The SBA 504 loan is a loan that SBA-approved Certified Development Corporations (CDCs) approve, close, fund and service. Prospective borrowers choose a CDC that serves the location of their project, and the CDC will work with a financial institution (usually a bank or credit union) to gain approval from the institution and the SBA. The … Continued

The 504 Loan is an attractive financing option designed by the U.S. Small Business Administration (SBA) to support and promote small business growth. With a minimal deposit and a fixed interest rate below the market, the program is more detailed about what you can do with the funds. The funds must be used to for … Continued

Many start-ups don’t see their operations beyond the second year due to the high cost of starting and running their operations. In fact, only 48% of small businesses overall have their financing needs met according to Fundera.com. Most small business owners consider loans instead of grants like an smb startup grant because of the many … Continued

The US is home to more than 32 million small businesses accounting for 99.9% of all US businesses. Over 902,000 of these businesses are in Michigan. Due to the pandemic and tough economic times, you may be looking to secure small business loans in Michigan. How you prepare for an application or pitching plays a … Continued

When you’re applying for any kind of small business loan, just like any other major loan type, there will be a few major factors that influence whether or not you and your business qualify. Knowing these in advance is vital, as it helps you prepare the certain areas so you’re likely to be approved for … Continued

In part one of this two-part blog series, we went over some basics on the steps involved in obtaining a small business loan. Whether you’re going for an SBA loan or some other type of small business loan, following the right basic plan will ensure you cover all the important details and receive the financing you … Continued

For many small businesses, financing via a loan is the primary method used for starting or growing a new company. Like many other loan applications, this is a process that has a few essential steps to it, knowing these will help you navigate it properly. At Michigan Certified Development Corporation, we’re here to assist our … Continued

Small business owners have multiple methods to consider when funding their growing business needs, two of the most well-known methods are small business loans and lines of credit. Both these benefit borrowers in different ways, but some may have an interest in both — is this a possible scenario?  At Michigan Certified Development Corporation, we’re … Continued

In part one of this two-part blog series, we went over some of the most common mistakes business owners and managers make when applying for small business loans. This is a process that requires some detail and precision, and there are a few specific errors you want to stay away from as you’re dotting your i’s … Continued

Financing is a vital component for many small businesses, and small business loans are one of the primary methods you have for obtaining it. The process of applying for a small business loan involves some specificity and detail, and there are a few errors or mistakes you want to steer clear of as you’re navigating … Continued