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.
For a small business it’s imperative to have a good location. This was the concern of Dr. Perron; owner of All Smiles Family Dentistry. Since 2001, he’s leased an office inside a larger professional building and felt hidden within the structure. After doing some research he found the perfect building on a busy street in Elk Rapids to renovate and add new equipment.
All Smiles Family Dentistry provides general and cosmetic dentistry, dentures, and other related services such as cancer screenings, cleanings, x-rays, extractions, and tooth whitening. By using the SBA 504 Loan Program offered by MCDC, Dr. Perron was able to create many smiles by creating new jobs in the Elk Rapids area.
For more information on All Smiles Family Dentistry, please visit www.allsmilesfamilydentistry.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!
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Allergy & Environmental Medicine Center of Michigan PLC
Grand Blanc, Michigan
Lender: Huntington National Bank, Chris Carr
Job Impact: 8
Total Project: $4,200,000
MCDC Loan Amount: $1,505,000
Lender: Consumers Credit Union, Darci Robinson
Job Impact: 16
American Eagle Superstore, Inc.
Total Project: $4,630,000
MCDC Loan Amount: $1,895,000
Lender: Case Credit Union, Robert S. Whitaker
Job Impact: 30