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.
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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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!
Macomb Country Coney Island is the third Coney Island location for the Pozios family. Christoforos and his two sons, Willam and Evans, have owned and operated two Coney Island restaurants in the Port Huron area for three decades. MCDC and JP Morgan Bank participated in the financing of construction of a new 8,100 square foot building. The new store seats 138 and is run by Evans, whom has spent all his working life in the family business. The restaurant occupies approximately 80% of the building and the remaining 20% is leased to two tenants.
When Eric Maillette suffered a sports injury while playing college football, he received chiropractic treatments after traditional therapies offered no relief. The great results inspired him to become a chiropractor so that he could help others like he was helped.
In 2003, he started his own chiropractic business in Bay City and named it Maillette Chiropractic, P.C. He leased space for several years until he purchased a residential home, which was renovated for his practice. Eric is thrilled as he now has the building of his dreams and the additional space gives him opportunity to expand.
For more information on Maillette Chiropractic, P.C. please visit www.maillettechiropractic.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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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!