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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Precision Tool, Inc. is a designer and a specialized manufacturer of fixtures, gauges, and components for the aeronautics industry. Precision Tool was founded in 1999 by Mr. Percy "Dale" Haines. Some of Precision Tool's larger clients are located in Michigan, which include Eaton Aerospace in Jackson and Barnes Aerospace in Lansing. This project involved the purchase of land and an existing building in Vermontville that Mr. Haines was leasing. With the help of JP Morgan Chase Bank and the MCDC SBA 504 Loan Program, Precision Tool was able to purchase this building for only 10% down and received a low, fixed interest rate for 20 years.
Having leased two buildings in Alma and Saginaw, Shelley Vasey elected to purchase two buildings in St. Louis and Saginaw in order to accommodate the growth in her business. Primary Home Care is the fulfillment of the special needs and requirements that are unique to senior citizens. These needs range from personal care, housekeeping, meals, companionship, and more. Primary Home Care is a trusted source of home health care staffing for many families in the Saginaw and Alma areas. Low rate financing and fixed rate loan are only some of the benefits Shelley received by partnering with the MCDC.
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!
Onur Ulgen established Production Modeling Corporation (PMC) in 1985. He is also a Professor of Industrial and Manufacturing Systems Engineering at The University of Michigan - Dearborn. PMC is an engineering processes firm that sells contract labor to many different local firms. This project involved the purchase of an existing building to house the engineering consulting firm in Dearborn. The new location is a single-story 7,557 sq. ft. building with plenty of parking next to the building. PMC was able to affordably finance this project with a long-term, fixed-rate loan through the MCDC/SBA 504 Loan Program.
Prosper-Tech was formed by Heidi and her husband Robert in 2007. Together they have years of machining and tooling experience and had been operating out of leased space. Using the SBA 504 Loan Program, they were able to purchase their own building in Richmond, which allowed them the space they needed to support the growth of their business. They were also able to take advantage of the local facade improvement program to finance the beautification of the outside of their new building. (in process)
The company provides plastic injection tooling, fixtures, designs, CNC machining and CNC EDM machining. They service local tier two manufacturers as well as non-automotive work suppliers.
For more information on Prosper-Tech Machine & Tool, please visit www.prosper-tech.net 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!
If there was an industry that bore the brunt of the 2008-2010 recession, it was the real estate industry. Prudential Preferred, Realtors, after its beginnings as a family-owned brokerage firm started in 1953, successfully navigated thru a few very tough years and is now thriving due to enterprising and steadfast management and their understanding and accommodating lender at Chemical Bank. Now, with over 20 offices throughout West/Southwest Michigan and Northern Michigan as well as into Northern Indiana and approximately 400 dedicated agents, Prudential Preferred, Realtors is one of Michigan’s largest real estate firms.
When the opportunity arose to refinance Prudential Preferred, Realtors’ offices in Rockford and Grand Rapids, Chemical Bank sought the assistance of the SBA 504 Refinance Program, and after hitting a roadblock with another organization, MCDC was called upon and with MCDC’s diligent work and turn-around, Chemical Bank and Prudential Preferred, Realtors obtained quick SBA approvals and were able to secure long-term, below-market fixed rate financing for a substantial amount of the mortgage debt, and they were also able to use the equity in their properties to undertake needed cosmetic improvements for their Grand Rapids office building.
Additionally, Chemical Bank also used the SBA 504 Refinance Program and MCDC to earn the Kalamazoo office building financing from a competitor and as a result, Prudential Preferred, Realtors was able to obtain a much-better overall banking relationship.
For your next home purchase, turn to the experts at www.pprmi.com. For additional information on Chemical Bank, please visit www.chemicalbankmi.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!