Funded Projects
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.
Funded Projects
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Scorekeepers
Every college town needs to have a sports bar, and in Ann Arbor its Scorekeepers. Scorekeepers has several large screen televisions to watch the football games while enjoying a menu of hamburgers, wings, poppers, nachos, and several other popular entrees. Scorekeepers is located just west of the University of Michigan (UofM) campus on Maynard St. in Ann Arbor. Doug Foltz has owned the business since 1996 and had the opportunity to purchase the real estate. Doug purchased the real estate using financing provided by Ann Arbor State Bank and the MCDC. By teaming up with Michigan Certified Development Corporation and the SBA 504 Loan Program Doug was able to secure his real estate transaction at an attractive rate for 20 years.
Sea Fare Foods, Inc.
Sea Fare Foods was founded in 1962 and operates out of Detroit's Eastern Market. Specializing in pickled herring, the Sea Fare Foods private label can be seen around the country. This is a second generation business with Phil Sack, the founder's son, successfully managing the current operations. By using the SBA 504 Loan Program, this company was able to expand and purchase two nearby buildings. Additional monies were budgeted to improve the buildings, and add to the overall improvement of the Eastern Market area.
Seal and Cylinder Source, Inc.
Seal and Cylinder Source was formed in 2003 by Jarrett Dygas. The company is a distributor and manufacturer of pneumatic and hydraulic seals. The company also rebuilds large pneumatic and hydraulic cylinders. The company’s seals are used in a variety of machine operations. These seals are used to capture fluids used in the machine, thereby allowing fluid power to be converted to linear motion.
The company’s growth has forced them to move from their 6,000 sq ft leased location in Harrison Township to a 11,400 sq ft building located on Groesbeck in Clinton Township. This new building will allow for expansion while giving them a large exterior truck well. The building has easy access to both I-94 and M-59.
For additional information on Seal and Cylinder Source, please visit their website at www.seal-source.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!
Security Septic Tanks, Inc. - Equipment
Security Septic Tanks, Inc. (SST) is a family-owned business operating since 1947. Their services range from residential and commercial septic cleaning, excavating services, and most recently, grease trap cleaning for fast food restaurants throughout Michigan. Before purchasing this building and equipment for their new waste treatment facility, SST had to transport their collected waste to Mt. Pleasant or Lansing, which was inconvenient and expensive. The new facility not only allows SST to treat their own waste, but their competitors are mandated by state law to dispose of their waste at SST's facility due to proximity (25 mile radius).
Ross and Kimberly partnered with Fifth Third Bank to finance the real estate and Team Financial Group, Inc. to finance the equipment. They also used the SBA 504 Loan Program on both loans in order to get a low-fixed interest rate and long term.
For more information on Security Septic Tanks, Inc, please visit www.securityseptic.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!
Security Septic Tanks, Inc. - Real Estate
Security Septic Tanks, Inc. (SST) is a family-owned business operating since 1947. Their services range from residential and commercial septic cleaning, excavating services, and most recently, grease trap cleaning for fast food restaurants throughout Michigan. Before purchasing this building and equipment for their new waste treatment facility, SST had to transport their collected waste to Mt. Pleasant or Lansing, which was inconvenient and expensive. The new facility not only allows SST to treat their own waste, but their competitors are mandated by state law to dispose of their waste at SST's facility due to proximity (25 mile radius).
Ross and Kimberly partnered with Fifth Third Bank to finance the real estate and Team Financial Group, Inc. to finance the equipment. They also used the SBA 504 Loan Program on both loans in order to get a low-fixed interest rate and long term.
For more information on Security Septic Tanks, Inc, please visit www.securityseptic.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!