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.
Woodland Creek is a large cabin and rustic furniture manufacturer and retail company with locations in both Kalkaska and Traverse City. Mr. Evina started Woodland Creek in 2002 in Kalkaska and in 2006 he had the opportunity to purchase the old Traverse Bay Woolen location in Traverse City. The locations offered extraordinary exposure. The building sets on M72 across from the bay and the main building has 15,000 square foot retail space. Recently Mr. Evina added a more contemporary line of furniture, called Urhouz Furniture, that is a more modern line but with a rustic feel. He also operates a small café and ice cream shop, Woodland Sweets on the site. He has been extremely successful in building a significant internet presence to increase sales as well.
Mr. Evina was able to take advantage of the SBA refinancing program to put attractive long term financing in place to assure the future of Woodland Creek Furniture, Inc.
For more information on Woodland Creek Furniture please visit www.woodlandcreekfurniture.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!
Woodlyn Sales is a manufacturer's rep that provides high voltage equipment and services from large power transformers to electric meters for the utility, industrial, and commercial markets throughout Michigan. Owner Tom Smith's philosophy is to provide his customers with value, top quality product, and excellent customer service. Tom decided to purchase the building he was leasing and occupy 51% and lease the extra space to two other tenants. He was able to affordably finance this project with a fixed rate, extended term loan, and only 10% down.
Owned by husband and wife Craig and Diane Bell, Worldwide Art Resources and Design, Inc. (WARD) offers interior design services and a retail store specializing in home accessories, fine china, world class fabrics and furniture, fine leather, bath and beauty personal care, lighting, and more.
The previously leased two story building became available to be purchased recently. It was an opportunity to own the facility and secure a long term presence in a prime location in downtown Petoskey. WARD will continue to occupy the first floor and lease the second floor as a residential unit.
By taking advantage of the SBA 504 Loan Program, Craig and Diane were able to take advantage of the 20-year fixed-rate financing with only 10% down offered by the SBA. For more information on Worldwide Art Resources and Design, Inc. please visit, www.CiaoBellaShop.com or www.CiaoBellaInteriors.net and 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!
Ben Kolly founded Xcel Physical Therapy is 2008. Ben is a licensed physical therapist and board certified Orthopedic Clinical Specialist with many years of experience. Xcel Physical Therapy provides physical therapy, occupational therapy, sports medicine, aquatic therapy and community fitness for the general public.
Ben needed additional room and aquatic facilities that he did not have available at his leased space, so he purchased an existing building, added numerous improvements as well as an addition that includes an aquatic center for therapy and fitness. The new facility has allowed Ben to compete effectively in his market. By using the SBA 504 Loan Program, Ben was able to finance his new building and improvements with little money down and he received a 20-year fixed interest rate.
For more information on Xcel Physical Therapy visit www.xceltherapy.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!
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Bay Area Touchless Carwash d/b/a Xtreme Carwash was founded in 2004. Their beta site at the Traverse City Meijer location allowed Xtreme to perfect their model. Quality is a high priority at Xtreme, so they provide a wide range of wash options, including tire scrub, and innovations, such as prepaid membership, which has captured a wide variety of steady clients for the carwash. Real time on-line monitoring allows Xtreme to respond quickly to any client concerns or equipment failures.
Based on the high standard they presented at the Traverse City Meijer store, they were asked to partner with Meijer at five additional locations. MCDC was able to participate on three of the five since they were rural markets. MCDC was able to help Xtreme obtain very favorable financing terms on their loans.
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!
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