This May,
EDF funded a SBA 504 loan for Molon Asphalt, Inc. Owners, Scott Porter and Mark Steckley, formed Molon Asphalt to purchase an existing asphalt company in Interlochen, MI. Scott and Mark partnered with Independent Bank and
EDF to finance the purchase of the existing equipment through a SBA 504 loan. Independent Bank provided additional financing for the rest of the business purchase. The seller was also a customer of
EDF and had originally financed the acquisition of the asphalt plant through an SBA 504 loan. The seller did most of the paving work for Molon Excavating, another local business owned by Mark and Scott.
Since Scott and Mark bring significant industry experience to the deal through their other business ventures, this project qualified for a 50/40/10 structure and allowed the company to obtain a 10-year fixed rate on the SBA loan. This is the second project that Scott and Mark partnered with
EDF on in 2019. In March,
EDF funded a SBA 504 loan for Molon Excavating, Inc. for the purchase of the company’s operating facility from the previous owners. At
EDF, we pride ourselves on streamlining the process for our small business customers and we believe repeat borrowers are a testament to this commitment. Thank you, Scott, Mark, and Independent Bank, for once again partnering with
EDF!
