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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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!
QMI Group, Inc. was formed in 1975 by James and Barbara Shereda. QMI specializes in offering promotional items and awards, including apparel, embroidery, vinyl graphics, trophies, name badges, screen printing, and custom signage. QMI partnered with Elegant Awards and together they manufactured the Oscar statuettes given out during the Academy Awards. Due to an increase in business, QMI needed to expand their operations. This progressed into purchasing a building in Madison Heights that is larger and better organized for their needs than their current facility. This will help in cost savings for QMI. With the help of Christian Financial Credit Union and the MCDC SBA 504 Loan Program, QMI Group purchased the building, while benefiting from 20-year low-rate loan with only 10% down.
Quantum Graphics was formed in 1993 by Mike Burton and Gerard Buczek, both of whom have extensive experience in the printing industry. Using the SBA 504 Loan Program, Quantum purchased a new digital press, for work relating to a new contract. As a result of the new contract, revenues are expected to grow materially. Quantum Graphics is a commercial screen printer using traditional and state-of-the-art digital equipment to product graphic communication materials for their customers.
With the help of the SBA 504 Loan Program, new business owner Mike Buhler was able to purchase this existing self storage facility located in the heart of Leelanau County at 4540 S. Maple City Road, Maple City. Quick Storage Partners self storage facility consists of 3 buildings totaling 126 units and has been in business since 1988 with various renovations and additions along the way.
Mike Buhler is a long time resident of nearby Glen Arbor and has strong community ties. First Community Bank and MCDC were able to team up to secure financing for this business purchase.
For more information on Quick Storage Partners, please visit their website at www.quickstoragequick.com. 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!
Quickprint Inc. has continued to expand their professional printing business in southeast Michigan. They had outgrown their previous space and decided to build a new facility in Wood Duck Park across from Saline High School. the new metal building offers 2,160 SF of office space, 2,800 SF of production space and 2,840 SF for future growth. The two overhead doors allow for easy delivery of supplies and increased access to the press area. The increased space allowed Quickprint to expand their printing equipment and offer new services to their customers. Because of the SBA 504, Mr. Simpson only had to put down 10% and he received a low interest rate that is fixed for 20 years. Quickprint has a wide range of clients, ranging from local non-profit corporations to The University of Michigan. They specialize in short-run printing of brochures, newsletters, books, and manuals.