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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Quickprint Inc. has continued to expand their professional printing business in southeast Michigan. They had outgrown their previous space and decided to build a new facility in Wood Duck Park across from Saline High School. the new metal building offers 2,160 SF of office space, 2,800 SF of production space and 2,840 SF for future growth. The two overhead doors allow for easy delivery of supplies and increased access to the press area. The increased space allowed Quickprint to expand their printing equipment and offer new services to their customers. Because of the SBA 504, Mr. Simpson only had to put down 10% and he received a low interest rate that is fixed for 20 years. Quickprint has a wide range of clients, ranging from local non-profit corporations to The University of Michigan. They specialize in short-run printing of brochures, newsletters, books, and manuals.
Jacalyn Ziehm and her husband, Charles Palm have been restaurateurs for several years, with prior successful ventures in Kalamazoo and Grand Rapids. They began Ramona’s Table in September 2008, a boutique deli with its own pastries, prepared foods, and take-away meals. Additionally, Ramona’s Table offers private events (with customizable menus), full-service catering, and monthly Chef’s Table dinners. Setting up shop in the heart of East Grand Rapids, in Gaslight Village, its name, Ramona’s Table, draws on the former namesake park, Ramona Park, which was active in the earlier 20th century, and was located on the exact site on which Gaslight Village’s shops and downtown now sit.
When given the opportunity to purchase their leased building, Ramona’s Table jumped, and also used the opportunity to add a 4-Season Room and additional outdoor seating, which fit the Gaslight Village downtown ambience perfectly. Ramona’s Table successfully partnered with their lender, Mercantile Bank of Michigan, and with the assistance of the SBA 504 Loan Program, Jacalyn Ziehm and her husband were able to benefit from rolling in a large portion of their aggregate financing needs into a below-market fixed rate for 20 years. Additionally, this project satisfied a key Public Policy goal with the SBA with Ramona’s Table being a woman-owned business.
For more information on or to book your next catering need with Ramona’s Table, please visit www.ramonastable.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!
Rob and Karen Rando and their three daughters have been active in youth sports for several years. After coaching and participating in basketball in many different levels, they recognized the need for a facility of this type in Jackson. Rando Activity Center is a 20,000 square foot recreation facility, complete with three courts for basketball or volleyball. Also included are lockers, restrooms, a retail sporting goods store, a small fitness center, and a full concession area. The target market is youth, however, they also offer adult leagues and tournaments. Activities offered include: basketball, volleyball, soccer, softball, baseball, weightlifting and conditioning programs for youth and adults. The Rando Activity Center satisfies a public policy goal because it is a woman-owned business.
Rapid River Mini Mart is a 6-pump gas station and 2,840 sf convenience store located on a well-traveled corner of the US-2 and US-41 Highways in Michigan's Upper Peninsula. Dennis Johnson owned and operated this business from 1991 to 1998 and recently had the opportunity to repurchase the business and involve his daughters, Shannon Edwardson and Kelli Dittrich. With the help of the SBA 504 Loan Program and Wells Fargo Bank, Dennis Johnson and his two daughters were able to re-purchase the business and preserve its family-owned, small-town attributes.
Since 1981, Randy Crow has successfully steered and grown his namesake company, RC Productions, into a market leader. Armed with a bevy of ‘Business-to-Business’ and ‘Business-to-Consumer’ services such as direct marketing campaigns, mobile wireless marketing programs, consumer research, brand/logo development, web development, and social media marketing, RC Productions has earned its successes and accolades, including being named a top North America print shop every year since 2006. The company has always been housed in Muskegon, MI, however in March 2013, RC Productions transformed into RCP Marketing, and moved into the Downtown Grand Rapids market with a physical office presence.
Given that the company is in a unique and niche industry that constantly requires capital investiture in equipment, Randy Crow identified several new pieces of equipment that would help enable RCP to maximize efficiencies and capacities in order to earn some larger clients that had previously escaped RCP due to capacity limitations. Upon discussing this need with his longtime lender at Independent Bank, the lender recommended the SBA 504 Loan Program, which would allow Randy Crow to only inject 10%, and would offer him a 10-yr fixed interest rate at below-market terms on a large portion of his capital investment. Additionally, with this investment, RCP is expecting to add a handful of new employees to its staff of 50…and growing!
For more information on RCP Marketing, please visit www.rcpmarketing.com. For additional information on Independent Bank, please visit www.independentbank.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!