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.
YaYa's Flame Broiled Chicken
Total Project: $756,944
MCDC Loan Amount: $312,000
Lender: Team One Credit Union, Matt Peterson
Job Impact: 5
Zap Zone is a family fun center with laser tag, arcade, a bear factory, golf and bumper cars. The primary focus is on hosting parties and special events for kids. With the help of the SBA 504 Loan Program and PNC Bank, Zap Zone Lansing was able to expand their current facility and purchase the vacant 26,000 square foot property adjacent to the their building. This allowed Zap Zone to become the premier Laser Tag and glow golf venue in the Lansing area. Among the owners, there is a combined 30 years experience in the industry. Ghazwan Ismail owns and operates an additional six centers of this kind throughout South Eastern Michigan.
For more information on Zap Zone Lansing LTD, please visit www.zap-zone.com/location/lansing 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!
Frankenmuth is one of Michigan's top tourist destinations and FirstMerit Bank and MCDC are playing a big part in helping to finance their recent expansion. When Zehnders’ was looking to add 32 hotel rooms and expand their indoor water park, their lender, Dave Green from FirstMerit Bank suggested the SBA 504 Loan Program. Once they connected with Eric Kehler at MCDC, they were able to obtain financing for the hotel, equipment, and expansion of their water park. They recognized the benefits of a low down payment and long term fixed rate. The SBA 504 Loan Program was able to provide Zehnder’s with a low, fixed interest rate for 20 years on the hotel and water park.
Zehnder's Splash Village Hotel and Waterpark offers 178 deluxe accommodations including 74 family suites. Enjoy over 50,000 sq. ft. of aquatic fun indoors with a six-story family raft ride and super loop body slide; zero-entry activity pool with water geysers, water basketball and volleyball, Action River, Splash Landing play area, Dumping Bucket, Giggling Gorge and Perilous Plunge 4 story tube slides, relax in the Whimsical Whirl Hot Tub or just float along the Crooked Brook Creek Lazy River.
For more information on Zehnder's of Frankenmuth, Inc., please visit www.zehnders.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! To view more profiles, click here
Zentx Media Group (Zentx) was started in 1997 by brothers Mike and Mark Wenz. Zentx is a full-service graphics provider specializing in high-end specialty promotions that don’t fit traditional advertising methods. They meet a diverse range of graphic needs, which includes corporate expo displays, logos, marketing materials, vehicle graphics, signage, store graphics, tour bus customization, and much more. After using every inch of their two current locations, Zentx consolidated them into one location by constructing a new building. The MCDC’s SBA 504 Loan Program helped Zentx finance the construction by providing them with a very low, fixed interest rate for 20 years. In addition, they only had to put 10% down.
For more information on Zentx Media Group, Inc. please visit www.zentx.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!