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.
Vision Collision Center specializes in auto body repairs and is able to work on all makes and models. Owners Jack Brown and Kevin Cozik opened their doors in 1998, and have since grown the business to four locations in Lansing, Haslett, Dewitt and East Lansing. Their newest and 5th store is located in Grand Ledge. Both Jack and Kevin chose the SBA 504 Loan Program because they wanted a long term fixed rate loan with only 10% down. This project created 11 new jobs to the Grand Ledge area.
For more information on Vision Collision Center please visit www.visioncollisionllc.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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Incorporated in 2002 by Dena Gilmore, Wags to Wiskers has built an excellent customer relationship in the Chelsea community. Wags to Wiskers is a retail pet store that sells pet food and supplies with a “small town” feel. They also host events and fundraisers giving customers an opportunity to show their pets. Dena wanted to construct a larger building in Chelsea for quite some time so that she could add more product lines focusing on natural, holistic nutrition for dogs and cats.
With the help from the SBA 504 Loan Program offered by MCDC, Dena was able to construct this beautiful 9,400 sq. ft. building with only 10% down. She also received a low, fixed interest rate for 20 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!
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Total Project: $1,041,174
MCDC Loan Amount: $375,000
Lender: Community Choice Credit Union, Beth Spadafore
Job Impact: 23
Wally’s Frozen Custard was started in St. Clair Shores in 1947. It provides custard and food products to not only retail customers, but also to local businesses, restaurants, and catering events. Matt and Eliza have owned the business since 2004, but their old facility was limiting their growth and was quite expensive to maintain.
Matt and Eliza decided to build a new location just down the street that would offer drive-up service, more production space, and room to store their catering equipment. By using the SBA 504 Loan Program, they were able to build the new facility with 10% equity and enjoy a 20-year fixed interest rate.
For more information on Wally’s Frozen Custard, please visit www.wallysfrozencustard.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!
Michigan Certified Development was more than happy to help Warwick Living Center with the financing to construct a new 45-bed 33,724 square foot nursing home facility in rural Alma. The new facility is a Green House concept; meaning, it has three separate communities that are connected by a central support section with rehab areas and central activities. The concept is to make each community as home-like as possible. The facility is equipped with the latest resident call system, computerized medical records, wireless CAN reporting and Med Pass Control System. Dave Roslund has owned and operated Wilcox Health Care since 1988 in an old building. By using the MCDC SBA 504 Loan Program, Dave was able to obtain a low fixed rate loan to finance his new location.