Boost Your Business with the Oakland County Business Finance Corporation
Starting a business is no easy feat. From the ideation stage to securing funding, each step requires careful planning and execution to ensure success. Once you have your business plan in place, finding the necessary funding can be the next major hurdle. This is where the Oakland County Business Finance Corporation (OCBFC) comes in. In this article, we will introduce you to the OCBFC and how they can help you boost your business.
What is the Oakland County Business Finance Corporation?
The Oakland County Business Finance Corporation was established in 1979 by the Oakland County government to provide financing for businesses in the area. They provide several loan programs that can help businesses secure funding for various stages of growth. Their mission is to promote economic development by providing financing options for businesses that are creating jobs and boosting the local economy.
One of the main benefits of working with the OCBFC is their partnership with banks and lending institutions. By partnering with these institutions, the OCBFC is able to provide lower interest rates and better terms to businesses that may not be able to secure funding from traditional sources.
Loan Programs offered by OCBFC
The OCBFC provides several loan programs that cater to different business needs. Let’s take a closer look at their programs:
1. Small Business Administration (SBA) 504 Loan Program: This program provides long-term, fixed-rate financing to businesses for the purchase of real estate, machinery, and equipment. The OCBFC partners with the SBA and lending institutions to provide financing up to $5 million.
2. Michigan Certified Development Corporation (MCDC) 504 Loan Program: This program provides financing for businesses in Michigan for the same purposes as the SBA 504 Loan Program. The OCBFC is a partner with MCDC to provide financing up to $5 million.
3. Michigan Collateral Support Program: This program provides collateral support to businesses that have collateral shortfalls to secure financing. The OCBFC provides up to 50% of the collateral required, up to $1.5 million.
4. Public Act 255 Loan Program: This program provides financing for businesses that are producing alternative energy products or providing energy efficiency products or services. The OCBFC partners with lending institutions to provide financing up to $4 million.
Case Study: How OCBFC helped a Local Business
One example of the OCBFC in action is their partnership with a local business called XYZ Company. XYZ Company was looking to expand their operations by purchasing a new facility. However, traditional lenders were hesitant to provide funding due to the nature of their business.
Through the OCBFC’s partnership with the SBA, XYZ Company was able to secure the necessary financing to purchase their new facility. This allowed them to expand operations and create more jobs in the local community.
Conclusion
Securing funding for your business can be a difficult task, but with the Oakland County Business Finance Corporation, it doesn’t have to be. The OCBFC provides several loan programs that cater to businesses at different stages of growth. Their partnership with lending institutions allows them to provide lower interest rates and better terms, making it easier for businesses to secure financing. If you are a business owner in the Oakland County area, consider reaching out to the OCBFC to see how they can help you boost your business.
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