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.
Nextrinsic is minority-owned premier executive search, professional placement, contract staffing, and consulting firm that specializes in the top-tier engineering, healthcare, finance, and information technology talent. Nextrinsic was established in 1994, and initially focused on technology consulting services. Since then, they have continued to expand their capabilities to become a top quality professional services firm.
Owner, Jon Chang, was looking to move his office from his small leased space to a larger building he could purchase. Jon found this nice building in a great location, and it already had several tenants. By using the SBA 504 Loan Program, Jon was able to purchase and renovate the building for 10% down.
For more information on Nextrinsic please visit www.nextechps.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
Niagara Logistics, Inc. (NLI) is a regional trucking company engaged in both long and short-haul trucking. The business primarily services the paper, automotive parts, and food markets. The company was founded in 1994 and is located in Escanaba, Michigan. NLI used the SBA 504 Loan Program to finance the purchase of a 151,258 square foot warehouse facility on 80 acres in neighboring Gladstone, Michigan. the purchase of this warehouse is a natural extension of NLI's business and makes them one of the largest trucking and warehousing companies in the Upper Peninsula of Michigan. As a rural-area business, NLI was able to use a public policy goal to increase the SBA's participation.
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!
It would be an understatement to say that Doug Nienhuis and the experienced staff at Nienhuis Financial Group are truly a client’s partners and business consultants in not only accounting, bookkeeping and tax assistance, but they also help oversee what a corporate CFO may be involved in – such as IT, HR, and working with outside firms on investment/retirement services, banking/financing solutions, legal counsel, and insurance planning. In a nutshell, Nienhuis Financial Group aims to be a client’s outsourced “true CFO”, without the expense of having an internal CFO, which is what founder Doug Nienhuis aimed to establish in 1995 following his 15 years as a CFO for a manufacturing firm and, prior to that, his career in public practice at a regional accounting firm. This same philosophy is also shared by practice partner, David Meyers, who joined Nienhuis Financial Group in 2002 after several years as a CPA at two large accounting firms.
After purchasing Nienhuis Financial Group’s practice building in 2004, management undertook major renovations in 2006, and presently sought the assistance of the SBA 504 Temporary Refinance Program to lock in a substantial amount of the real estate financing for a 20-year period at a below-market interest rate. In doing so, Nienhuis Financial Group was also able to move its business banking relationship to a different bank, 53 Bank, who not only provided excellent terms and service and turn-around for the SBA 504 real estate refinancing project, but also was able to offer better terms on some of Nienhuis Financial Group’s other financing and depository requirements, thereby cementing a solid relationship for both the borrower and the bank for years to come.
Niko’s Import/Export is an importer and distributor of hardwood flooring and cabinets used in residential and commercial buildings being constructed or renovated. These products are sold on a national basis. The business was started in 1998 by the Ivanaj family. The company has been leasing a building in Clinton Township since the company’s inception. Due to the large decrease in commercial building values in Macomb County over the last few years, the Ivanaj’s decided that it would be a good time to buy their own building. A suitable building was found on 23 mile in Macomb Township. Taking advantage of the low building price and the low, long-term interest rates offered by the MCDC and the SBA, the company was able to make their dream of owning their own building happen.
For more information on Niko’s Import/Export, LLC, please visit www.nikosimportexport.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!
North Honda Motor Sports is an exclusive full-line Honda dealer specializing in motorcycle, ATV, personal watercraft, and power equipment. Michael Bellisle purchased the Honda dealership in 1995. He turned a losing Honda franchise into the top sales store for the for the entire Upper Peninsula and North East Wisconsin region. Michael's son, Eric, started working for the business in 2005 joining his brother Todd whom had been active in the business for many years. With the help of the MCDC and Nicolet National Bank, the Bellisle were able to obtain the necessary financing to construct a new state-of-the-art facility and to meet the requirements to become a Honda Powerhouse Dealership, as outlined by American Honda Motorcycle Division. The business was able to upgrade from 4,000 sf showcasing 35 Honda products to 28,000 sf showcasing all 87 product lines that Honda carries along with the Honda Power Equipment.
For more information on North Honda Motor Sports, please visit www.northhonda.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!