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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Mr. Sayed has owned Rochester Sign Shop since 1998. The company is a full service commercial sign and graphics shop. They manufacture signage as well as provide the installation for numerous customers in Michigan. The company website is www.rochestersignshop.com
The company occupies a commercial condo unit just north of downtown Rochester, MI. In conjunction with an expansion of space using the SBA 504 program, the company used the SBA 504 refinance program to refinance their current loan at Fidelity Bank, thus replacing their short term interest rate with a lower, long-term rate provided by the SBA.
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!
Dr. Nina Casey and her husband Daniel purchased this building in Romeo to operate her medical practice. Dr. Casey is a graduate of Wayne State University and American University completing her residency at Bon Secours Hospital in Grosse Pointe. Dr. Casey had been leasing this location and elected to use the SBA 504 loan program to purchase the facility. Since their purchase, the practice has grown and added another physician with plans for more to be added in the future. As the practice continues to grow they are able to employ other residents in the Romeo area.
The Casey's have acquired this building with only a 10% down payment. They worked with LaSalle Bank and MCDC's SBA 504 program and were able to lock in a low, fixed-interest rate for 20 years.
Get out and Run, Walk and Be Healthy is Running Fit's unique and quirky way of reaching people because of their concern for individual health and community wellness. In 2008 Running Fit was named one of the 50 best running stores in America along with receiving the Ubuntu Award recognizing them as a leading running specialty store for outstanding community service and involvement. Randy Step and Steve Angerman, owners of Running Fit purchased a 5,700 square foot church and renovated it into a new Running Fit store and corporate headquarters. This will allow for additional office and inventory space and to offer more classes. Randy and Steve were able to affordably finance this new store with a fixed-rate, loan through the MCDC SBA 504 Loan Program with only 10% down. This is their seventh store in Michigan.
S & S Die, Co. is a die, tooling, and machinist company that uses state of the art CAD/CAM, CNC high speed machining, EDM, wire EDM and welding. S & S Die has evolved from four generations of forge die tooling machinists. For several years Howard Soltow and his son, Jack Soltow, ran the company. Currently, Jack's son and daughter, David Soltow and Diana Hurst own and operate S & S Die. This project involved the purchase of a building for S & S Die, Co to consolidate their three adjacent plants and 35 employees into one building in Lansing. With help of Capitol National Bank and the MCDC SBA 504 Loan Program, S & S Die benefited from 90% financing and a 20-year fixed rate loan.
Saginaw Valley Equine Clinic has been specializing in equine medicine and embryo transfers since 2003. After leasing and operating out of two locations for many years, Dr. Cumper decided to construct a new building to perfectly fit his needs under one roof. The beautiful 17,740 sq ft building sits on 19 acres fenced with corrals for training and animal runs. The building includes 23 indoor stables, a drive-in receiving area, a surgical room, a reproductive room and an exam area. By using the MCDC/SBA 504 Loan Program he was able to construct the building with only 15% down.