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:

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


Uccello’s of Grandville, LLC

Let’s face it:  Good food speaks for itself, but great food and better service will keep everyone coming back for more!  For Faro Uccello, this is the expectation that every customer is to have at Uccello’s, whereby he and his family have been treating West Michigan patrons to a great dining experience since 1978.  Presently, Faro Uccello and his son-in-law, Mario Piccione own and operate three other successful Uccello’s restaurant/sports bar locations in the greater Grand Rapids area, and when the opportunity arose for them, along with Faro Uccello’s son, Sergio, to open a 4th Uccello’s location in Grandville, the trio jumped at the chance.

The new Uccello’s location in Grandville is located right at the entrance to Rivertown Crossings Mall (a regional mall operated by General Growth Properties (GGP), and after successfully negotiating the building’s lease with GGP, Uccello’s partnered with My Personal Credit Union to finance the necessary FF&E and Leasehold Improvements for the restaurant using the SBA 504 Loan Program.  Uccello’s was able to finance 90% of the cost of the needed FF&E and Leasehold Improvements, and ultimately was able to gain a no-balloon, 10-year, below-market-fixed-rate loan for a substantial portion of its financing.  Additionally, this project met a key Public Policy goal for the SBA with the project being located in a defined Labor Surplus Area.

For other locations and to peek at Uccello’s’ mouth-watering menu online, please visit www.uccellos.com. and to see how Michigan Certified Development Corporation can help fund your business, please visit www.michigancdc.org, Michigan’s #1 SBA Lending Partner!


UIS Holdings, Inc.

This project involved the purchase and renovation of a building for UIS Holdings, Inc. (UIS).  Incorporated in 1976, UIS Holdings provides a complete array of electrical testing, troubleshooting, and power analysis along with installing specialty designed control systems.  Ownership changed in 2011 when John Patry and Gary Walls purchased it and became part-owners. 

Since the lease for UIS was maturing, John and Gary decided to make the long-term investment of purchasing their own building.  Comparing the costs of a mortgage payment and other expenses of owning a building against rental expenses was immeasurable.  Working with their lender at Bank of Ann Arbor and Michigan Certified Development Corporation to obtain the best possible financing package was seamless.  The excellent financing package offered by the SBA 504 Loan Program requiring only ten percent down was a perfect fit.  This was an exciting opportunity for John and Gary as they also benefited from a 20 year loan. 

For more information on UIS Holdings, Inc., please visit  www.uiscorp.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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