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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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.
Established in 1999, Perfect Marble and Granite, Inc., is one of the largest importers and distributors of granite and marble in the metro Detroit area. They offer a wide range of marble & granite in various sizes for new and remodeled homes. These products are imported from India, Brazil, Italy and various other global sources. PMG is owned and operated by the Kankariya family in Sterling Heights, MI. With the help of the SBA 504 Loan Program, the Kankariya family purchased the office and warehouse they were leasing, requiring only 10% cash down.
When Tiffany Habedank first opened Peyton’s Learning Place (PLP) in 2006, she had only six names on it, one being Tiffany’s son Peyton. Since then, she’s grown it to over 220 children. PLP is designed to create an environment where children feel comfortable exploring the world around them. Children learn a variety of skills to build self-confidence by creating their own experiences guided by teachers. Enrollment at PLP includes an onsite food manager, a parent webcam for online viewing, and CPR certified teachers. PLP also has a structured curriculum which includes art, math, literacy, science, and social studies with online parental access. Transportation is available to and from the Clio Schools.
With the increase in child enrollment Tiffany acquired three locations in the Clio area, but before outgrowing another building she decided to consolidate and find a suitable building with additional space for future growth. By partnering with MCDC’s SBA Loan Program and PNC Bank Tiffany is now paying less in her mortgage payment than she was in rent. This also improved daily efficiencies by not having the food manager ship meals to all the locations.
For more information on Peyton Learning Place please visit www.peytonslearningplace.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!