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Holland Michigan (12/4/2013) – Lakeshore 504 celebrated its 30th year of helping small businesses grow and succeed with a “Celebrate the Entrepreneur” luncheon today at the Doubletree Hotel & Conference Center in Holland, MI.
The 504 loan is a program of the U.S. Small Business Administration (SBA) for small businesses that are interested in financing fixed assets like real estate, machinery and equipment. Lakeshore 504 partners with a local lender to provide our local small businesses a favorable financing structure that could not be offered independently.
Since Lakeshore 504’s inception in 1983, the organization has lent over 98 million dollars in loans to over 230 local small business owners creating over 1,500 jobs.
Thirty years ago, the founding board members intentionally centered Lakeshore 504’s business model around local Chambers of Commerce. All of the profits generated from 504 loans were designed to go back to the chambers and chamber partners.
Over the years Lakeshore 504 has put over $3.5 million dollars into local Chambers of Commerce to help fund their programs and missions
Oosterhouse, Mann and Chase Bank receive 2013 Lender of the Year Awards
The Banker of the Year award goes to two lenders, one in each of our focus regions. The awards are based on approvals received by the SBA over the course of Lakeshore 504’s fiscal year.
Craig Oosterhouse of Chase Bank was the recipient of the Central Region Banker of the Year Award.
Ron Mann of Chemical Bank was the recipient of the Northern Region Banker of the Year Award.
Chase Bank was the recipient of the 2013 Bank of the Year award.
The Bank of the Year award goes to the lending institution that does the most projects with Lakeshore 504, regardless of the region. If there is a tie between banks, the award will go to the bank with the highest project total. This award is also based on approvals received by the SBA during the fiscal year.
In 2013, Lakeshore 504 helped finance 13 different projects totaling over 10 million dollars of investment.
About Lakeshore 504:
Founded in 1983, Lakeshore 504 is a Certified Development Company that administers 504 loans in Michigan on behalf of the U.S. Small Business Administration (SBA). A 504 loan is a fixed asset loan that is intended to help businesses purchase land, buildings, machinery or equipment, including lease hold improvements or renovations, with a low down payment and a long-term fixed rate. Lakeshore 504 is a joint program of the West Coast Chamber and The Chamber, Grand Haven, Spring Lake and Ferrysburg.