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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Miller Mold Co. has been a leader in the thermoform and plastic industry since 1951. The bulk of Miller Mold's products are manufactured for the appliance industry (refrigerators, washers, dryers, and dishwashers) and they have expanded into the design and manufacturing of injection, blow, and rotary mold tooling. By partnering with MCDC, Miller Mold was able to finance a new piece of equipment that will allow them to gain more contracts and expand their business.
Miller Mold was MCDC’s 1,000 loan approval! The press release can be found here. For more information on Miller Mold, visit www.millermold.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!
Mindful Movement & Physical Therapy, LLC was started in January 2007 by co-owners Jolynn Nelson and Sue Forbes. Mindful Movement & Physical Therapy specializes in helping patients/clients improve their movement strategies to eliminate or reduce pain, improve efficiency and ease of movement, and keep them involved in the activities they enjoy. They offer Pilates, Gyrotononic and Yoga in private sessions and classes. Jolynn and Sue previously leased their space in East Lansing since opening and now they have the opportunity to purchase the property. With the help of the MCDC/SBA 504 Loan Program and Summit Community Bank, Jolynn and Sue were able to purchase their building for only 10% down.
Mitchell Graphics is a second-generation business that was started in 1972 by brothers Bill and Andy Fedus. The business is now owned by Bill and his son, Gary. Mitchell Graphics is a printing company that offers a diverse array of products in both the printing and mail-service arenas. This project involved a new printing press that will enable the business to be more competitive and to stay current in printing technology. With this new printer, Mitchell Graphics will be able to pursue clients they have not been able to in the past. With the help of The Bank of Northern Michigan and MCDC's SBA 504 Loan Program, this father and son team received fixed-rate financing for 10 years with only 10% down.
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!
MKR Fabricating, Inc. (MKR) purchased a Vertical Turning Lathe and a Precision Boring Machine in order to keep their dredging fabrication process in-house. By purchasing these machines, it improved their product quality, efficiency process, and increased profits. Owner Robert Webb now has more control over the production to keep clients happy and costs low.
Rob has owned MKR since 2000. The company specializes in plate steel fabricating and can handle up to 80,000lb. fabrications and steel up to 6 inches thick. They provide plate rolling, plasma cutting, and bending for various industries.
MKR was able to purchase this equipment with only 10% down. They also received a low long-term fixed interest rate.
For more information on MKR Fabricating, Inc. please visit www.mkrfab.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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For years, MKR Fabricators operated out of 2 different locations, which was inefficient and expensive. Owner, Rob Webb found a building to purchase that was perfect to consolidate his locations into one. Using the SBA 504 Loan Program through MCDC, Rob purchased and renovated the building with a 20-year loan with a 20-year amortization and a low fixed interest rate. MKR specializes in large scale plate steel fabrication projects. They offer plate rolling, plasma cutting, and bending. Their typical projects include rock crusher, dredges, cones, tanks, vessels, centrifuges, and ladders.
For more information on MKR Fabricators, please visit www.mkrfab.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!