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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When Skip White bought Midwest II, Inc., he didn’t have any experience in the electrocoating business and he was enjoying his retirement from being a general contractor. But entrepreneurship is in his blood and no one could hold him back. He intuitively knows how to turn around a business. Since owning Midwest II, he’s grown the business and diversified the client base from 99% automotive to 75%. He’s accomplished this on top of picking up the majority of the business left by his former competitors.
Another smart move Skip’s made since owning the company is purchasing the building they were leasing. The opportunity arose and he jumped at it knowing that a monthly mortgage payment would be less than half of the rent he was currently paying. Skip worked alongside his lender at Waterford Bank and MCDC to utilize the SBA 504 Loan Program for the purchase. In doing so, he was able to purchase the building with only 10% down.
For more information on Midwest II, please visit www.midwestecoat.comand 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!
Incorporated in 1984, Mike Barger has built a reputation for being one of the area's experts in the Tree and Plant Health Care industry. The Company was operating out of two buildings that weren’t large enough to store trucks and equipment; therefore, time was spent each evening unloading equipment that needed to be stored safely indoors.
Mike located a building large enough to store all the equipment indoors and when he contacted his lender at Alliance Catholic Credit Union, he suggested the SBA 504 Loan Program to help with financing, giving Mike the ability to inject only 10% down and earn a long-term fixed rate. Moreover, Mike’s Tree Surgeons, Inc. was able to create 14 new jobs to go along with the current 40.
To find more information on Mike Tree Surgeons Inc, please visit www.e-bnlcafe.com/mikestree/mtree.htm. 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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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!