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.

Filter Projects:

Westwood Custom Carpentry, LLC

Westwood is a finish carpentry business that opened in 1998 by Ignazio Balsamo.  In 2003, Lodo joined the company.  The owners have over 35 years experience in offering quality, high-end finished carpentry for commercial and residential customers in SE Michigan.  The company specializes in coffered ceilings, fireplace mantles, handrail systems wainscoting and window benches.

The company was able to purchase a building in Troy to better accommodate their growth and provide a better location of their customer base.  Using the SBA 504 Loan Program, the owners were able to put just 10% down on the building, thus being able to use their extra capital to improve and equip the new building.

For more information on Westwood Customer Carpentry,  please visit www.westwoodcustomecarpentry.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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Whaleback Inn

Whaleback Inn
Leland, MI
Total Project:
3,000,000
MCDC Loan Amount: $922,000
Lender: mBank, Michael Caruso
Job Impact: 3

 


White Horse Inn

This SBA 504 project is for the purchase and renovation of The White Horse Inn located on East High Street in Metamora.  The White Horse Inn was built in 1842 and is considered to be Michigan's oldest operating restaurant.  Over the years the building has been an Inn, a stage coach shop, a railroad station, an underground railroad stop, and even a house of prostitution.  New owners, Victor Dzenowagis and Linda Egeland are able to keep touches of the old and new while renovating it into a successful restaurant building.   They’ll also provide fresh craft cocktails, carriage rides, sleigh rides, and Sunday brunch.

With the help of the SBA 504 Loan Program offered by MCDC Victor and Linda are renovating their historic building and are experiencing the great benefits of the program, including below market rates and loan terms. 

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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Whitehall Pet Practice

With a degree in veterinary medicine from Michigan State University Dr. Amy Kidder has owned and operated her veterinary practice for several years. She recently decided to open a new practice in Whitehall, Michigan. Based on Amy's successful history as a veterinarian she was able to obtain long term financing to construct and equip a new veterinary practice at low fixed rates via the SBA 504 Loan Program. This woman owned business meets a Public Policy Goal of assisting businesses located in rural areas. Amy's new veterinary practice was made possible with help of Shelby State Bank and MCDC's SBA 504 Loan Program.

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!

 


Wholesale Home Decor Inc

Wholesale Home Decor Inc
Farmington Hills, MI
Total Project: $
1,325,000
MCDC Loan Amount: $409,000
Lender: Level One Bank, Dara Gaucher
Job Impact: 6


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