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:

Weber Specialties Company

Incorporated in 1955, Weber Specialties Company (WSC), a metal stamping manufacturer, provides tooling, assemblies, and other fabricated components to several industries; appliance, automotive, furniture, medical, electrical, seating, and industrial hardware.  As WSC was rapidly growing and accommodating new projects for large customers, they identified a need for new/replacement equipment, along with increased space to fill production, and they approached their lender at First National Bank of Michigan.  Together with MCDC, Weber Specialties Company was able to add onto their building, refinance the current mortgage debt, and satisfy all of the needed equipment, and do so with one simple project and do so with only 10% equity injection, thus allowing the Company to keep cash available to organically fund its growth.

This project also met a Public Policy Goal of aiding a business within a Rural Area, as well as assisting a business involved in manufacturing that will create many new jobs to the Schoolcraft area.

For more information on Weber Specialties Company please visit www.weberspecialties.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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Weber's Inc. d/b/a Weber's Inn

Weber’s is an independently owned and operated 158-room full service boutique hotel serving the Ann Arbor area.  It is rated four stars by Orbitz and Travelocity and is a destination for weddings, banquets and dignitaries traveling to Ann Arbor.  The business was founded by Herman Weber in 1937 but the hotel opened at its current location in 1970 with four subsequent additions.  Ken Weber took over as president of the company in 1979 and is now the majority owner continuing to actively manage the business on a day-to-day basis.  Ken’s son recently joined the company and is gaining experience to assume management of the company in the future.   The owners have continuously renovated the interior of the hotel with the most recent extensive renovations undertaken in the last year.  It became clear, however, that significant exterior renovations were going to be needed to stay competitive with their corporate-flagged rivals who were all in the process of major renovations.  Failure to stay appealing would result in loss of market share and ultimately loss of employment as business declined.  The SBA loan in conjunction with Comerica allowed the hotel to update its 40 year old exterior to new design standards greatly improving curb appeal and keeping the facility competitive in the market.    See the results of the renovation at the company’s web site, www.webersinn.com.

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!

 


West Construction Services

West Construction Services
Pontiac, Michigan
Total Project:
$690,000
MCDC Loan Amount: $285,000
Lender: Genisys Credit Union, Brandy Telfer
Job Impact: 15


West Dickman Road Self Storage

Brechi, LLC (doing business as West Dickman Road Self Storage) has been in operation since 2001, when business partners Chip Spranger and Brett Long put up their first self storage building, and over the course the next 6 years, they acquired additional land, and in 2007, they completed their fifth building.  Now, West Dickman Road Self Storage offers 213 rentable units of varying sizes and also offers climate-controlled units for their customers.  Additionally, the main office sells various moving supplies and they also offer U-Haul rentals and feature RV/outside storage as well.  While Chip Spranger maintains his successful “day job” with a Re/Max realty office in Battle Creek, Brett Long maintains the West Dickman Road Self Storage office.

With the assistance of their commercial lender at Keystone Community Bank in Kalamazoo, management at West Dickman Road Self Storage was able to refinance their existing commercial mortgage obligation with the SBA 504 Temporary Refinance Program, which was able to result in an overall, lower interest rate on their existing obligations, as well as producing a healthier overall cash-flow for the business going forward.  Keystone Community Bank also was able to benefit from the opportunity by being able to strengthen the relationship and restructure its pricing and terms as their loan-to-value on the property went from approximately 64% all the way down to below 32%, and also avail the borrower to other future opportunities for growth and possible additional self storage buildings or other acquisitions in the future.  Additionally, this project met a SBA Public Policy Goal of assisting a business located in a defined Labor Surplus Area (Calhoun County).

You may find additional information and their direct contact number for West Dickman Road Self Storage on the internet.  For additional information on Keystone Community Bank, please visit www.keystonebank.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!


West Michigan Eye & Laser, P.C.

As West Michigan Eye & Laser, P.C. (formally West Michigan Ophthalmology, P.C.) was outgrowing their space, Dr. David Goran, owner since 2006, decided to relocate to a better-suited area with more visibility. West Michigan Eye & Laser offers eye exams, optical work, cataract treatment, glaucoma treatment, Lasik procedures and eyelid lifts. To serve their customers better, Dr. Goran constructed a new 27,720 sq ft office in Norton Shores. The beautiful new facility is spacious, warm and comfortable; and having a larger facility has led to an increase in productivity and an increase in patient base resulting in an increase of employees within the practice. It’s also allowed West Michigan Eye & Laser to have an effective competitive edge in the market.

The first thing Dr. Goran did was contact his lender at Chemical Bank who recommend using the SBA 504 Loan Program offered by MCDC. The lender said, “Working with MCDC on this project was easy and mutually beneficial for both West Michigan Eye & Laser, P.C. Chemical Bank. The customer benefited from better terms on both the MCDC portion and the bank portion compared to traditional financing.  Another benefit was the smaller equity injection required from West Michigan Eye & Laser.”

By using the SBA 504 Loan Program, West Michigan Eye & Laser, P.C. was able to finance the new building with little money down.  They also received a low interest rate that’s fixed for the life of the loan.


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