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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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.
Pace Trailer Sales & Service, established in 2001, is a full-service provider to the logistics industry for trailer sales, rentals/leasing, and parts/service. Headquartered along US-131 just south of Grand Rapids, MI and the busy M-6 corridor, Pace Trailer’s main offices offers excellent accessibility and almost 30,000 square feet encompassing several bays to accommodate its customers’ parts/service needs, and also offers several over-the-road, dedicated service trucks. Additionally, Pace Trailer features plenty of outside, paved ground to house its trailer fleet; approximately 1,800 strong, altogether making Pace Trailer Sales & Service one of the largest operators in the Midwest.
Pace Trailer Sales & Service successfully partnered with its lender, Mercantile Bank of Michigan in Grand Rapids, and refinanced its existing mortgage, and was also able to roll in and refinance another mortgage with another outside lender. As a result, Pace Trailer was able to encompass everything, which involved multiple properties, into one transaction with its Bank and with the SBA, and ultimately was able to reduce its overall interest rate and its overall monthly mortgage payments by locking in a substantial portion of its aggregate obligation at a below-market fixed rate for 20 years.
For more information on Pace Trailer Sales & Service, Inc., please visit www.pacetrailersales.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!
Palmer Auto Service provides a full automobile and light truck services for domestic and foreign vehicles including oil changes, tune-ups, brakes, computer diagnostics, engine transmission repair and replacement. Palmer Auto Service has a fully computerized alignment rack that makes their work more efficient. Robert Mock purchased the building which formerly housed Palmer Auto Sales, Michigan's oldest Ford Dealer, where he was the Service Manager for many years. The location is now the home of Palmer Auto Service! He was able to finance the purchase of the building, located in Downtown Chelsea, with the help of Chelsea State Bank and the SBA 504 Loan Program.