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.
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Mitchell Graphics is a second-generation business that was started in 1972 by brothers Bill and Andy Fedus. The business is now owned by Bill and his son, Gary. Mitchell Graphics is a printing company that offers a diverse array of products in both the printing and mail-service arenas. This project involved a new printing press that will enable the business to be more competitive and to stay current in printing technology. With this new printer, Mitchell Graphics will be able to pursue clients they have not been able to in the past. With the help of The Bank of Northern Michigan and MCDC's SBA 504 Loan Program, this father and son team received fixed-rate financing for 10 years with only 10% down.
For more information on how Michigan Certified Development Corporation can help fund your business, please visit www.michigancdc.org, Michigan’s #1 SBA Lending Partner!
MKR Fabricating, Inc. (MKR) purchased a Vertical Turning Lathe and a Precision Boring Machine in order to keep their dredging fabrication process in-house. By purchasing these machines, it improved their product quality, efficiency process, and increased profits. Owner Robert Webb now has more control over the production to keep clients happy and costs low.
Rob has owned MKR since 2000. The company specializes in plate steel fabricating and can handle up to 80,000lb. fabrications and steel up to 6 inches thick. They provide plate rolling, plasma cutting, and bending for various industries.
MKR was able to purchase this equipment with only 10% down. They also received a low long-term fixed interest rate.
For more information on MKR Fabricating, Inc. please visit www.mkrfab.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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For years, MKR Fabricators operated out of 2 different locations, which was inefficient and expensive. Owner, Rob Webb found a building to purchase that was perfect to consolidate his locations into one. Using the SBA 504 Loan Program through MCDC, Rob purchased and renovated the building with a 20-year loan with a 20-year amortization and a low fixed interest rate. MKR specializes in large scale plate steel fabrication projects. They offer plate rolling, plasma cutting, and bending. Their typical projects include rock crusher, dredges, cones, tanks, vessels, centrifuges, and ladders.
For more information on MKR Fabricators, please visit www.mkrfab.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!
Mod43 Inc. was founded in 2005 by Mr. John McKeehan and Mr. Quinton Ritz. The business provides configuration, testing, training, and customization of Oracle products. Mod43 performs implementation of Oracle Warehouse Management Systems (WMS) and Mobil Supply Chain Applications (MSCA). In addition to working with Oracle eBusiness Suite, Mod43 delivers full integration with barcode printing and handheld scanning for the warehouse environment. They assist their clients with training and configuration for popular printing packages, as well as for handheld scanning equipment.
Economic issues and the declining real estate market caught up with their developer, and Mod43 found themselves in an unfortunate situation and had to move out of their space. After moving out of the foreclosed unit to a leased location nearby the unit came back on the market after the foreclosure was complete at a very attractive price. The lower price allowed them to purchase two units in the business complex but lacking liquidity after all the disruption the SBA 504 Loan Program was just the answer that allowed the business to finance 90% of the purchase price but better yet, the 20-year fixed rate at historically low levels made the payments on the loan very affordable. This locks in a very stable capital base for the company while securing the location for the long term. The second unit provides expansion space which the company anticipates needing as they project adding 8 jobs over the next two years. For more information on Mod43 Inc., please visit www.mod43.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!
Michael Glenn Monroe is a renowned wildlife artist and children’s' book illustrator Mr. Monroe's first book was M is for Mitten, a Michigan Alphabet Book, illustrated and published in 1999 by Sleeping Bear Press. Since publication of this first book Mr. Monroe has illustrated numerous other books the most notable of which is A wish to be a Christmas Tree written by his wife Colleen. In addition, Mr. Monroe travels around the country visiting schools where he teaches children about wildlife and art. Examples of his work and a complete listing of the books he has illustrated can be found at his web site, www.michaelglennmonroe.com. He uses the Brighton commercial building as a retail outlet for his work and as a place to process on-line orders he receives for his books and works of art.
Mr. Monroe finds financing to be a necessary encumbrance on his time, and would much rather concentrate on his art. The SBA 504 loan was an opportunity to enter into a long term mortgage at a fantastic rate with a very affordable monthly payment making it unnecessary to think about refinancing for a very long time (and never for the SBA debenture portion of the loan). Mr. Monroe found the process less cumbersome than he expected and appreciated all the guidance provided by his banker and the MCDC. The SBA Loan Program has made it possible for Mr. Monroe to concentrate on his business and creative endeavors.