Funded Projects
The SBA 504 Loan Program provides healthy small and medium-sized businesses with long-term fixed rate financing for the acquisition or construction of fixed assets. Projects are financed through a unique public/private partnership that involves private lenders financing 50% of project costs, MCDC covering up to 40% of project costs, and small businesses investing at least 10% of project costs. By taking a secondary collateral position on project assets, SBA provides a “collateral cushion” for the primary lender and reduces the amount of equity normally required of the borrower.
Funded Projects
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4 Seasons Dry Cleaners
Bill Yim has been in the drycleaning business for approximately six years. He has operated two locations, one in Clinton Township and one in Harrison Township. Both of thse locations were leased locations. With the help of the MCDC and Northpoint Bank, Mr. Yim has been able to purchase his own building in Chesterfield Township. He will be relocating the Harrison Township location to this new building. By taking advantage of the SBA 504 Loan Program, Mr. Yim was able to obtain low rate fixed financing for the MCDC portion of his loan.
7E Specialties, Inc.
7E Specialties, Inc. was formed in 2001 and is owned by Todd Sevigny and Bill Herring. 7E Specialties, Inc. performs routine real estate inspection services, maintenance and upkeep on foreclosed properties for mortgage companies. They provide services on buildings until they are sold. Todd and Bill needed more space for their expanding number of employees and to store additional equipment. They purchased an existing building and added an expansion of warehouse space. Todd and Bill purchased the larger building, and as a bonus, their monthly payment is lower than their previous rent! With help from Macatawa Bank and MCDC's SBA 504 Loan Program, 7E Specialties, Inc. moved into their new building with a low down payment and below-market interest rates.
A&W Restaurant
Bill and Kim Strohkirch have owned and operated an A&W Restaurant in Standish since 1979. They also manage five Little Caesar's Pizza locations in the Midland area. Having such success and recognizing an opportunity, Bill and Kim constructed a new building and purchased new equipment for an A&W Restaurant in Midland. A&W features a menu of burgers, chicken sandwiches, Coney dog fries and onion rings. The signature item is a root beer float served on soft serve vanilla ice cream. YUMMY! With the help from MCDC and Citizens Bank this successful team was able to obtain a low fixed interest rate with only 10% down.
Accuworx
Accuworx was founded in February 2009 by Larry Carter and Jeff Loch, two veterans of the Special Machine Integration and Automation Industry. To house their new company, they purchased a 20,000 sq. ft. building in Temperance. The building provides space for the company's administration as well as production under the same roof. Larry and Jeff realized the benefits of using the SBA 504 Loan Program. Accuworx was able to purchase this new building with only 10% down!
ACD.Net
Kevin and Steve Schoen began building computers as teenagers and eventually opened a computer store in Lansing. That business has evolved and is now ACD.Net, an interactive online service provider for internet access. With the help of Capitol National Bank, the MCDC and SBA 504 Loan Program, they were able to purchase an existing building and build Michigan's largest data center for secure storage of corporate information. By moving into this 42,000 square foot building, they were able to increase their office space as well as offer more companies off-site data storage. By using the SBA Loan Program they were able to purchase the building with only 15% down.