LANSING, Mich., March 23, 2009 – Michigan Certified Development Corporation (MCDC) is pleased to announce Mike Chatas of United Structured Finance Company as their 2009 Partner of the Year, for his work in providing Michigan businesses with Small Business Administration (SBA) loan financing.
In 2008, United Bancorp worked with the MCDC on seven different loan projects in eight different counties statewide, totaling $10,992,948 in capital accessed. This important work is expected to impact 229 jobs in Michigan, a positive note in today’s economy.
“We continue to assist businesses statewide, providing them with the financing needed to achieve growth, and further contribute to Michigan’s economy, none of which would be possible without value partnerships with financial institutions such as United Structured Finance Company,” said Jane Sherzer, president of MCDC.
Mike Chatas is the President and co-founder of United Structured Finance Company (USFC) and was responsible for all seven of MCDC’s transactions in 2008. Prior to launching USFC in May of 2007, Chatas served as vice president of business banking at KeyBank NA. In his career, he has held executive positions at Verity Software, 360 Services, and Bank One (formerly NBD).
Serving Michigan businesses since 1982, Michigan Certified Development Corporation is a non-profit organization that utilizes the SBA 504 loan program to provide healthy small and medium-sized businesses with long-term fixed-rate financing for the acquisition or construction of fixed assets.
Projects are financed through a unique public/private partnership that involves private lenders financing 50 percent of project costs, MCDC/SBA covering up to 40 percent of project costs and small businesses investing at least 10 percent of project costs. This process reduces the amount of equity normally required of the borrower and it provides long-term fixed rate financing. MCDC was named “Michigan Lender of the Year for 2006” by the U.S. Small Business Administration (SBA) – the first CDC in Michigan to receive such an honor. For more information, visit www.MichiganCDC.org.