7805 Childsdale Avenue, NE
Rockford, MI 49341
Jobs Expected To Be Created: 7
Bradd Pierce, Great Lakes Commercial Finance (GLCF) Senior Loan Officer, teamed up with Mark Martis, Grand River Bank’s Chief Lending Officer, to provide SBA 504 financing for K & T Tool and Die, Inc.
K & T saw an opportunity to bring some of the work it had been outsourcing in recent years in house, and they were able to capitalize on the low down payment and long term financing features of the 504 Loan Program. Additionally, they were able to place the real estate purchase, renovations and equipment into a 50% bank loan and 40% debenture financing package. The result is a 20 year fixed interest rate for a portion of the loan, and greater efficiencies for the company as a whole to help them achieve even greater success in the coming years.
K & T Tool and Die, Inc. located in Rockford, Michigan is a full service tool and die shop specializing in small to medium progressive dies. It was formed in 1992 and purchased in July 2015 by the current owners, Ed Talcott, James Bristol, and Klint Beck who were employees of the previous owner.
“K & T Tool and Die looked at several options when deciding how to finance our growth. Other finance institutions told us, how a conventional loan would better suite our requirements. In my opinion, the other banks really did not understand what we needed. Grand River Bank, with the help of Mark Martis, recognized that we had limited resources and recommended that we should look at the 504 program. With the help of EDF we utilized the benefits of the 504 program. Although, more paperwork was required, EDF made it as easy as possible. They provided the forms and knowledge on how to best process the documents. Not only were we able to finance our building with 10% down we were able to include financing for some critical machinery required for our growth,” said Ed Talcott.