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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Since graduating from Nova Southeastern University College of Dental Medicine in 2004, Dr. Dorothy Griswold has worked in dentistry and since 2007 has owned Mattawan Dental, PLC. Dorothy had been leasing but needed more space due to her expanding practice. After contacting her lender, at Mercantile Bank, who recommended the SBA 504 Loan Program for construction financing, she built a new 4,027 sq ft dentist office in Kalamazoo.
Now that Dorothy’s building is complete, she has more examination rooms, and larger sterilization, x-ray and patient waiting areas. By taking advantage of the SBA 504 Loan Program, Dr. Griswold obtained low rate financing with only 10% down. This project not only meets a Public Policy Goal of assisting businesses owned and controlled by women, but it will create a few new jobs to the Mattawan area.
For more information on Mattawan Dental, PLC please visit www.mattawandental.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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This project involved the purchase and renovation of an existing building to house a growing wholesale distributor for the prison commissary industry. Scott Gleason and Jeff Burgess formed Maxima Supply in 1999. Combined, they have over 37 years experience in the industry. Maxima has seen a significant amount of growth over the past few years and in 2005 had the opportunity to capitalize on the niche market by acquiring the assets of another company. By using the SBA 504, the borrowers were able to consolidate their two existing locations into one, resulting in improved efficiencies and profits.
Mayberry Homes is a well-respected Lansing area residential home builder. They have subdivisions in the greater Lansing, Midland, and Traverse City. Mayberry was formed in Lansing in 2004 by husband and wife, Bob and Karen Schroeder.
With an emphasis on customer service and satisfaction, Mayberry Homes is dedicated to making the home buying experience a rewarding one. That's just part of what makes the company different, and better than the rest. As a local home builder, they pride themselves on being "good neighbors," and giving back to the community. They are also winners of numerous home building awards.
MCDC helped finance Mayberry Homes’ new office location for only 10% down. For more information on Mayberry Homes, please visit www.mayberryhomes.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!
McCormick Gas utilized the SBA 504 Loan Program in 2007 to meet financing needs for their first gas station/convenience store in North Muskegon. McCormick Gas found the first location quite successful and thus chose to expand to a second location, utilizing a second SBA 504 loan for the project. The location for this new venture is at the corner of Whitehall Road and White Lake Drive in Fruitland Township. The gas station has five islands capable of serving ten passenger vehicles and two commercial vehicles; as well as a fully stocked convenience store and a commercial scale for use by freight haulers. The McCormick team elected to use the SBA 504 Loan Program a second time to take advantage of below market rates and extended terms. Two valuable benefits enjoyed with the SBA 504 Loan Program.
McCormick Gas Station is a new gas station/convenience store in rural Muskegon, Michigan. Located off a main freeway exit leading to several local attractions, the new building occupies 5000 square feet, consisting of 4000 square feet for the convenience store with the remaining 1000 square feet leased to a sandwich shop. With the help of the MCDC and Comerica, the McCormick family was able to construct this beautiful new station in Twin Lake, Michigan. Some of the benefits they were able to enjoy were below-market interest rates and extended terms on their financing.