Financing Programs

Small Business Administration (SBA)

The SBA has delivered millions of loans, loan guarantees, contracts, counseling sessions and other forms of assistance to small businesses. SBA offers a variety of loan programs for very specific purposes:

SBA 504 Loan

The SBA 504 loan program is a long-term financing tool providing small businesses with long-term, fixed-rate financing to acquire major fixed assets for expansion or modernization. Projects are financed through a public/private partnership which involves private lenders financing up to 50% of the project costs, the Michigan Certified Development Corporation covering up to 40% of the project costs, and the borrower investing at least 10% of the project cost (equity).

Eligible Projects

  • Construction of new facilities or modernizing, renovating or converting existing facilities
  • Purchase of improvements, including grading, street improvements, utilities, parking lots and landscaping
  • Purchase of land, including existing buildings
  • Purchase of long-term machinery and equipment.
  • This program is designed to assist healthy, expanding businesses that have been in operation for two or more years

SBA 7(a) Loan

The SBA 7(a) loan program helps start-up and existing small businesses in obtaining a loan guarantee to enhance conventional financing. Businesses apply for SBA 7(a) through a financial institution that submits the application to the SBA.

Eligible Projects

  • Purchase of land or buildings, new construction as well as expansion of existing facilities
  • Purchase of equipment, machinery, furniture, fixtures, supplies, or materials
  • Long-term working capital, including the payment of accounts payable and/or the purchase of inventory
  • Short-term working capital needs
  • Purchase an existing business

Additional Information

For more information please call 313-226-6075 or visit their website.