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
Filter projects by:
Apollo Family Restaurant
The Apollo Restaurant was established over 30 years ago. The current owners have built the business into a great success and a Davison area icon. They decided to retire and sell the business to their nephew Tom Stavridis, Cousin Alex Karatza and friend George Popoff. The three new owners reflect over 60 years of experience in the restaurant world. They are planning to make improvements to the Apollo by keeping it open 24 hours a day. They also plan to include catering and banquet facilities. This purchase was made possible with the help of Franklin Bank and MCDC's SBA 504 Loan Program.
Appletree Learning Center Otsego, LLC
The Appletree Christian Learning Center philosophy is to provide an opportunity for growth and development in a safe and nurturing environment. Parents have said they actually liked sending their children to day care! Bridgett Tubbs has been in the daycare business for 13 years and she is the original entrepreneur of Appletree Learning Centers. Bridgett had an opportunity to purchase the real estate in Otsego and partnered with MCDC for her SBA 504 loan. She was able to do this with only 10% down!
For more information on Appletree Learning Centers, please visit www.appletreekids.cc, 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!
Appletree Learning Center Wyoming, LLC
Appletree Learning Centers is a well-known daycare and learning center throughout Michigan. Ms. Bridgett Tubbs began Appletree Learning Center in 1998 in West Michigan and after experiencing good success, she availed Appletree Learning Centers as a franchise, and there is now a family of 11 owner-operated centers throughout the State, and Ms. Bridgett Tubbs plans to continue to expand. Appletree Learning Centers, a Christian-based organization, offers a safe daycare environment for children ages 6 weeks to school-age, along with programs and learning curriculums that are taught by the Appletree staff, each of whom are State-qualified and have degrees in Early Childhood Education or Elementary Education. Ms. Bridgett Tubbs found the SBA 504 Loan Program very attractive due to the 90% financing and below-market rates for a substantial amount of her required financing. Additionally, as a woman-owned business and the center located in a Labor Surplus Area, this opportunity satisfied key Public Policy goals for the US Small Business Administration.
For more information on Appletree Learning Centers, please visit www.appletreekids.cc, 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!
AR Repairs Baker's Kneads
This project involved the purchase and renovation of an existing building on Lawrence Road in Centerline, which now houses the new location for AR Repairs Baker's Kneads, Inc. For the last 15 years, AR Repairs has been leasing their current building on Ryan Road in Warren, but they have outgrown that location. Their old location was 8,000 sq. ft., which the new location will be almost 24,000 sq. ft. The new location will have a large parts warehouse and also a large training room that will allow AR to train up to 20 people at once. The training room will allow technicians to gain hands-on experience by working on actual commercial restaurant equipment. Today, AR is the largest restaurant, foodservice, and bakery equipment factory authorized part and service dealer in the Midwest. AR Repair's is owned by Tony Rapanotti and his sister, Lisa Raponotti. Without the help of the MCDC SBA 504 Loan Program, Tony would not have been able to afford the new building, which will enable his business to grow and to be more efficient.
Arbor North
Kevin and Claudia Ganton have managed the daily operations of Arbor North for Kevin's father for several years, but they did not own the real estate. When Kevin's father decided to sell the building to Kevin and Claudia, the Ganton's jumped at the opportunity. The financing was made possible by the MCDC SBA 504 Loan Program and partnering with County National Bank. Arbor North is a family-oriented assisted living facility located in Jackson. Kevin's father has provided senior citizens with various living options and several locations throughout Michigan for over 40 years. Kevin and Claudia are continuing that family tradition by now owning their own location.