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:

Luzerne Express

Luzerne Express is the end result of the relocation and expansion of the Luzerne Mini-Mart. The move allowed significant expansion of the business into a small grocery/large convenience store. The product line was expanded to include gasoline, diesel fuel, kerosene, shower facilities for truckers and campers, laundry facilities, fast food, and additional products in the grocery and sporting goods area. The grocery portion of the store features products from IGA Express. This project met the SBA public policy goal for rural development. Thanks to the project, the local population of this rural area has a better and closer option for their grocery needs.


Mackinac Chocolate Company LLC

Ira Green is familiar with the SBA 504 Loan Program since this is his second project with the Michigan Certified Development Corporation!   Ira Green owns multiple businesses throughout Northern Michigan with several located on beautiful Mackinac Island.   Mackinac Chocolate Company offers a full line of candy and fudge for the one million tourists that visit the beautiful island every summer.  It is THE spot to stop after a leisurely bike ride around the Island.

Mr. Green will again benefit from a 4.61% fixed rate for twenty years using the SBA 504 Loan Program, MCDC, and Citizen's National Bank.

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!


Mackinac Cycle, LLC

Perhaps the most noticeable first impression visitors get of Mackinac Island is the absence of automobiles!  Due to the prohibition of motorized vehicles enacted in 1898, visitors and residents have traveled by foot, bicycle, or horse drawn carriage.  Ira Green and Melanie Libby purchased Mackinac Cycle, LLC as a new business in 2011 and formed the real estate holding company, Main Dock 7271, LLC.

Mackinaw Cycle is located directly in front of Arnold Ferry Line, which is one of the key entry points to the island.  Since this is the first bicycle rental business visitors see when they arrive on the island, this location was essential for Ira and Melanie. 

For more information on Mackinac Cycle, LLC please visit www.mackinaccycle.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!

 


Mackinac Island Bicycle Shop Ltd.

There’s always the satisfaction of a bicycle shop owner knowing they are providing people with non-polluting transportation.  But that’s what Mackinac Island is all about; only allowing horse-drawn carriages and bicycles as the mode of transportation.  Ira Green’s career has been creating this type of atmosphere for the island with his latest Mackinac Island Bicycle Shop, which is a combination bicycle shop and hotel.  The first floor is for the bicycle shop to rent and store the bikes, with the second and third floors consisting of 13 rooms for the hotel.  This SBA 504 project, which is ideally located on the lake next to the passenger ferry docks, is one of the busiest main entrances to the island. 

This was Ira’s sixth time using the SBA Loan Program and MCDC.  MCDC was able to help by providing an excellent financing package and requiring a low down payment. 

For more information on Mackinac Island Bicycle Shop Ltd., please visit www.bikemackinac.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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Mackinaw Steak and Seafood Company LLC

The Swets and Glerums fell in love with the Island as tourists many years ago. Tony Brodeur is an islander with numeous years in the bar/restaurant business.  They came together to take advantage of this unique opportunity to purchase the Irish Pub on Main St. Tony provides the local management while Mark and Jeff contribute their business expertise.  By utilizing MCDC’s SBA 504 Loan Program, they will benefit from a 4.72% fixed rate for twenty years.

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!


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