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.
Filter projects by:
This project involved the purchase of a building to open a new restaurant, Alpha Koney Island/Pinckney Diner. Haralabos (Bobby) Stamatopoulos and Nikolaos (Nick) Stamatopoulos, who have owned several restaurants since 1998, have extensive experience in managing several restaurants throughout Michigan. With help of the MCDC and Ann Arbor Commerce Bank, Bobby and Nick opened their new restaurant in Pinckney. By taking advantage of the SBA 504 Loan Program, they were able to obtain 90% financing and a 20-year term.
Pizzeria Uno Chicago Grill is located in the city of Cutlerville, an affluent suburb of Grand Rapids. Mary Jo Pulte is the owner and operator of the 231-seat, free-standing casual-dining restaurant. Based in Boston, Uno Restaurant Holdings Corporation has a system of over 200 full-service, company-owned and franchised Uno Chicago Grill restaurants. Ms. Pulte was so pleased with the MCDC and the SBA 504 Loan Program that she is working with the MCDC on her second Pizzeria Uno franchise. Mary Jo has the real estate development and hospitality experience needed to make these ventures a success!
Linda Samborn has owned and operated the Plainview Senior Neighborhood, a senior independent living center, for many years. In the last few years, she saw the need for a quality assisted living home in Auburn, so she made plans to open her own center on the property next door to her independent care facility. She partnered with Paul Meisel, who met Linda when his parents were residents at Linda’s independent senior home. Paul became interested in opening an assisted living center years ago due to the excellent care his parents received from Linda. Considering their similar interests, they decided to partner and form Plainview Assisted Living, LLC.
Linda and Paul were able to construct a beautiful 20-bed facility with the help of the SBA 504 Loan Program. They received a 20-year term with an incredibly low interest rate.
For more information on Plainview Assisted Living, LLC visit www.plainviewseniorneighborhood.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!
The MCDC/SBA and United Structured Finance Co. participated in financing the purchase of equipment for Planet Fitness in Farmington Hills. Planet Fitness gyms are full service gyms creating a friendly, non-intimidating environment, offering low membership fees without contracts, and offering the latest in exercise equipment. Planet Fitness has successfully removed the barriers that have discouraged the average person from joining a gym. The ownership of the SE Michigan Planet Fitness gyms plan to open 13 more locations in the Detroit area within the next few years. With help from the SBA 504 Loan Program they were able to obtain financing for their gym equipment and obtain a low interest rate, fixed for 10 years.
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!
Pleasant Lake Lodge is an adult foster care center, owned by Janine Tucker-Kummer. She has owned and operated numerous homes over the past thirty years. Pleasant Lake Lodge is one of only a few income based foster care facilities of this quality in Northern Michigan. It explains why Janine opened at full capacity. Pleasant Lake Lodge offers three meals a day, room cleaning, laundry, doctor service, therapy sessions, and exercise to its residents. This expansion doubled the size of Janine’s current assisted care business. With the help of Firstbank and the MCDC SBA 504 Loan Program, Pleasant Lake Lodge benefitted from a 4.72% fixed rate for twenty years.
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!