Funded Projects
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.
Funded Projects
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Regency Manor Nursing and Rehabilitation Center
Mr. Uddin has owned and operated assisted living facilities since 2004. In all he operates eight separate medical related enitities. In 2010 he purchased his first skilled nursing facility with financing provided by JPMorgan Chase and the SBA 504 Loan Program through MCDC. When the opportunity arose to acquire another skilled nursing facility, he again turned to JPMorgan Chase and MCDC to assist. Many upgrades were made to this lovely home while retaining it’s unique appeal. It’s loaded with charm and located in Utica, Michigan.
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!
Reliance One, Inc.
Reliance One is a growing 12-year old staffing company that specializes in professional, IT, and healthcare staffing. This significant growth eventually caused the company to outgrow their leased space, causing them to purchase this beautiful building in nearby Auburn Hills. Reliance One was recognized by Crains Detroit Business as one of the Top 20 Largest Staffing-Service Companies in Michigan.
Owners Jim Beath and Jim Paquette have over 35 years of combined staffing experience. By using the SBA 504 Loan Program, they were able to purchase their new building with only 10% down.
Renaissance Plastic Surgery, P.C.
Dr. William Stefani and Dr. Jeffrey Williams have been the owners of Renaissance Plastic Surgery since 1999. Owned equally by the two principals, RPS serves as a plastic surgeon's office and a skin rejuvenation office. Having outgrown their previous location in St. Clair Shores they have acquired the necessary financing to purchase a larger building in Troy. The new building houses RPS as well as Spa Renaissance, LLC. The new building is 17,000 sq ft wherein Spa Renaissance occupies the main floor and the second floor is dedicated to RPS. Having the two operations under one roof will allow the principals to provide services in massage therapy, as well as cosmetic and reconstructive surgeries. The principals of RPS and Spa Renaissance have benefitted from low rate financing and a fixed rate loan by partnering with the MCDC.
Reno's West, Inc.
Reno's West has been a staple of the West side of Lansing for over 20 years. It is one of the largest sports bars in the greater Lansing Area. With this purchase, Jessie Stipcak now owns and operates two sports bars. She purchased Reno's East, in East Lansing, in 2003. Jessie has over 10 years experience in the industry and a proven track record of success. With her management skills and her imagination, she was able to steadily grow the sales at Reno's East and the same can be expected at Reno's West. The MCDC was pleased to work with Fifth Third Bank in the support of this woman-owned business.
Richardson Holdings Company
Conner Engineering Co, is a machine tooling company located in Mt. Clements, which opened in 1964. It specializes in building connecting rods and other parts for the automotive industry. Mason Richards who has owned numerous tooling, engineering, auto design firms in the Metro Detroit area, obtained the opportunity to purchase Conner, thought the purchase of its assets, using the low equity requirement and long-term interest rates provided by the SBA 504 Loan Program. Mr. Richardson will be able to obtain many efficiencies and cost savings by increasing Conner's business, while consolidating manufacturing capacities at his other manufacturing companies.