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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Betty Rosseter and her son, Mark, have owned and operated the Arby’s restaurant in the Lansing Frandor Shopping area since 1995. As a result of the economic crisis, their bank faced difficulties, which concerned them. They contacted MSUFCU to refinance their mortgage loan and MSUFCU jumped at the opportunity and recommended partnering with MCDC/SBA 504 so that the Rosseters could receive a 20-year loan with a fixed interest rate on 50% of their loan balance. The Rosseter’s agreed, and now have an SBA 504 loan with a great interest rate.
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!
Ark Animal Clinic is a veterinary hospital established in September, 2010 by Dr. Tara Pogarch-Galicki, a 2000 Graduate of the Michigan State University School of Veterinary Medicine. Dr. Pogarch worked for 10 years in two separate clinics before launching her own practice in partnership with her father, Dennis Pogarch, who is the practice manager. Ark Animal clinic provides routine internal medicine and surgical care for small animals. In addition, the clinic has facilities to accommodate canine day care and offers obedience classes, and grooming services. For the Pogarch’s the long term, low interest, fixed rate financing was just what this emerging business needed to help them secure their operating facility on affordable terms that would allow future growth. Besides the business owners there are a number of adorable, resident cats who are very happy about this!
For more information on Ark Animal Clinic please visit www.arkanimalvet.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!
Incorporated in 1979, Armor Protective Packaging is owned by John Holden, Robin McConnell and David Yancho. Known worldwide, they specialize in rust inhibiting industrial paper used to keep metal materials from rusting when they are packaged, shipped, and stored. Armor’s prior building was small and located in a neighborhood without easy access to the highway, which made deliveries difficult.
By purchasing and renovating a building just across town and working with the SBA 504 Loan Program offered by MCDC, Armor was able to obtain 20-year financing at a low interest rate. This move gave them the opportunity to renovate and redesign the building for increased efficiency as well as better access to the highway.
For more information on Armor Protective Packaging, please visit www.armorvci.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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Art of Dentistry is totally committed to giving patients the finest dental care available. Keeping abreast of modern technology available, they continue to upgrade and refine their skills in order to provide as many aspects of dentistry as possible. Dr. Ronald Williams has been a practicing dentist since 1999 and opened his own practice in 2007. He elected to lease the building while he grew his business and has recently been provided the opportunity to purchase it. With the help of JP Morgan Chase Bank and the SBA 504 Loan Program, Dr. Williams was able to purchase his building with a low fixed-rate loan.
Tawas Electronic and Appliance, Inc. is now a part of Art Van Furniture and has moved across the street in a larger new building with financing help from MCDC. Dan Murphy purchased Tawas Electronic and Appliance in 1997 and has grown the business to a well-known family business. This SBA 504 project was for the construction and equipping of a new 20,000 sq ft building for Tawas Electronic and Appliance and Art Van to house a one-stop shopping for the Tawas community.
Art Van is expanding to small well-known family owned businesses to bring credibility to their franchise, which is good news for small businesses in Michigan. And even better news is that this project creates new jobs to the Tawas area.
For more information on Art Van , please visit www.artvan.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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