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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Pat Cabala started his career in the grocery business at the very bottom of the ladder, working as a clerk and bagger. After years of hard efforts, Pat was able to create his own store, Pat's Food Center, in 1955. Ever cognizant of the evolving market, Pat has kept pace by modifying his inventory offering, and focusing on good-quality customer service. By using the SBA 504 Loan Program, Pat has been able to construct a new building to accommodate his expanding market, and retrofit his current location to diversity more fully with an expanded hardware section.
Patriot Ambulance Service, Inc has been serving the Flint area since 2004 and is ranked among the top one percent of ambulance services in the U.S according to the American Ambulance Association.
Patriot Ambulance operated out of a residential leased location that was not large enough nor suited to their needs. They decided to relocate to a nearby building with 1.15 acres which provided adequate garage space for their ambulances along with a better location. Partnering with their lender from JPMorgan Chase and the MCDC SBA 504 Loan Program, Patriot was able to finance their new location with a low fixed interest rate for 20 years.
For more information on Patriot Ambulance Service, Inc., please visit www.patriotambulance.net 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!
Frank Pauli has been with Pauli Ford-Mercury (f/k/a St. Johns Ford) since 1978. He purchased the dealership in 1984 and in 2004 Frank bought out McCrackin Ford to become the sole Ford dealership in Clinton County. The MCDC and Firstbank have participated in the purchase of land and construction of a new auto dealership on a 5-acre parcel of property along Business-27 in St. Johns, Michigan. The new site is a 17,000 square foot, 14-bay building. The new building will provide greater efficiencies than the previous 30-year-old building and more real estate to accommodate any additional inventory.
PC Solutions was started in 2003 in Jackson by husband and wife, Allen & Dianna Hueber. PC Solutions provides IT Management and Consulting, which saves small businesses the cost of a fulltime IT person. They also provide Managed Services, Network Design and Implementation, Telephone and Internet Solutions, Security Solutions, Remote Backup Solutions and "Cloud and Hosted Solutions."
Their old location was a converted residential house that was cramped, short on parking, and not very efficient. Their new location was a vacant office building that was in great condition. The central location will bring additional business to the retail and repair center and provide plenty of convenient parking. The building is large enough to support their planned growth over the next few years.
The Hueber’s were ecstatic with the MCDC and the 504…the Hueber’s received an incredibly low interest rate that is fixed for 20 years and they only had to put 10% down.
For more information on PC Solutions, visit www.pcsolutionsnow.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!
One of the goals of the 504 Loan Program is to provide financing for minority and women owned businesses and this project, funded in the spring of 2009 for Penny S. Flury DDS does just that. Dr. Flury has been operating her dental practice in Plymouth, Michigan since February 1991 and has been operating out of a leased facility. Dr. Flury approached MCDC and New Liberty Bank about purchasing land on which she would construct her new office building. This new building for Dr. Flury houses three condominium units; one for the practice, and two for residential units. The office condominium for Dr. Flurry's office is 5,820 sq. ft. and includes five operatories, two hygiene labs, two labs, and a small retail space for a dental retail store. The practice has experienced tremendous growth in the last few years and with the help from New Liberty Bank, MCDC and the SBA 504 Loan Program Dr. Flury was able to purchase this property with only 10% down. Dr. Penny Flury, DDS fulfills a public policy goal because it is a woman owned business.