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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Neuenfeldt Family Eyecare began in 1999 by Dr. Richard Neuenfeldt. Neuenfeldt provides a wide range of eye care services, including examinations for all ages. Dr. Neuenfeldt graduated from Ferris State University and the Illinois College of Optometry in Chicago. His internship was at Chicago Osteopathic Medical Center and after five years he opened his own practice. His wife Sheila is the office manager.
This project involves the purchase and renovation of an existing building in Grand Blanc. Neuenfeldt Family Eyecare had been leasing their building and was able to purchase it with the help of FirstMerit Bank and the MCDC SBA 504 Loan Program. The larger building will be ideal for Dr. Neuenfeldt to grow his practice. By taking advantage of the SBA 504 Loan Program, Richard and Sheila obtained low rate financing with only 10% down.
For more information on Neuenfeldt Family Eyecare, please visit www.neuenfeldtfamilyeyecare.com 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!
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New Age/Landmark is an environmental monitoring company that needed more space to serve client needs. With the help of MCDC and Sturgis Bank & Trust Company they were able to build a new 3,100 sq ft facility that is equipped with a full internal security system to insure the safety of their client's data. There is more office space, two on-site laboratories, and a warehouse for the manufacturing of mobile labs. The facility also allows space for expansion. Growth in the business necessitated increased space. New Age/Landmark elected to use the SBA 504 Loan Program to construct a new building for their expansion. Below market rates and extended terms are two of the benefits they enjoyed with the SBA 504.
For more information on how Michigan Certified Development Corporation can help fund your business, please visit www.michigancdc.org, Michigan’s #1 SBA Lending Partner!
New Century had been leasing a building in Midland since 1995, but in recent years, it was becoming evident that Ken could not fit any more employees into his very cramped office location. Ken set out to find a building he could purchase with as little down as possible. His banker introduced him to MCDC, who could give Ken 90% financing with a very low fixed interest rate. Ken was ecstatic.
New Century provides mechanical engineering, design, and detailing services essential to commercial and industrial builders as well as pressure vessel/storage tank fabricators and erectors. Ken is an avid airplane pilot who helps those in need through the Air Charity Network.
For more information on New Century Engineering & Design please www.newcenturyeng.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!
Impressive would be one of many adjectives to describe the efforts and successes of Brett VanderKamp and the staff at New Holland Brewing Company, which as of early 2014, was Michigan’s 3rd-largest microbrewery. For years, its patrons have flocked to NHBC’s Downtown Holland restaurant/pub to take in the craft beers, spirits, good food and live music. In 2013, NHBC decided to overhaul its flagship restaurant/pub and make several commercial kitchen improvements that doubled the kitchen size and cooking capabilities, as well as construct an outdoor, 5,000sf beer garden in their back patio area that featured covered seating for up to 100 guests, a bar area, and an outdoor stage for live, local music.
With the assistance of their commercial lender at Macatawa Bank, who utilized the SBA 504 Loan Program, NHBC was able to refinance its existing restaurant/pub mortgage, accommodate 100% of the kitchen improvement costs and outdoor beer garden cost, all with NHBC only utilizing a portion of the built-up equity in the building. This project met two SBA Public Policy goals in that it assisted a business in a Rural Development Area as well as provided up to a dozen new jobs at NHBC over the next two years.
For more information on New Holland Brewing Company and its restaurant/pub, production facilities, and its craft beers/spirits and retail offerings, please visit www.newhollandbrew.com. For additional information on Macatawa Bank, please visit www.macatawabank.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!
As a direct marketing business, New Paradigm Promotional Marketing, Inc. offers personalized apparel, corporate gifts, spirit wear, employee awards, event giveaways and much more. Incorporated in 2006, Greg purchased the business, added his own touch, and turned it into a tremendous success. And due to this success, Greg was in need of more space. He soon found a building in Livonia to purchase, make his own, and added new equipment.
With the help of the SBA 504 Loan Program and Bank of America, New Paradigm expanded their business into their new building. The River’s are experiencing the great benefits of the SBA 504 Loan Program including below market rates and extended loan terms.
For more information on New Paradigm Promotional Marketing, Inc., please visit www.newparadigmpromo.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!
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