The Vision of a Customer Service Oriented Auto Repair Shop Helped by SBA 504 Loan Program and Economic Development Foundation
When Traverse City, MI attorney Allen G. Anderson of Smith & Johnson Attorneys, P.C. needed to get his family vehicles serviced he knew exactly who to have do the repair work. When those technicians were looking for positions and trying to get off unemployment after their garage closed due to a property redevelopment, Anderson stepped into the void.
Mr. Anderson used the SBA 504 loan program from the Economic Development Foundation and financing from Dan Stoudt at Huntington Bank to purchase an existing vacant building out of foreclosure to start a new repair shop in Traverse City, MI. And also all for it were the four employees and their families from the former Midas shop. Now with a renewed focus for very strong customer service, and staff with 17 years of an excellent working relationship combined with state of the art equipment: Traverse City Public Service Garage at 2450 Diamond Dr. Traverse City was born. Open from 8 am until 8 pm and 10-4 pm Saturdays; and even Sundays for emergencies, this garage is putting high standards and the customers’ needs first and foremost.
Anderson recently noted, ‘We couldn’t have gotten this done without Gary Witkowski from Economic Development Foundation, Dan Stoudt from Huntington Bank and the SBA. The SBA, Huntington Bank and EDF really helped turn the lives of these families around and get these highly skilled and qualified techs back to work. If this economy is going to get turned around-it’ll be one job at a time. Not from the top-down, but from middle-America up. That’s where the heavy lifting and focus has to be; and it’s great to know organizations like the SBA, EDF and Huntington get it and are there to turn thoughts into reality. In fact, I have personally noticed, and know, that no less than 3 other shops in the area are now upgrading equipment and their facilities to try to meet our service, facilities and buy USA standards – so even more jobs are being created and preserved because of our collective vision. That’s great… there’s always room at the top it seems.”
Sandy Bloem, president of Economic Development Foundation, states, “It’s important to realize that jobs were retained and a promising new company was formed using the SBA 504 loan program. The 10% low down payment, 50% bank financing and 40% from the SBA creates the framework for a successful company.”
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.