MC
SBA 504 certified development company
Michigan Certified Development Corporation
- Total loans
- 316
- Loan volume
- $297.6M
- Avg loan size
- $942K
- Charge-off rate
- 15.9%
- vs 13.3% national avg
Defaults
28
Franchises funded
162
Risk rating
ELEVATED
Top franchise exposures
| Franchise | Loans | Volume | Default % |
|---|---|---|---|
| Culver's ButterBurgers & Froze | 20 | $23.8M | 0.0% (low risk) |
| Culver's Frozen Custard | 13 | $10.3M | 0.0% (low risk) |
| Super 8 Motel | 12 | $7.6M | 50.0% (very high risk) |
| Best Western Inn | 9 | $9.6M | 28.6% (very high risk) |
| Big Boy | 6 | $2.3M | 20.0% (very high risk) |
| Popeye's Famous Fried Chicken | 6 | $1.9M | 16.7% (high risk) |
| Sonic | 6 | $3.3M | 33.3% (very high risk) |
| Holiday Inn Express/Holiday In | 6 | $18.1M | 0.0% (low risk) |
| Appletree Christian Learning C | 6 | $5.0M | 0.0% (low risk) |
| Subway Sandwich Shop | 5 | $1.5M | 0.0% (low risk) |
| Holiday Inn Express | 5 | $6.0M | 0.0% (low risk) |
| Burger King | 5 | $6.5M | 0.0% (low risk) |
| Arby's | 5 | $2.1M | 0.0% (low risk) |
| Gilden Woods | 5 | $5.1M | 0.0% (low risk) |
| Hampton Inns | 4 | $7.1M | 0.0% (low risk) |
| Days Inn | 4 | $3.3M | 50.0% (very high risk) |
| Chrysler | 3 | $2.0M | 0.0% (low risk) |
| Comfort Inn | 3 | $2.8M | 0.0% (low risk) |
| Holiday Inn | 3 | $5.1M | 0.0% (low risk) |
| Tim Hortons | 3 | $1.6M | N/A |
Lending volume by year
2'93
4
3
16
2
1'98
3
5
3
9
10'03
5
7
10
11
6'08
10
11
8
16
12'13
9
10
14
12
11'18
13
11
22
21
13'23
18
6
2'26
Geographic coverage
Portfolio summary
Total funded$297.6M
Defaults28 of 316
Risk tierELEVATED
Source: SBA 504 FOIA loan-level data, aggregated by FranchiseVerdict
Charge-off rate = charge-offs / (charge-offs + paid-in-full). Active, exempt, and cancelled loans are excluded. Risk ratings: Excellent (<5%), Good (5-10%), Average (10-15%), Elevated (15-20%), High Risk (>20%).