Last month,
EDF
funded a SBA 504 loan for Traverse Bay Funeral and Cremation Service, LLC DBA Life Story Funeral Home for their new operating facility at 400 Hammond Road West. This new location provides a larger facility that is contemporary and accessible with ample parking which their prior location lacked. Owner, Vaughn Seavolt, has been a licensed funeral director for nearly two decades and felt that something was lacking in the funerals he saw delivered day after day. That is when he discovered Life Story (trademark) for the first time. The Life Story (trademark) funeral experience is focused on life and memories, not death and caskets.
EDF
had the opportunity to partner with Mitchell Blue, Senior Vice President, Independent Bank for this 504 project. Since Traverse City Life Story Funeral Home does not have crematory on-site, SBA does not classify the project property as “single purpose”. This allowed Vaughn to take advantage of a low-down payment of 10% along with receiving a 20-year fixed rate on the SBA loan. Vaughn said, “Th
e
Economic Development Foundation staff made my loan seamless and stress free. They walked every step of the way with me. The 504 program was the right fit for my financial needs and it allowed me to have the funds and time needed to purchase the property and build my new funeral home. The program allows me to have the ability to successfully pay back my loan and long-term stability and growth of my business.
