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.
Ben Kolly founded Xcel Physical Therapy is 2008. Ben is a licensed physical therapist and board certified Orthopedic Clinical Specialist with many years of experience. Xcel Physical Therapy provides physical therapy, occupational therapy, sports medicine, aquatic therapy and community fitness for the general public.
Ben needed additional room and aquatic facilities that he did not have available at his leased space, so he purchased an existing building, added numerous improvements as well as an addition that includes an aquatic center for therapy and fitness. The new facility has allowed Ben to compete effectively in his market. By using the SBA 504 Loan Program, Ben was able to finance his new building and improvements with little money down and he received a 20-year fixed interest rate.
For more information on Xcel Physical Therapy visit www.xceltherapy.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!
To view more profiles, click here
Bay Area Touchless Carwash d/b/a Xtreme Carwash was founded in 2004. Their beta site at the Traverse City Meijer location allowed Xtreme to perfect their model. Quality is a high priority at Xtreme, so they provide a wide range of wash options, including tire scrub, and innovations, such as prepaid membership, which has captured a wide variety of steady clients for the carwash. Real time on-line monitoring allows Xtreme to respond quickly to any client concerns or equipment failures.
Based on the high standard they presented at the Traverse City Meijer store, they were asked to partner with Meijer at five additional locations. MCDC was able to participate on three of the five since they were rural markets. MCDC was able to help Xtreme obtain very favorable financing terms on their loans.
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!
To view more profiles, click here
Yotsuba Japanese Restaurant offers a Japanese-style dining experience with a wide selection of sushi and cooked dishes. The sushi chefs work their magic, creating delicacies right before the customer’s eyes. The restaurant was opened in Ann Arbor, MI in 2001 by Ann Lin at its current location, 2222 Hogback Road. The business expanded with another location in West Bloomfield, MI at 7365 Orchard Lake Road, just north of 14 Mile Road. The restaurant in Ann Arbor occupied the leased premises, which included an option to purchase; and Ann opted to exercise this option to control the destiny of her restaurant at this very successful location. Ann approached her bank, Ann Arbor State Bank, for financing to purchase the property. The bank suggested that she consider using a SBA 504 Financing Option with the assistance of the Michigan Certified Development Corporation. Ann was very willing to undertake this financing avenue especially in light of the long-term, low fixed-rate financing that in the end costs her less than the rent she was paying.
For more information on Yotsuba Japanese Restaurant go to www.yotsuba-restaurant.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!
Zap Zone is a family fun center with laser tag, arcade, a bear factory, golf and bumper cars. The primary focus is on hosting parties and special events for kids. With the help of the SBA 504 Loan Program and PNC Bank, Zap Zone Lansing was able to expand their current facility and purchase the vacant 26,000 square foot property adjacent to the their building. This allowed Zap Zone to become the premier Laser Tag and glow golf venue in the Lansing area. Among the owners, there is a combined 30 years experience in the industry. Ghazwan Ismail owns and operates an additional six centers of this kind throughout South Eastern Michigan.
For more information on Zap Zone Lansing LTD, please visit www.zap-zone.com/location/lansing 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!
Frankenmuth is one of Michigan's top tourist destinations and FirstMerit Bank and MCDC are playing a big part in helping to finance their recent expansion. When Zehnders’ was looking to add 32 hotel rooms and expand their indoor water park, their lender, Dave Green from FirstMerit Bank suggested the SBA 504 Loan Program. Once they connected with Eric Kehler at MCDC, they were able to obtain financing for the hotel, equipment, and expansion of their water park. They recognized the benefits of a low down payment and long term fixed rate. The SBA 504 Loan Program was able to provide Zehnder’s with a low, fixed interest rate for 20 years on the hotel and water park.
Zehnder's Splash Village Hotel and Waterpark offers 178 deluxe accommodations including 74 family suites. Enjoy over 50,000 sq. ft. of aquatic fun indoors with a six-story family raft ride and super loop body slide; zero-entry activity pool with water geysers, water basketball and volleyball, Action River, Splash Landing play area, Dumping Bucket, Giggling Gorge and Perilous Plunge 4 story tube slides, relax in the Whimsical Whirl Hot Tub or just float along the Crooked Brook Creek Lazy River.
For more information on Zehnder's of Frankenmuth, Inc., please visit www.zehnders.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! To view more profiles, click here