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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This project involved the purchase of an existing restaurant in Haslett. Gus's Watershed Tavern & Grill (now known as Mark's Watershed Tavern & Grill) is a 2,827 s/f bar/restaurant that seats 115 people, plus 10 at the bar. Mark's is located on the corner of Marsh Road and Lake Lansing Road, near Lake Lansing. They offer casual dining with a variety of food items from burgers and sandwiches to filet mignon. Mark Fink purchased and operates Mark's Watershed with the support of his parents, Robert and Gayle Fink. The Fink family has owned and managed a local golf course and clubhouse in Perry (15 miles N/E of Haslett) for the last 19 years. Without the participation of the SBA 504 Loan Program, the Fink's would not have been able to purchase Gus's.
Maru of Grand Rapids is a full service Japanese/sushi restaurant owned by Mr. Moohyun “Robert” Song. Being well-established in Okemos with a loyal following, Mr. Song decided to branch out to Grand Rapids, which has become a local hot-spot. Maru serves Japanese style food, including sushi and hibachi cuisine. Believing in serving only the finest, freshest ingredients, they shop locally when possible and use organic produce and wild caught fish when available
Mr. Song decided to use the SBA 504 Loan Program to purchase a condo unit for his Grand Rapids restaurant with plans to enclose the unit with a three-season type of enclosure. With help from the SBA 504 Loan Program offered by MCDC, Mr. Song was able to purchase and renovate his condo unit with only 10% down.
For more information on Maru Grand Rapids L.L.C. www.marurestaurant.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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Marysville Tire and Auto, Inc. (MTA) was formed by Jeff Semrow and Jim MacMillan in 1993. They currently operate one of the largest independent repair facilities in St. Clair County. After many years of leasing, Jeff and Jim wanted to purchase their own building with 10 service bays, similar in size to their leased building with a few modifications to the lay out. Their new location will be almost directly across the street from their leased location. Jeff and Jim were able to obtain low rate financing with only 10% down. This was made possible through the use of the SBA 504 Loan Program and by partnering with MCDC and Eastern Michigan Bank.
In 2002, Bill and Mary Erickson constructed Mason Safe Storage, which is a 254-unit self-storage facility with 24/hour video surveillance located in Mason. They offer cold storage, climate controlled units, and a fenced-in yard for RV and boat storage.
The Erickson’s existing mortgage was about to mature, so they were looking for a loan with better rates and terms. Mark Howe of Dart Bank introduced them to MCDC and the SBA 504 Loan Program. The Erickson’s were able to refinance their mortgage with no money down and received a 20-year fixed rate that was much lower than their existing rate, significantly lowering their monthly payments.
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!
Master Automatic Machine Company was founded by John Evasic Sr. in 1942. John D. Evasic, Jr. (Jack), son of the founder, joined the company after his military service in WW II and became its first president after formal incorporation in 1959. The company machines stainless steel components for automobile steering and transmissions systems from steel rod. 95% of their sales are automotive related primarily to mid-tier automotive suppliers with less than 10% of the product sold directly to the automotive companies themselves.
In the 1980s the third generation consisting of Mark, now president; William, now executive vice president; and Carol, now benefits coordinator joined the company as full time employees and owners. In 1999 the company relocated from Redford Township, MI to its current location in Plymouth, MI after constructing a 92,000 sf manufacturing facility. The company found itself with a maturing mortgage at a time when obtaining conventional financing was very difficult for automotive manufacturers. The SBA loan allowed the company to refinance its existing mortgage but also stabilized the capital structure of the company with long term fixed rate financing at a very low interest rate better enabling the company to position itself to compete for the long haul in a cyclical industry.
For more information on Master Automatic Machine Company, Inc., visit www.masterautomatic.com, and for additional information on how MCDC can help fund your business, visit www.michigancdc.org, Michigan’s #1 SBA Lending Partner!