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.
Lost Dunes Golf Club is a private golf club that has been recognized in the top 100 Best Modern Courses for the last 11 years by Golf Week Magazine. The 6,900-yard, par-71 course, was designed by architect Tom Doak, who molded the course out of a reclaimed sand quarry engulfed by 60-foot dunes. Lost Dunes has 18 magnificent holes, an exclusive clubhouse, beautiful locker rooms, a restaurant, and pro shop. The property also has 5 on-site cottages for overnight guests with a beautiful pool. Being located near Lake Michigan and the Indiana border, Lost Dunes attracts members from Michigan, Indiana, and Chicago.
Mr. Shearer started Lost Dunes in 1998 with several partners. Mr. Shearer was looking to lower his interest rate, so he utilized the SBA 504 Loan Program to refinance the existing mortgage and equipment at a low rate for 20 years.
For more information on Lost Dunes Golf Club, please visit www.lostdunes.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!
Lost Peninsula Marina is a full-service marina with 550 slips. Comprised of approximately 82 acres of dry land and waterway channels, Lost Peninsula is located on Lake Erie, on the Michigan/Ohio border. To the southeast, 20 minutes by boat, a golf course is available to the public. To the west is an existing residential subdivision and the Ottawa River. To the south is a forest on vacant land. Lost peninsula is located in an area of very high demand for boating and waterfront residential housing. Developed in 1958, Lost Peninsula is still the largest in the area. The continued expansion of the existing marina included a clubhouse with a heated pool, shower, and lockers as well as new flats and decking. Lost Peninsula Marina is open all year long and offers dockside parking, city water and electricity, a fuel station, picnic area, 25-ton hoist, on-site winter storage camper, RV storage, winterization and a camp ground.
Louie's Sport Tavern is the only establishment in Lapeer County to offer a true sports bar environment. Louie's Sports Tavern offers a large banquet hall that overlooks the ice arenas at Polar Palace, a stage and dance floor, and a large dining area which can accommodate weddings, showers, private parties, business meetings, and much more. There are 13 Plasma high definition widescreen televisions throughout the tavern. Connected to Louie's Sports Tavern is Polar Palace Arena Complex, which entertains over 600,000 patrons per year with a large variety of sporting events seven days a week. Polar Palace is a state-of-the art ice skating center with hockey programs and tournaments for youth, skating classes, and the second largest men's league hockey program in the state of Michigan. The Polar Palace Arena Complex utilized the MCDC SBA 504 Loan Program on the ice arena and decided to again use MCDC to finance Louie's.
Loyalty Insurance has been in business for over 50 years. They are an independent insurance agent offering both personal and business policies such as life, health, auto, RV, disability, and business insurance.
The company was leasing its current facility since 1992. Recently, they had the opportunity to purchase the facility. By using the SBA 504 Loan Program, the company was able to make the purchase with 10% down and enjoy the 20 year fixed interest rate.
For more information on Loyalty Insurance, please visit www.loyaltyinsurance.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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Glen Flewelling has been managing 4 Kentucky Fried Chicken locations in Michigan for 16 years. Mr. Flewelling had been given the opportunity to purchase the business assets of three locations, the real estate for the fourth location, (located on Cooley Lake Road in Waterford) and the office building behind the fourth location to house his administration operations. Glen took advantage of the SBA 7(a) Loan Program to purchase the assets of the three locations in Fenton, Howell, and Waterford, and used the SBA 504 Loan Program to purchase the additional Waterford restaurant building and office building. After being an employee for many years, Mr. Flewelling was able to take advantage of all of the benefits of the SBA Loan Programs to become owner of the business that he has run for many years.
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!