300 538 12________________________________________________________________________________________________________________________________________

Mearthane Products Corp., Cranston, RI 1 People's United Bank 1,685 696 8________________________________________________________________________________________________________________________________________

Barrows Excavating, Harwich, MA Cape Cod Five Cents Savings 830 334 2________________________________________________________________________________________________________________________________________

John's Car Care, Inc., Cohasset, MA 1 Rockland Trust Company 520 218 4________________________________________________________________________________________________________________________________________

Roasted and Brewed, LLC, Newport, RI 1 Savings Institute Bank & Trust 305 114 3________________________________________________________________________________________________________________________________________

Eastern Ice Co., Inc., Fall River, MA Webster Bank 5,430 1,950 5________________________________________________________________________________________________________________________________________

Reservitz Law Offices, Brockton, MA 1 Eastern Bank 575 241 2________________________________________________________________________________________________________________________________________

Twisters Gymnastics, Brookfield, MA North Brookfield Savings 475 200 2________________________________________________________________________________________________________________________________________

Building Envelope Systems, Plainville, MA 1 Bristol County Savings 1,525 631 7________________________________________________________________________________________________________________________________________

Building Envelope Systems, Plainville, MA 1 Bristol County Savings 764 308 7________________________________________________________________________________________________________________________________________

Dry Zone Basement Syst., Bridgewater, MA 1 Mechanics Cooperative Bank 1,115 463 8________________________________________________________________________________________________________________________________________

Tracey Gear & Precision Shaft, Pawtucket, RI 1 Bristol County Savings Bank 460 189 2________________________________________________________________________________________________________________________________________

Scituate Package Store, Scituate, MA 1 BayCoast Bank 620 227 4________________________________________________________________________________________________________________________________________

Rosie's Liquor, Abington, MA 1 Rockland Trust Company 1,100 456 5________________________________________________________________________________________________________________________________________

Foster Health Systems, Stoughton, MA 1 Eastern Bank 170 74 5________________________________________________________________________________________________________________________________________

Barrington Automotive, Inc., Barrington, RI 1 Mechanics Cooperative Bank 477 176 3________________________________________________________________________________________________________________________________________

Southcoast Kitchen Designs, Carver, MA 1 Webster Bank 361 152 2

SUBTOTAL LOANS CLOSED $ 24,145 $9,628 107

TOTAL “504” LOANS $ 41,417 $16,350 179

1. Loans approved and closed in FY 2015. 2. Loans approved in Fiscal Year 2015, but not yet closed.

SEED PORTFOLIOOctober 1, 2014 - September 30, 2015

SBA “504” PROGRAM


Pool 'N Play, Inc., Brockton, MA NA $ 60 $ 60 1________________________________________________________________________________________________________________________________________

Parris & Associates, Inc., Raynham, MA Bridgewater Savings Bank 440 120 9________________________________________________________________________________________________________________________________________

Done Deal Motors, Inc., Canton, MA Rockland Trust Company 1,500 200 10 ________________________________________________________________________________________________________________________________________

Forever French Nail Salon, Norwood, MA Dean Bank 245 98 2________________________________________________________________________________________________________________________________________

Fazenda Coffee Roasters, Dedham, MA Rockland Trust Company 209 84 2________________________________________________________________________________________________________________________________________

Jake's Truck Tire Service, Norton, MA North Easton Savings Bank 255 102 3________________________________________________________________________________________________________________________________________

Roasted and Brewed, LLC, Newport, RI Savings Inst. Bank & Trust 320 15 3________________________________________________________________________________________________________________________________________

Quinlan and Company, W. Bridgewater, MA Bridgewater Savings Bank 259 100 2________________________________________________________________________________________________________________________________________

Giving Wolf Ins. Services, Brockton, MA NA 47 25 3________________________________________________________________________________________________________________________________________

Spring Garden Inn, Sandwich, MA Bank of Cape Cod 480 150 3________________________________________________________________________________________________________________________________________

Hill Top Candy Kitchen, Brockton, MA* NA 100 100 6________________________________________________________________________________________________________________________________________

Hutch Motor Sports, Raynham, MA Rockland Trust Company 725 50 2 ________________________________________________________________________________________________________________________________________

Stopa & Associates, LLC, Foxboro, MA Mansfield Bank 198 79 1________________________________________________________________________________________________________________________________________

Barrington Automotive, Barrington, RI Mechanics Cooperative Bank 507 30 2________________________________________________________________________________________________________________________________________

TOTAL “RLF” LOANS $5,345 $1,213 49

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. *Two loans were made to the small business.

REVOLVING LOAN FUND (RLF)


Restoration Massage, Inc., Freetown, MA NA $ 30 $ 30 2 ________________________________________________________________________________________________________________________________________

McKenzie Engineering Group, Norwell, MA NA 50 50 5________________________________________________________________________________________________________________________________________

KC Dance Expressions, Raynham, MA NA 35 35 1________________________________________________________________________________________________________________________________________

Creative Child, Inc., Coventry, RI NA 30 30 5________________________________________________________________________________________________________________________________________

Quad's Automotive Repair, Narragansett, RI NA 50 50 1________________________________________________________________________________________________________________________________________

Kushala Sip Coffee House, Stoneham, MA Eastern Bank 150 45 4 ________________________________________________________________________________________________________________________________________

Zygote Digital Films, Inc., Harwich, MA NA 15 15 1________________________________________________________________________________________________________________________________________

Cook & Brown Public House, Providence, RI NA 50 50 16________________________________________________________________________________________________________________________________________

Equinox Properties, North Providence, RI NA 34 30 3________________________________________________________________________________________________________________________________________

Meineke Car Care, Raynham, MA* NA 50 50 2________________________________________________________________________________________________________________________________________

Bobby Pins Hair Salon, Cranston, RI NA 57 40 2________________________________________________________________________________________________________________________________________

The Edge Fitness for Women LLC, Cranston, RI NA 15 15 1________________________________________________________________________________________________________________________________________

K-9 Mercantile Protection, Middleboro, MA NA 50 50 2________________________________________________________________________________________________________________________________________

Small Axe Productions, Charlestown, RI Commerce RI 60 25 6

TOTAL MICRO LOANS $676 $515 51 *Guaranteed by the U.S. Small Business Administration under the Community Advantage Program.

MICRO LOAN PROGRAM

6

BUSINESS ASSISTANCE

SBA “504” PROGRAM (CONTINUED)

WORKSHOPS (27) 316 ENTREPRENEURS• FUNDAMENTALS OF PLANNING, PREPARING

FOR AND FINANCING YOUR BUSINESS

• UNDERSTANDING FINANCIAL STATEMENTS

INDIVIDUAL SESSIONS 587 ENTREPRENEURS

TOTAL ENTREPRENEURS ASSISTED 903 ENTREPRENEURS

WORKSHOP SPONSORS: BANKNEWPORT; CAPE COD FIVE CENTS SAVINGS; EASTERN BANK; HOME LOAN INVESTMENT BANK; MANSFIELD BANK; ROCKLAND TRUST COMMUNITY DEVELOPMENT, LLC.; AND S-BANK

5

PARTICIPATING FINANCING (000’S) NEW

SMALL BUSINESS BANK TOTAL SEED JOBS

Bridgewater Village Bakery, Norton, MA 2 Bridgewater Credit Union $ 325 $138 2______________________________________________________________________________________________________________________________________

Hutch Motor Sports, Raynham, MA 2 Rockland Trust Company 675 282 2______________________________________________________________________________________________________________________________________

Farmer's Outlet II, LLC, Taunton, MA 2 Bridgewater Savings Bank 1,360 549 8______________________________________________________________________________________________________________________________________

Pet Recess, Inc., Lakeville, MA 2 Rockland Trust Company 550 230 4______________________________________________________________________________________________________________________________________

D. Russell Funeral Home, W. Bridgewater, MA 2 Mechanics Cooperative Bank 1,100 456 5______________________________________________________________________________________________________________________________________

Falmouth Inn, Falmouth, MA 2 BankNewport 7,300 2,628 20______________________________________________________________________________________________________________________________________

Franklin Midas, LLC, Franklin, MA 2 Bristol County Savings Bank 1,300 538 5______________________________________________________________________________________________________________________________________

Sea Sports, Inc., Hyannis, MA 2 Cape Cod Five Cents Savings 563 236 4______________________________________________________________________________________________________________________________________

Reliable Respiratory, Inc., Westwood, MA 2 Dedham Savings Bank 1,513 626 10______________________________________________________________________________________________________________________________________

The Learning Garden, Inc., Warwick, RI 2 Greenwood Credit Union 834 347 6______________________________________________________________________________________________________________________________________

J Renee Hair Studio, Taunton, MA 2 Eastern Bank 492 170 3______________________________________________________________________________________________________________________________________

JLS Mailing Services, Inc., Brockton, MA 2 Commerce Bank 1,260 522 3

SUBTOTAL “504” LOANS 2 $17,272 $6,722 72

TOTAL “504” LOANS $41,417 $16,350 179

2. Loans approved in Fiscal Year 2015 but not yet closed.

7

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 ________________________________________________________________________________________________________________________________________

IDS Holdings, LLC., Manchester, NH* 1,166________________________________________________________________________________________________________________________________________

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 $14,442

* Two investments made. ** Three investments made.

SEED VENTURES LP2006 - 2015

LOANS MADE BY PROGRAMPROGRAM FY ’15* 1983 TO 2015**

$ NUMBER LOAN PRIVATE NEW JOBSJOBS OF LOANS AMOUNTS LEVERAGE CREATED

47*SBA 504 $20.4 MM 695 $252.9 MM $538.7 MM 5,651STARTED IN 1983 179 JOBS

1SBA GUARANTY (7A) $.05 MM 137 $42 MM $16.6 MM 1,445 STARTED IN 1990 *** 2 JOBS

15REVOLVING LOAN FUNDS $1.2 MM 442 $19.1 MM $140.1 MM 2,607STARTED IN 1984 49 JOBS

ENTERPRISE FUND - 244 $15.7 MM -- 1,144 1994 TO 2005 -

14MICRO LOAN $.52 MM 445 $11 MM $14.7 MM 1,317STARTED IN 1994 51 JOBS

77TOTALS $22.1 MM 1,963 $340.7 MM $710.1 MM 12,164

344 JOBS

*Loans approved, closed and funded. **Loans closed. ***In 2012, SEED became an SBA Community Advantage Lender.4


Creative Child, Inc., Coventry, RI BankNewport 455 191 5________________________________________________________________________________________________________________________________________

C.J. Rubbish Removal, Middleborough, MA 1 Eastern Bank 400 169 3________________________________________________________________________________________________________________________________________

Goodrich Lumber Co., Kingston, MA Bridgewater Savings Bank 2,878 1,187 6________________________________________________________________________________________________________________________________________

Phoenix Electric Corp., Canton, MA Bank of Canton 2,700 1,114 12________________________________________________________________________________________________________________________________________

Prestige Auto Mart, Inc., East Providence, RI Avidia Bank 1,300 538 12________________________________________________________________________________________________________________________________________

Mearthane Products Corp., Cranston, RI 1 People's United Bank 1,685 696 8________________________________________________________________________________________________________________________________________

Barrows Excavating, Harwich, MA Cape Cod Five Cents Savings 830 334 2________________________________________________________________________________________________________________________________________

John's Car Care, Inc., Cohasset, MA 1 Rockland Trust Company 520 218 4________________________________________________________________________________________________________________________________________

Roasted and Brewed, LLC, Newport, RI 1 Savings Institute Bank & Trust 305 114 3________________________________________________________________________________________________________________________________________

Eastern Ice Co., Inc., Fall River, MA Webster Bank 5,430 1,950 5________________________________________________________________________________________________________________________________________

Reservitz Law Offices, Brockton, MA 1 Eastern Bank 575 241 2________________________________________________________________________________________________________________________________________

Twisters Gymnastics, Brookfield, MA North Brookfield Savings 475 200 2________________________________________________________________________________________________________________________________________

Building Envelope Systems, Plainville, MA 1 Bristol County Savings 1,525 631 7________________________________________________________________________________________________________________________________________

Building Envelope Systems, Plainville, MA 1 Bristol County Savings 764 308 7________________________________________________________________________________________________________________________________________

Dry Zone Basement Syst., Bridgewater, MA 1 Mechanics Cooperative Bank 1,115 463 8________________________________________________________________________________________________________________________________________

Tracey Gear & Precision Shaft, Pawtucket, RI 1 Bristol County Savings Bank 460 189 2________________________________________________________________________________________________________________________________________

Scituate Package Store, Scituate, MA 1 BayCoast Bank 620 227 4________________________________________________________________________________________________________________________________________

Rosie's Liquor, Abington, MA 1 Rockland Trust Company 1,100 456 5________________________________________________________________________________________________________________________________________

Foster Health Systems, Stoughton, MA 1 Eastern Bank 170 74 5________________________________________________________________________________________________________________________________________

Barrington Automotive, Inc., Barrington, RI 1 Mechanics Cooperative Bank 477 176 3________________________________________________________________________________________________________________________________________

Southcoast Kitchen Designs, Carver, MA 1 Webster Bank 361 152 2

SUBTOTAL LOANS CLOSED $ 24,145 $9,628 107

TOTAL “504” LOANS $ 41,417 $16,350 179

1. Loans approved and closed in FY 2015. 2. Loans approved in Fiscal Year 2015, but not yet closed.

SEED PORTFOLIOOctober 1, 2014 - September 30, 2015

SBA “504” PROGRAM

RLF PROGRAM

HOW IT WORKS

ELIGIBLE BUSINESSES

ELIGIBLE PROJECT

TERM AND RATE

MICRO LOANPROGRAM

HOW IT WORKS

ELIGIBLE BUSINESSES

TERM AND RATE

3

SEED established the Revolving Loan Fund (RLF) Program with grants from the U.S. Economic Development Administration (EDA) and the State of Massachusetts. Since 1984SEED has received a total of $3.2 million in EDA and State grants to provide gap financingfor 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 capitalunder the RLF Program.

Under the RLF Program, SEED provides loans up to $200,000, which can be used as thedown payment on a larger project. These loans are usually made in conjunction with aparticipating financial institution. The SEED portion of the project is usually 40 percent butcan be larger if there is a demonstrated gap.

Manufacturing, agriculture and fishing, retail, wholesale and service businesses; net worthnot in excess of $2 million; less than $750,000 average net profit after taxes during previous two years.

Acquisition of land and buildings; construction and/or renovation; equipment and furnishings; and working capital. Job creation or retention is required.

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.

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 millionin loan funds to assist small businesses in Massachusetts and Rhode Island. The followingbanks have contributed to the reserve fund required for this program: Bank of America;BayCoast Bank; Boston Private Bank; Bridgewater Savings Bank; Bristol County SavingsBank; Cape Cod Five Cents Savings Bank; Citizens Bank; Eastern Bank; HarborOne Bank;Middlesex Savings Bank; Rockland Trust Company; Santander; and Webster Bank.

Under the Micro Loan Program, SEED provides loans up to $50,000 which can be usedfor working capital, machinery and equipment, and furniture and fixtures.

Manufacturing, retail, wholesale and service businesses.

The term is up to six years. The interest rate is currently 6% fixed for the term of theloan.

BALANCE SHEET

ASSETS 9/30/14 9/30/15*Cash-Unrestricted .....................................................$207,185 ...............................$609,886Cash-Loan Funds (Restricted) .................................2,934,388 ..............................2,248,877Interest Receivable .......................................................29,720 ...................................35,156Notes Receivable-Loan Funds.................................6,427,759 ..............................6,897,240Grant Receivable ..........................................................71,948 ...................................85,340Prepaid Expenses .........................................................13,672 ...................................13,594Accounts Receivable...................................................140,323 ...................................69,015Fixed Assets (Net) .......................................................686,065 ..................................668,459

TOTAL ASSETS ......................................................$10,511,060 ..........................$10,627,567

LIABILITIES & FUND BALANCEAccounts Payable........................................................$11,762 ...................................$6,590Accrued Expenses ......................................................130,704 .................................106,091Client Deposits ..............................................................20,150 ...................................55,279Deferred Revenue...........................................................7,941 .....................................1,448Notes Payable – SBA...............................................1,760,085 ..............................1,756,319Mortgage Payable .......................................................430,985 .................................397,239

TOTAL LIABILITIES ..............................................$2,361,627 ............................$2,322,966

Fund Balance .........................................................$8,149,433 ............................$8,304,601

TOTAL LIABILITIES & FUND BALANCE...............$10,511,060 ...........................$10,627,567

INCOME STATEMENT

INCOME 9/30/14 9/30/15*Federal Revenue....................................................$1,067,132 ...............................$234,558State Revenue ............................................................600,000 .................................100,000Other Revenue............................................................278,292 ...................................45,000Interest ........................................................................338,086 .................................379,845Fees .........................................................................1,020,086 ..............................1,043,532

TOTAL INCOME ....................................................$3,303,596 ............................$1,802,935

EXPENSESSalaries & Wages...................................................$1,414,299 ............................$1,141,733Consultants ...................................................................41,970 ...................................42,967Fringe Benefits ............................................................177,723 .................................139,820Payroll Taxes ...............................................................104,539 ...................................87,349Interest ..........................................................................24,383 ...................................21,606Depreciation ..................................................................27,742 ...................................25,509Office & Other..............................................................240,584 .................................188,784

TOTAL EXPENSES ...................................................$2,031,240 ............................$1,647,768EXCESS INCOME OVER EXPENSES .....................$1,272,356 ...............................$155,167

*Preliminary

SEED’S FINANCIAL STATEMENT

8

OFFICERS AND DIRECTORS2014 - 2015

Chair – Gerard Nadeau, Executive Vice President, Rockland Trust CompanyVice Chair – Richard L. Shafer, Project Manager, Taunton Development Corporation

Vice Chair – Jennifer Menard, Dean of Grant Development, Bristol Community CollegeTreasurer – Lorraine A. Travers, C.P.A., C.F.P.

Assistant Treasurer – Robert Reisner, Vice President, Cape Cod Five Cents Savings Bank Clerk – William D. Lewis, Vice President, Bristol County Savings Bank

Assistant Clerk – Roy Nascimento, President & CEO, New Bedford Area Chamber of CommercePast Chair – Ferdinand T. Kelley (Advisory)

* * *

Paul Anghinetti, SVP/Market Executive, Bank of America Kerrie Babin (Advisory), President, Taunton Area Chamber of Commerce

William Benford, Senior Vice President, Mansfield Cooperative Bank Wayne Carvalho, Vice President/Chief Commercial Lender, First Citizens Federal Credit Union

Pasquale Ciaramella, Executive Director, Old Colony Planning CouncilChristopher Cooney, CEO, Metro South Chamber of Commerce

Stephen J. Donahue, VP Commercial Sales, Donahue Associate RealtorsCharles Dwyer, Senior Vice President, Middlesex Savings Bank

Ana C. Dyer (Advisory), Director of Sales & Business Development, Federal Home Loan BankBradford P. Egan, Senior Vice President, Santander

Mary Gervais, Program Manager, Center for Women & Enterprise RIMaria Gooch-Smith, Executive Director, South Eastern Economic Development Corporation

Timothy Kelleher (Advisory), Regional Vice President, TD BankRobert Leary, Jr., Senior Vice President, Dedham SavingsDaniel McAuliffe, Jr., Manager, Galahad Associates, LLC

Paul S. Medeiros (Advisory), Senior Vice President & Senior Lender, BankFiveJack Meehl, Jr., Chair, Plymouth Regional Economic Development Foundation

John F. Moran, First Vice President, Cambridge Savings BankJeffrey P. Pineault, CFO, Lafrance Hospitality Company

Charles Smith, Vice President/SBA Specialist, Eastern BankEdward F. Sousa, Senior Vice President/Commercial Lending, Bridgewater Savings BankNancy E. Stokes, Senior Vice President/Lending Division, Mechanics Cooperative Bank

Carl W. Taber, Executive Vice President, BayCoast BankMary Waldron, Director, Institute for Policy Analysis & Regional Engagement, Bridgewater State University

William Welsh, Jr., Chair, RI Chapter of SCORE

STAFF

Maria Gooch-Smith, Executive DirectorTamarah Bacon, Assistant Vice President/Business Development & Assistance Manager

Ling Ling Chang, Business Manager/CPAAnn Desrosiers, Vice President/Operations & Portfolio Management

Laurie Driscoll, Vice President/Commercial Loan OfficerDiane Fontes, Administrative Assistant

Helen Gildea, Commercial Loan Administrator Cheryl Gouveia, Commercial Credit Analyst

Lisa Holmes, Senior Vice President/Lending Team LeaderKelly Joseph, Administrative Assistant

Angela Knight, Marketing & Business Assistance OfficerJessica Mello, Marketing Assistant

Anne Rounds, Assistant Vice President/Closing ManagerSidonia Silva-Reyes, Assistant Vice President/Operations & Servicing Officer

Katherine Torres, Administrative OfficerLindsey Williams, Assistant Vice President/Commercial Credit Analyst

9

ABOUT SEED CORPORATION

The South Eastern Economic Development (SEED) Corporation was established in 1982as a Chapter 180 non-profit corporation under the Massachusetts General Laws. Latethat year, SEED was certified by the U.S. Small Business Administration (SBA) to packageloans 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 underthe SBA Micro Loan Program.

SEED’s geographic coverage presently includes Massachusetts and Rhode Island. SEEDhas 220 members and 33 directors. The membership represents: community businessorganizations; 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 startup phase until they are ready for bank financing.

SEED runs three programs which provide loans ranging from $1,000 to $5.5 million. Theyare: the SBA 504 Program; the Revolving Loan Fund; and the Micro Loan Program.

SEED’S LOAN PROGRAMS

Through the SBA 504 Program, a small business can obtain up to 90 percent financingfor 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 providesup 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 responsiblefor all the “504” paperwork.

Ten years for machinery and equipment and 20 years for real estate projects. Interestrate is fixed and close to the prime rate. Last year’s rate averaged 4.8% fixed.

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 taxesduring previous two years.

Acquisition of land and buildings; construction and/or renovation; leasehold improvements;machinery and equipment; furniture and fixtures; interim interest; and professional fees.

A minimum of $50,000 (a total project of $125,000), and maximum of $5.5 million on aproject of $13.75 million or more. On projects smaller than $300,000, SEED evaluatesthe benefits to the client, and may use its Revolving Loan Fund.

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.

BACKGROUND

SBA 504

TERM AND RATE

ELIGIBLE BUSINESSES

ELIGIBLE PROJECT

MINIMUM AND MAXIMUM

JOB REQUIREMENT

2

MEMBERS 2014-2015

Barnstable, Dukes and Nantucket Counties

Melinda L. AilesStephen AlmeidaAlicia AmbroseAnn M. AugerKerrie BabinJoseph T. Baptista, Jr.Tim BaurleyWilliam BenfordJill BeresfordPaula BotelhoRoger A. CabralLawrence CameronMichael CarrieroWayne CarvalhoTerrance A. CharestMichael Chatwin John F. ClarkRobert F. CollinsMark ConelyDaniel L. ConradGeorge CoutoPeter Dello Russo

Linda DeMarcoRaymond A. DionneJohn DuclosWilliam R. Eccles, Jr.Bradford P. EganNancy EyreRichard FarmerBruce E. FernandesCharles ForanPatrick J. GaughanJune D. GoguenMaria Gooch-SmithAlissa HallRick HamiltonMelodie Hanson Dean HarrisonWarren R. HartwellCarol S. HegartyHal HorvatKeith HuntoonSteven J. IngallsKristin Jacinto

Cheryl JohnsonRobin KennedyJim KinahanRichard L. LaFranceJack LankStuart A. LawrenceMatthew R. LedinWilliam LewisManuel Louis LopezDaniel McAuliffe, Jr.Brian McCowanDenise McGrailAnthony MedeirosJoan M. MedeirosPaul S. MedeirosJennifer Menard Willitts MendoncaJoan MoranPaul MoranBetty-Ann MullinsRoy NascimentoKenneth Nasiff

Kevin A. NeryJonathan C. NeunerMatthew NutterCynthia O’BlenisSeamus M. O’ConnellGregory O’DonnellDan OliveiraStephen ParrRobert A. Parris, Jr.Michael PatacaoStephen C. PeckKevin PellandThomas J. PercyJeffrey P. PineaultLinda PlunkettClifford RobbinsJanice E. RobbinsClaudia RochaDouglas RodriguesHarold Rose, Jr.Kathleen SandersonPeter E. Selley

Richard ShaferGlenn ShermanGlenn Silverberg, Jr.Stephen C. SmithEdward F. SousaAndrew K. SpringerPaul St. PierreWilliam St. PierreLinda SternfeltNancy StokesLeonard SullivanCarl W. TaberManuel J. TavaresLouis T. TeixeiraLorraine A. TraversLuke P. TravisJim TynanNathan TynanKathy WatsonGreg WhiteJohn Wright

Paul W. AnghinettiTony BaldwinMatthew BarzowskasRichard BeaulieuDenis BerginChris BondR. Andrew BurbineFrank CamachoPasquale CiaramellaChristopher CooneySteven J. CronenJohn S. DavisonElizabeth DonahueStephen J. DonahuePaul Dunn

Bruce DuphilyCharles DwyerMartie DwyerArmand FernandezMartin FentonTim ForbesDonald GaleJoseph GesualdoValerie GlynnLorraine GreenFrederick C. GrosserJames HanlonJohn T. HayesRichard HookeBruce G. Hughes

Donald G. IslesWayne A. JanelleLauretta JenningsLisa JenningsMark KearinsTimothy KelleherFerdinand T. KelleyMichael KuhnJulie A. LaneRobert J. Leary, Jr.Katherine LightBill MacKenzieJeni Lynn MatherRob MayMaryellen Mayes

Cheryl McCormickKevin McGowanBrian McMahonJack B. Meehl, Jr.John F. MoranMichael J. MoranGerard NadeauAmy NaplesTom O’RourkeDeborah PaivaRichard L. PetersonLouis PetrovicThomas PrattiJoan RichardsFrank Roche

John RogozenskiMeagan RundellBrian RussellVincent Saccone, Jr.Michael SavageMichael D. SavageSabine M. SchmittMichael St. JeanBonnie SullivanSheila Sullivan-JardimMary WaldronFriend S. Weiler

Middlesex, Norfolk & Plymouth Counties

David AugustinhoCharles DeSimonePaul T. GarganigoShari L. HayesLisa Kirkwood

Todor KozarovTimothy LoweChris MartinDavid McCormackElizabeth McNichols

Thomas MolloyMarie OlivaRobert E. ReisnerChristopher E. RichardsEdward A. Rubel

William L. SkinnerPeter Q. SmithStephen J. SpitzRon StandishRobert A. Talerman

Michael TulmanVeronica TorresPaul J. WattsAndrew P. Young

Matthew BanoubVictor BarrosJohn BeauchaineBob BillingtonJeanne BoyleAnthony CapuanoStacey CarterRoberto CastellanosKathy Cosentino

Felicia DiazCarmen Diaz-JusinoDenise DiDonatoStephen DiPreteMiguelina DominguezAna C. DyerCristina FendonMary GervaisHeriberto Gonzalez

Gail M. GowanNorman A. Hayes, IIIGary J. HeidelGeorge HemondRobert Howard, Jr.James HorriganDoug H. Jobling Karriem KanstonDevin Kelly

Tom KellyPamela KelleyThomas G. KinchlaJoe KriesbergRichard LabrecqueDavid McLoughlinGlenn J. MeadeWilliam J. NattressTimothy Ouhrabka

Holly PettisChristopher RhodesSteven RodriguesRobert A. SkurkaCharles Smith Arthur SpeaksWilliam Welsh, Jr.Roger Williams

Suffolk Co., MA & Rhode Island

10

As the region's economy continued to improve,demand for SBA 504 loans, which mainly finance real estate projects for growing smallbusinesses, increased by over 40 percent.With its capital base, SEED also continued toserve the need for small business loans up to$200,000.

In 2015 with your support, SEED made 77loans to small businesses throughout theregion. The loans totaled $22.1 million,leveraged $35.3 million in bank loans andprivate funds, and assisted in the creationof 344 new jobs.

The loans were made under all of SEED's loanprograms, which range from micro loans up to$50,000, small loans up to $200,000, and SBA504 loans up to $5.5 million.

As the region’s local development company forthe last 33 years, SEED has made 1,963loans totaling $341 million, leveraging $710million in bank loans and private funds,and creating 12,164 new jobs. SEED’s totalactive loan portfolio is $105 million.

In 2015, working with the region’s financial institutions, SEED closed on 21 SBA 504loans and approved another 26, for a total of47 loans representing $20.4 million. Since1983, SEED has made 695 SBA 504 loanstotaling $253 million and creating 5,651new jobs.

Under the Revolving Loan Fund (RLF) Program, SEED often provides a portion of thetotal financing needed, in a subordinated position to a participating financial institution.In 2015, SEED made 15 RLF loans totaling$1.2 million, leveraging $4.1 million in privatefunds, and creating 49 new jobs. Since its

inception, SEED has made 442 RLF loanstotaling $19 million, and creating 2,607 newjobs.

As the regional SBA Intermediary for theMicro Loan Program, SEED continued tomake micro loans up to $50,000, and conductits Business Assistance Program, which includes small business workshops, individualbusiness assistance, and a small business library.

In 2015, SEED made 14 micro loans totaling$515,000, and creating 51 new jobs. The average micro loan was $37,000. Since its inception, SEED has made 445 micro loanstotaling $11 million and creating 1,317 newjobs.

This past year, with grants from the SBA andRockland Trust CDE, SEED held 27 work-shops attended by 316 entrepreneurs, andprovided individual business assistance toanother 587 for a total of 903 entrepreneursassisted. The workshops taught the basics ofstarting up and operating a small business,and understanding financial statements andcash flow.

SEED Ventures LP, a $20 million mezzaninefund sponsored by SEED and licensed by SBAin 2005 as a Small Business Investment Company (SBIC), is now in the harvestingstage. Over the last nine years, the Fund hasmade 30 investments totaling $14.4 million.Fund investments have ranged from $250,000to $1.25 million in companies with potential forgrowth and job creation.

For their support to SEED over the last 33years, we would like to thank: the financial institutions in the region; our small business

and economic development partners; oursmall 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: Mass Development: the MA Executive Office ofHousing and Economic Development; and theU.S. Department of Agriculture (USDA).

We are honored to serve the small businesses in our region, as SEED Chairand Executive Director, and as members of avery effective team: a highly professional Boardof Directors; dedicated and knowledgeable members of the Loan Review Committee,Micro Loan Committee, and Nominating Committee; and a very competent and loyalstaff.

Thank you all for your trust and support.

Respectfully submitted,

Gerard NadeauChairman of the Board

Maria Gooch-SmithExecutive Director

1

Report to the Corporation

ABOUT THE COVER: The Annual Report Cover depicts some of the small businesses financed by SEED this past year. Weapologize for not being able to include everyone. SEED Corporation, 80 Dean Street,Taunton, MA 02780 • (508) 822-1020.

Bristol County

MARIA GOOCH-SMITHExecutive Director

GERARD NADEAUChairman of the Board

ANNUAL REPORT 2015

33 Years of Service to Small Businesses

SOUTH EASTERN ECONOMIC DEVELOPMENT CORPORATION80 DEAN STREET, TAUNTON, MA 02780

(508) 822-1020 www.seedcorp.com

Goodrich Lumber Co.Kingston, MA

Barrington Automotive, Inc.

Barrington, RI

Foxboro, MA

Quinlan and Co.West Bridgewater, MA

Cook & Brown Public House

Providence, RI

C.J. Rubbish RemovalMiddleborough, MA

Fazenda CoffeeRoastersDedham, MA

Roasted and BrewedNewport, RI

Forever FrenchNail SalonNorwood, MA

KC Dance ExpressionsRaynham, MA

Done Deal Motors, Inc.

Canton, MA

Building Envelope Systems

Plainville, MA

Rosie’s Liquor

Abington, MA

Zygote DigitalFilms, Inc.Harwich, MA

Bobby Pins Hair Salon

Cranston, RI

Kushala Sip CoffeeHouseStoneham, MA

Tracey Gear & Precision Shaft

Pawtucket, RI

Eastern Ice Co.Fall River, MA

Hill Top CandyKitchenBrockton, MA

Southcoast KitchenDesigns

Carver, MA

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