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.
Morley Companies, Incorporated (MCI) was started in 1863 as a hardware store. Today, Morley operates from its 175,000 square foot headquarters in Saginaw with sales offices throughout North America. The firm operates group travel; business theater; interactive; research; exhibits; displays and experiences; and performance improvement programs for the world's largest enterprises. It provides its clients throughout the United States and the globe with marketing, travel, recognition and communication solutions. Brothers, Paul, Chris, and Louis Furlo, Jr. run the company. Morley recently secured a large contract with Fortune 100 company for a call center that provides services that deal with technical assistance for business and consumers. Morley was able to construct the new 33,000 sq. ft. call center that was financed using the SBA 504 Loan Program and Citizen's Bank. The company currently has over 800 employees and added another 600 more with the large contract.
Morley Companies, Inc. was started in 1863 as a hardware store. Today, Morley operates from its 175,000 square foot headquarters in Saginaw with sales offices throughout North America. The firm operates group travel; business theater; interactive; research; exhibits; displays & experiences; and performance improvement programs for the world’s largest enterprises. It provides its clients throughout the United States and the globe with marketing, travel, IT, recognition and communication solutions. Brothers, Paul, Louis Jr., Chris Furlo run the company.
Morley requested to use the SBA 504 Loan Program with MCDC for a 2nd time to finance the purchase of the old AT&T building to accommodate their growth and expansion. The building has over 210,000 sq.ft. and 900 parking spaces. With Morley’s new contracts, they will quickly fill the building with new employees.
Moseley's Equipment Repair, LLC was started in 2003 in Lansing by husband and wife, Nick and Donna Moseley. They repair large equipment such as forging and stamping machines and equipment. Nick is a mechanical engineer and machinist who has over 30 years experience in press repair and rebuild. Nick’s reputation as an excellent press repairman has allowed him travel to jobs all over the US. Nick was born in the UK, but in the 70’s and 80’s, he wanted to see different countries, so he took tool & die maker jobs in Mexico and the US. He fell in love with the US and has lived here since 1981 as a Legal Permanent Resident.
Moseley’s was operating out of two locations, which was very inefficient and costly. With the help of the SBA 504 Loan Program and MCDC, they purchased one large 10,000 sq ft building in order to consolidate their operations. They also financed a large crane that is imperative to their business. Moseley now enjoys all of their operations under one roof and they have space to grow their business.
For more information on Moseley’s Equipment Repair, LLC please visit www.repairpress.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!
Motor City Stamping was incorporated in 1969. Their primary products are small to medium stamping and welded assemblies, with over 5.5 million parts shipped on a monthly basis. MCS also places a particular emphasis on progressive die technology. Business has been strong for Motor City Stamping which allowed them to purchase a six-arm weld cell to be used to help produce parts for their clients a new auto platform program. MCS purchased equipment while benefiting from low rate financing with only 10% down and with the help from PNC Bank.
Hunting enthusiasts and friends, Jamal Bahri, Wail Dickow, Ghassan Kuza, and Ronnie Orow, opened a shooting range in Southfield with great success which led them to expand into a much larger second location in Eastpointe.
With the assistance of their commercial lender at FirstMerit Bank, they utilized the SBA 504 Loan Program and were able to construct and equip their new building. The owners were able to hit all of their financing targets with a low down payment and fixed rate 20 year loan.
Moving Target Macomb has 20 indoor computerized firing lanes, training from highly skilled instructors, sells firearms and provides safety courses. Moving Target will also allow law enforcement and security guard companies to train in this new facility.
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!