Skyline Exhibits West Michigan (SEWM) is growing.
Skyline Exhibits West Michigan utilizes SBA 504 loan from the Economic Development Foundation to purchase their commercial office building.
It was a match waiting to happen. Skyline Exhibits West Michigan, a design and build center for the custom modular display and exhibit industry, was only 7 years old but wanted to purchase their building to ensure growth opportunities. Economic Development Foundation helps companies when they are buying real estate or equipment with the SBA 504 loan which offers a low down payment and long-term low fixed rate.
Skyline Exhibits West Michigan moved into their expanded building in 2009 but by 2011 they wanted to purchase the property because of advantageous prices and the low rates offered by the SBA 504 loan program. Mercantile Bank brought Economic Development Foundation into the picture to take on 40% of the loan package, while the bank contributed 50% and the borrower only needed to commit 10% down to the purchase thus freeing up capital for other growth opportunities.
Economic Development Foundation was created in 1981 to work with the US Small Business Administration and private sector lenders to provide much needed financing to small businesses through the SBA 504 loan program. The SBA 504 loan program serves as a financing tool using lower down payment, lower rates, and longer terms than conventional bank financing. Economic Development Foundation (EDF) maintains a highly knowledgeable staff with over 100 years of combined financial experience serving the needs of small business owners throughout Michigan. For additional information regarding EDF and the SBA 504 loan program, call (616) 459-4825 or visit www.growmichigan.com.