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.
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Carl Simcox and his partners purchased the land for Mallard Cove LLC in 2008 and recently built this beautiful building in Petoskey. Mallard Cove is a new 20 bed assisted living facility located near the local healthcare community services in Petoskey. It has a comfortable country feel with its porches, patios and on-site walking paths for their residents. Carl has over 25 years of experience operating rehabilitation, assisted living, and nursing homes. Partnering with Wolverine Bank, he and his partners structured a financing arrangement that allowed them to construct a new building on the previously purchased land. Carl is pleased with his attractive, low 20-year fixed interest rate for the SBA portion of the loan.
For more information on Mallard Cove, LLC visit www.mallardcoveassistedliving.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!
It's all about you; this is how you will be treated at Marie's Salon. For over 20 years this down-home attitude by Marie Keller Schweim is what clients have learned to love and it was vital that Marie move to a larger building due to her growing clientele. This newly renovated two story building will have four permanent styling stations, a nail station and a full massage area on the second floor. Less than 1/2 mile from the previous location Marie's Salon will continue to give clients the feel at home service they have received for more than 20 years. This was made possible by MCDC's SBA 504 Loan Program and Huntington National Bank.
Dr. Zahn has owned and operated Mark D. Zahn DDS MS PC since 2000. The practice specializes in periodontal disease treatment and implant dentistry. The treatments offered by Mark D. Zahn DDS MS PC for periodontal disease includes scaling & root planing and periodontal maintenance. Surgical options include pocket reduction, regeneration, soft tissue grafts, crown lengthening, socket preservation, sinus lifting, and ridge augmentation. Mark D. Zahn DDS MS PC also offers treatment for TMJ/TMD. The practice offers sedation dentistry, offering both laughing gas and oral sedation. Mark D. Zahn DDS MS PC is also equipped with state of the art digital x-ray technology.
The SBA 504 Loan was used for the purchase of commercial property located on Jackson Rd. in Ann Arbor, along with the purchase of equipment and to refinance existing debt. By using the SBA 504 Loan Program, Dr. Zahn was able to finance the property with only 10% down and he received a low 20–year fixed interest rate.
For additional information, please visit: http://www.zahndds.com and for additional information on how Michigan Certified Development Corporation can help fund your business, please visit please visit www.michigancdc.org, Michigan’s #1 SBA Lending Partner!
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Mark Four Cam specialized in manufacturing specialty molds for customers that do business in the injection mold manufacturing industry. Ed Gieche has owned and operated the business since 1991. Mark Four Cam does a majority of their business in the automotive industry but have recently ventured out into the medical industry, making molds that eventually are used in MRI equipment. Ed decided to purchase a larger building that is located directly behind the building he used to rent. With the real estate market being friendly to buyers at the time, Ed purchased the larger building and as a bonus, his monthly payment is lower than his previous rent! With KeyBank's help and MCDC's SBA 504 Loan Program, Mark Four Cam moved into their new building with a low down payment and below-market interest rates.
Dr. Mark Karchon has operated a family medical practice for over 24 years and is well established in the community. His practice serves all ages from prenatal and new born care to geriatric medicine. He is affiliated with Detroit Medical Center (DMC) and Pontiac Orthopedic Hospital (POH). As a result of his growing business, Dr. Karchon needed more space and decided to purchase the 12,000 sq. ft. building where he was practicing. This new building doubles the treatment rooms to allow for growth and add another physician. By using the SBA 504 Loan Program and Citizens Bank, Dr. Karchon was able to obtain 90% financing at an attractive rate.