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.
Filter projects by:
Ortonville Quick Lube was purchased by Mark Yaldo with help from Bank of America and the MCDC SBA 504 Program. Mr. Yaldo and his brother started Top Quality Oil Change in Detroit in 1994, which his brother still operates. Mark left in 2003 to start another location in Chesterfield Township, but sold that location in 2005. After that he worked with his brother at the Romeo Quick Lube until the opportunity to purchase this facility arose. Mr. Yaldo was able to finance 85% of this property by partnering with the SBA 504.
Following his BS and DVM degrees at Michigan State University in 1986, Dr. Delman Heckaman, Jr began his professional practice with Oshtemo Veterinary Hospital, which was originally started several years prior. Oshtemo Veterinary Hospital, is a full-service small animal veterinary practice, providing services such as, but not limited to, immunization wellness, nutritional counseling, behavioral medicine, surgery, euthanasia, micro-chipping, as well as a full-service pharmacy.
The practice had been run out of a small 1,500sf office, which Dr. Heckaman had owned, but he desired to expand his office space. Dr. Heckaman partnered with PNC Bank, who used the SBA 504 Loan Program to build a new 3,600sf+ office and also equip it with brand new practice equipment. Additionally, due to Dr. Heckaman’s existing equity in his existing building, he was able to accommodate the new building and the new equipment with very little cash injection, and ultimately earn a long-term fixed rate for a substantial portion of his project. Moreover, Oshtemo Veterinary Hospital satisfied a key SBA Public Policy goal of assisting a business within a Labor Surplus Area.
For more information on Oshtemo Veterinary Hospital, Dr. Heckaman and his staff, please visit www.oshtemoveterinaryhospital.com. For additional information on PNC Bank, please visit www.pnc.com, and to see how Michigan Certified Development Corporation can help fund your business, please visit www.michigancdc.org, Michigan’s #1 SBA Lending Partner!
To view more profiles, click here
Outdoor Adventures Lake Shore Resort offers a beautiful natural setting of nature trails and a spring-fed lake. With a beach area and cafe, indoor and outdoor pools, fitness room, recreation facilities and planned activities and entertainment, this campground offers fun and relaxation for the entire family. Located just east of Flint, this campground is close to historical sites and museums, a cider mill, riding stable, nature preserves, shopping and fine dining. Owner, Greg King decided to expand and add 40 model cottage homes to accommodate the growing demand. The MCDC SBA 504 Loan Program allowed Mr. King to affordably finance his expansion with a long term, low-fixed rate.
Owen Moore Insurance agency was started in 1973 by Owen Moore in Linwood. In 1982, Owen’s son, Randy, took over as the owner of the business. Randy and his dad operated the business out of a small, old house, but had limited office space and parking. As Randy grew the business, it was apparent that he needed a larger office building with much more parking. Randy decided that he wanted to construct a new building to fit his needs, so he purchased a vacant lot directly across the street from his current building. He went from 1,440 sq.ft. to 3,600 sq.ft.
Randy received his construction financing from Wildfire Credit Union, who partnered with the MCDC/SBA 504 Loan Program. By using the SBA 504, Randy was able to finance his new building and all the furnishings for a small down payment and received a 20-year fixed rate.
For more information on Owen Moore Agency, please visit www.owenmoore.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!
This project involved the purchase and renovation of an existing building in rural Lapeer. P.T.L. Engineering was leasing a building in Rochester Hills, but with the help of the SBA 504 Loan Program, they were able to purchase their own building in Lapeer. With their new building, they have more space and lower monthly payments. P.T.L. Engineering began in 1976 as a small garage operation and has grown to a multi-million dollar business over the past 25+ years. they have been designing and manufacturing doors for RV's and mass-transit buses since 1979. In addition to entry doors, they also design and manufacture power-step platforms, luggage door hinges, and other related RV and bus products. Some of their largest clients include: Newmar Corporation, Travel Supreme, National RV, Fantastic Vent Corporation, and Champion Bus, Inc. They have also been involved with other companies on a one-time basis, such as Porche Engineering, Monaco Coach, Coachmen, and Georgieboy.