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.
There are few boat dealers that have the breadth, wherewithal, name-recognition and accolades that Action Water Sports has earned over the past 20+ years. Beginning in 1990 by Mr. Jerry Brouwer, Action Water Sports now boasts three year-round, top-notch locations in Hudsonville, Traverse City, and Fenton, as well as a seasonal location at Pine Lake in West Bloomfield, and are Michigan’s dealer choice for new and used MasterCraft, Cobalt, Four Winns and Chaparral boats, and offer a wide range of water sports gear, a fully-stocked pro shop, sell docks and boat lifts, as well as service all makes and models. Some of Action Water Sports’ awards include being named the #1 MasterCraft dealer in the US, a 5-Star Certified Dealer, and being named in Boating Industry’s Top 100 Dealers in North America for 8 years running, including most recently being named the #21 dealer in the nation.
The Fenton location, established in 2007, was birthed from a partnership between Jerry Brouwer and Mr. Gregg Rising, who previously owned another MasterCraft dealer in the Detroit area, and was sold to create the Fenton arm of Action Water Sports, which now Jerry and Gregg equally own and oversee the near-15,000sf retail store and multiple, on-site rack-storage buildings for boat winterizations. Both individuals saw the opportunity to refinance their Fenton dealership using the SBA 504 Temporary Refinance Program, and with the help From The Bank of Holland, they were able to be refinanced easily and Action Water Sports of Fenton was able to earn a below-market, fixed interest rate on a substantial amount of its financing requirement so they can pursue additional growth opportunities and focus on operating goals going forward. Additionally, this project was able to retain the full 13 jobs at the Fenton store.
Theresa opened her first adult foster care home in 2001 when she and her husband, Richard, converted their home into a 6-bed facility. Theresa is a registered nurse who has worked with elderly patients for over 25 years. She prefers a small rural, homelike environment where Richard can take care of the maintenance.
Since the demand for adult foster care homes is on the rise, Theresa and Richard expanded by constructing a new 20-bed facility next to their existing home. Addie’s Acres offers services to elderly, developmentally disabled, mentally ill, and Alzheimer's clients. One of the benefits of Addie’s Acres is the "pet friendly" environment where residents can bring their own pets.
With the help from Eaton Federal Savings Bank, MCDC and the SBA 504 Loan Program, Theresa and Richard were able to construct and equip this new building with only 15% down. Addie’s Acres, LLC fulfills a public policy goal because it is a woman owned business.
For more information on Addie’s Acres, LLC please visit www.addiesplace.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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Advanced Eye Care
Total Project: $384,142
MCDC Loan Amount: $160,000
Lender: PNC Bank, Dale Brown
Job Impact: 8
It is unique to hear about how some individuals wind up in certain professional fields, and Dr. John Owings’ path started in high school. After sustaining spinal injuries playing basketball in high school and getting non-invasive treatment and some spinal adjustments for his injuries, Dr. John Owings decided that a chiropractic career was his desire. So, following his BA degrees from the University of Alaska and his Chiropractic Doctorate from Palmer College in 1996, Dr. Owings and his spouse, Susan, who is also a licensed chiropractor, started Advanced Family Chiropractic Center, PC in Grand Rapids. Dr. John Owings maintains his membership and involvement in several chiropractic societies and organizations and both he and his spouse, and his practice are firm practitioners of chiropractic treatments without the use of drugs or surgery, and aims to treat patients’ chronic or degenerative conditions thru a personalized program including chiropractic adjustments, nutritional counseling, massage therapy, exercise, and stress management.
In 2007, the practice acquired their current office in Grand Rapids, and after owning it for five years, the market valuation on their property was nearly equal to the mortgage outstanding. Facing this, they turned to United Bank of Michigan for a refinance from their former bank, and the lender utilized the SBA 504 Temporary Refinance Program and Advanced Family Chiropractic Center, PC was able to not only earn a long-term, below-market rate on a substantial amount of the refinanced loan, but they were also able to save a significant amount of cash due to the SBA 504’s 90% loan-to-value allowance. Additionally, United Bank of Michigan was able to earn a good, new relationship that otherwise might not have been available if not for the SBA 504’s Temporary Refinance Program.
For additional information about Dr. John Owings and Advanced Family Chiropractic Center, PC, please www.drjohnowings.com. For additional information on United Bank of Michigan, please visit www.unitedbankofmichigan.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!
Advanced Veterinary Care Group, PLLC was started in 2008 by Dr. Eric Larsen and Dr. Dennis Elmer. Advanced Vet is not your traditional veterinary hospital: they offer digital ultrasounds, plated cruciate repair, orthopedic and soft tissue surgery, video endoscopy, digital X-ray, MRI's, acupuncture, animal rehabilitation, and traditional Chinese herbal medicine. Both Doctors graduated from Michigan State University’s College of Veterinary Medicine and have years of experience.
The Doctor’s have been leasing their location for years but had the opportunity to purchase the 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 PNC Bank and MCDC to obtain the best possible financing package was seamless. The excellent financing package offered by the SBA 504 Loan Program requiring only 10% down was a perfect fit. They also benefited from a 20-year loan.
For more information on Advanced Veterinary Care Group, PLLC please visit www.advancedveterinarycare.net. 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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