SEED Micro Small Business Loan Program
The South Eastern Economic Development Corporation (SEED) is a micro small business loan program for small businesses in the state of Massachusetts. Thanks to recent approval from the Small Business Administration (SBA) the program is extending its territory for making microloans of up to $50,000 to small businesses in Suffolk and Middlesex counties in Massachusetts.
SEED hopes to boost its loan volume in the added territories and provide financing to many businesses that aren't eligible bank loans. The high unemployment rate in the US has led many to consider starting small businesses, but only a small percentage of those have the foundation necessary to qualify for traditional funding. One of the ways SEED can approve financing for businesses denied traditional bank finding is by considering additional sources of income that banks don't typically allow for.