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:

Turning Brook

Turning Brook is an existing senior living facility in Alpena that is on its third expansion due to the strong demand since it opened. Licensed by the state of Michigan, the building will house a total of 54 residents with a portion providing care to patients with dementia. Doug Maas and his brother-in-law, Paul Wyman, have been very successful with other assisted living facilities throughout Michigan. By partnering with Firstbank and the MCDC, Turning Brook received a low fixed interest rate for 20 years on their SBA 504 loan.

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!


Turtlehut, Inc.

Turtlehut, Inc is an internet marketing firm wholly owned by Jim Mitte based in Brighton.  Originally the company operated part time providing web hosting services, but in 2010 Jim began working full-time at Turtlehut expanding the services that the company offered by providing assistance with search engine optimization, online campaign management, website design and development, e-commerce solutions, online advertising and sponsorship, retention marketing, online consulting, and other internal solutions.  With the internet being a forever expanding "place", business owners today need expertise in navigating how to cost-effectively reach their target market, a marketing niche which Turtlehut deftly fills for its clients.   

Turtlehut was bursting at the seams in rented office space as a result of their rapid growth. Looking to make an investment for his company, Jim began looking for suitable office space to purchase that would accommodate his company for the foreseeable future. He found the perfect location; and as an added bonus by working with his bank and the SBA he realized the purchase with 90% financing that included a very low 20-year fixed rate on the SBA portion.  This financing allowed the company to retain cash to fund operations and growth in addition to building equity for the future. For more information on Turtlehut, Inc, please visit www.turtlehut.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!


Twisters

Frank and Norma Spadafore have successfully operated soft serve ice cream stores in the Lansing area since 1996. Their sons also have joined the family business in the last few years. Twisters is a seasonal store that serves a variety of soft serve ice cream treats from March to October. The Spadafore's have been successful in renovating and converting failed fast food buildings into quick drive-up ice cream shops. This is the second time the Spadafore's have used the SBA 504 Loan Program with MCDC and they were able to receive a low fixed interest rate with only 10% down.

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!


Twisters - Grand Rapids

This previous bank branch was a perfect location for Frank Spadafore’s 6th Twisters location.  It has a drive-thru and is located near a residential area and a little league baseball park.  Twisters specializes in soft-serve ice cream and yogurt.  Twister's Ice Cream was started in 1996 by Frank and Norma Spadafore and the chain consists of 5 locations throughout the Greater Lansing area.  Frank and his two sons help manage and operate all the locations. This is the third time the Spadafore’s have used the SBA 504 Loan Program with MCDC. 

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!


Twisters of St. Johns, LLC

Twisters of St. Johns, LLC
St. Johns, Michigan
Total Project:
$463,802
MCDC Loan Amount:  $190,000
Lender: Capitol National Bank, David Feldpausch
Job Impact: 4


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