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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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Basic Metals, Inc.

Basic Metals is a full service industrial recycling company, formed in 2006 by Joe Gerlando and Corey Plumb.  The company works with a variety of types of metal recycling as well as machinery rigging, used equipment disposal and plant teardown/relocation.

The company has two scrap yards, one in Mt. Clemens and their larger facility in New Haven.  Both yards have large weight scales to handle larger items.  This SBA 504 loan was utilized to purchase and install a Hammel metal shredder and the related conveyor equipment.  Historically, the company had to send their metals out for shredding.  With this new equipment, the work can be done in-house, thus saving turnaround time, transportation costs, and overall costs.

By taking advantage of the SBA 504 program, the company was able to only put 10% equity into the new equipment, which gave them the liquidity needed to install the related conveyor equipment and cover the transportation cost of the shredder from overseas.

For more information on Basic Metals,  please visit www.basic-metals.com and for additional information on how Michigan Certified Development Corporation can help fund your business, please visit www.michigancdc.org, Michigan’s #1 SBA Lending Partner!


Bay Pointe Inn

The old Badger’s Boathouse that was built in 1900 is Bay Point Inn’s newest addition and the second project financed by MCDC’s SBA 504 Loan Program.    The renovated three-level boathouse is quickly becoming a popular location for family reunions, business gatherings, honeymoons, and retiree vacations.  The outdoor patios were built for intimate sitting to enjoy the picturesque view of Gunn Lake. The owners Mike and Patti are also adding a 53 space parking lot across the street due the increase in clientele at the Fireside Conference Center.

The first SBA 504 Loan was for the refinancing of the Bay Pointe Inn hotel and restaurant on Gunn Lake, which has become a favorite location for weddings and special events.  

For more information on Bay Pointe Inn please visit www.baypointeinn.com and for additional information on how Michigan Certified Development Corporation can help fund your business, please visit www.michigancdc.org, Michigan’s #1 SBA Lending Partner!

 

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Bay Pointe Inn & Terrace Grill

In October of 2003, Mike Powers purchased an old restaurant located on Gun Lake in Shelbyville.  He demolished the building and began construction on a new hotel and restaurant, which was completed in 2005.  In 2008, Mike constructed a 200 seat wedding/event pavilion on the property 10 feet off of Gun Lake.  This idea has paid huge dividends for Mike.  The hotel has become a favorite location for weddings and special events.  In 2009, Mike constructed the Fireside Conference Center, which is a multi-media room designed for corporate meetings. 

Mike was looking to refinance and consolidate all of his debt into one loan with a lower interest rate.  Union Bank proposed using the SBA 504 Loan Program, which gave Mike a 20-year note with a low, fixed interest rate on half of his loan.  By using the SBA 504, Mike is saving thousands of dollars a month on interest.

For more information on Bay Pointe Inn please visit www.baypointeinn.com and for additional information on how Michigan Certified Development Corporation can help fund your business, please visit www.michigancdc.org, Michigan’s #1 SBA Lending Partner!


Beacom Family Chiropractic Center, P.C.

Brent Beacom started his chiropractic practice in 2002. Since that time he has grown his business and he now sees 165 patients per week, well above the average practice of 124 patients per week. His patients also average 40 visits per year, again well above the average of only 17 visits per year. As a result of this growth, Dr. Beacom decided to construct a new building with additional equipment. By using the SBA 504 Loan Program, Dr. Beacom was able to secure long term financing at an attractive rate for this project. Upon completion he projects he will be seeing 275 patients weekly and eventually expects to grow to 400 patients weekly.


Bearcat Self Storage, LLC

Andrew and Mindy Hoffman have owned Bearcat Self Storage, LLC since 2001.  While Andy maintains his successful day Job with Genesee Cut Stone and Marble Company, his wife Mindy, works part-time as a cosmetologist and is the operations manager of Bearcat.  The Hoffman’s decided to branch out and purchase a second self-storage facility ten miles away in Bridgeport, which consists of 60 units in a variety of different sizes.  Also on the property is a rental home that they will lease out to a third party. 

With the assistance of Wolverine Bank the Hoffman’s were able to partner with MCDC to take advantage of the SBA 504 Loan Program to lock in a low fixed interest rate loan for 20 years. 

To see how Michigan Certified Development Corporation can help fund your business, please visit www.michigancdc.org, Michigan’s #1 SBA Lending Partner!


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