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MCDC | SBA 504 Rates for May 2023 Customer Spotlight

May 17, 2023

Michigan Business Network

March 2023 Rates & News

6.02% 25-Year Debenture – 6.04% for Refinance

6.07% 20-Year Debenture – 6.09% for Refinance

6.06% 10-Year Debenture – 6.08% for Refinance

Your Local SBA Lender and

the #1 Leading Lender in Michigan

Customer Spotlight

Roam Inn

In 2016, Munising Native/Business Owner Thomas Dolaskie IV and his business partner Darrin Hubbard worked with Peoples State Bank of Munising to purchase and renovate a vacant property now known as the Roam Inn & Tracey’s Restaurant. The partner’s vision was to convert the property, previously operated as a medical care facility, into an 18-room boutique hotel with an upscale dining venue. In March of 2017, the two businesses opened their doors to rave reviews.

In the Spring of 2019, MCDC (Michigan Certified Development Corporation) Upper Peninsula Senior Loan Officer Todd Horton was contacted by Owner Thomas Dolaskie IV and Peoples State Bank (PSB) Lender Molly Depew-Orr. The result was a restructuring of PSB’s existing debt utilizing the SBA (Small Business Administration) 504 cash-out refinancing program. The new structure allowed the business to obtain a long-term fixed rate and provided additional working capital for the growing businesses.

Today, the Roam Inn continues to be recognized as one of the region’s top luxury boutique hotels. Its view of Munising Bay and proximity to downtown Munising and the Pictured Rocks National Lakeshore make it a logical choice for visitors. Tracey’s also has continued to thrive and continue the reputation that previously made it the “Best new restaurant in Michigan” as proclaimed by Buzzfeed & Yelp. The two businesses are an excellent complement to each other and are a critical part of Munising’s growing economy.

Contact your Regional MCDC Loan Officer

Mike Ufford

Senior Loan Officer

Macomb, E. Detroit & E. Oakland County

uffordm@michigancdc.org

(810) 329-4340

Scott Vroegindewey

Senior Loan Officer

West Michigan

vroegindeweys@michigancdc.org

(616) 405-5754

Jack Johnson

Senior Loan Officer

Ann Arbor, Detroit & W. Oakland County

johnsonj@michigancdc.org

(734) 222-4954

Todd Horton

Senior Loan Officer

Upper Peninsula

hortont@michigancdc.org

(906) 360-2968

Coty Gould

Loan Officer

Central Michigan

gouldc@michigancdc.org

(989) 318-4988

Eric Maly

Senior Loan Officer

Northern Michigan

malye@michigancdc.org

(231) 246-8022

Steve Pricco

Director 7(a) Lending

Statewide

priccos@michigancdc.org

(517) 220-2394

With seven offices throughout Michigan, MCDC’s experienced team will work with you through every step of your SBA Loan. MCDC is a non-profit corporation certified by the U.S. Small Business Administration to provide SBA 504 Loan Financing and 7(a) Lender Services. For four decades, MCDC has been a leader in SBA financing in Michigan, participating in projects impacting more than 64,000+ jobs and more than $3 Billion of economic investment. For more information, please feel free to call us at 833-4SBA-LOAN or 833-GET-7ALOANS or visit us at www.michigancdc.org

Michigan Certified Development Corporation

Phone: (517) 886-6612 | Fax: (517) 886-6619

www.michigancdc.org

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