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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Atkinson, Petruska, Kozma & Hart PC, a law firm consisting of four partners, has three locations in northern Michigan to serve their clients. They have leased their Gaylord space for quite some time and after looking into several possibilities they decided to build their own building in an office/condominium park north of Gaylord. This project was for the construction of a new building in Gaylord, MI. The construction of this building created 2 new jobs that added to the existing 13 jobs. With the help of the MCDC and Citizens Bank, the firm was able to secure low-interest funding with only 10% down payment.
East Detroit Chiropractic Center has been serving the Southern Macomb County area for over 35 years. Dr. DiMasi has been with the practice for 20 years and Dr. Koukles has been there for 30 years.
With the low commercial real estate values and the need for more space, the Drs. decided to purchase their own building. A larger building was found in Clinton Township, in an area that is easily accessible to their patients and more centrally located, given where the base of their patients are living.
Using the SBA 504 Loan Program allowed them to only put 10% equity into the building purchase, thus saving their excess cash for moving expenses and updated equipment purchases.
For more information on East Detroit Chiropractic Center please visit www.eastdetroitchiro.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!
Auto Body Service Centers offer free estimates, auto collision repair, computerized unibody straightening, auto paint & body work, detailing, free pickup and delivery, and many other services. They have locations in Clinton Township and Madison Heights as well as this Sterling Heights location. Carl Rhodes has been in the auto repair business for over 25 years. Carl was looking to move from a smaller leased space and purchased this 7,500 square foot building. The new building is nearly double the size of his current shop and will allow him to add 10 more employees. This business was able to obtain low, fixed rate 20 year financing with only 10% down. This was made possible through the use of the 504 Loan Program and by partnering with MCDC and GE Capital/Bank of the West.
Mark Palmer has owned and operated Auto Warehouse since 2005. Mark began operating Accurate Collision Repair Center from his home garage in St. Johns, and eventually merged it with Auto Warehouse, LLC. Mark was leasing his location for years, but had the opportunity to purchase the building. By using the SBA 504 Loan Program, he was able to finance the property with only 10% down and receive a low 20-year fixed interest rate.
Auto Warehouse does quality body repair work on all types of vehicles and prides themselves with integrity and honesty. For more information on Auto Warehouse LLC please visit www.awbodyshop.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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Luciano and Monica Del Signore are the owners and operators of Bacco Ristorante. Bacco was formed in 2001 as an upscale Italian restaurant. It is well recognized in metro Detroit and has been named as one of Americas Top Restaurants from Zagat, as well as the 2005 Restaurant of the Year from Hour Detroit magazine. The Del Signore's had been leasing their space when they found the opportunity to purchase the building. Using the benefits of the SBA 504 Loan Program, they not only purchased the building, but expanded the restaurant to accommodate dining and wine tasting for small parties and banquets.
Take a look at the article from the Detroit Free Press for being recognized as the 2013 Restaurant of the Year! In the News!