In June,
EDF funded the second SBA 504 loan for Leelanau Gear, LLC d/b/a Round Lake Outfitters located in Charlevoix, MI. Owned by Doug and Tonya Thomas, Round Lake Outfitters is Charlevoix County's premier store for camping, hiking, and other outdoor adventure supplies. The store provides everything you need to explore the great outdoors. Since 2017, Doug and Tonya had been leasing their existing location. After seeing great success they decided to purchase the location, and make Charlevoix a long term home.
Doug and Tonya decided on Charlevoix for their second location due to its similarities to Glen Arbor, MI, which is home to the first location they purchased in 2007, The Totem Shop. In 2015 they were also able to take advantage of the SBA 504 loan program with the purchase of this location as well.
EDF had the opportunity to partner with Al Zelinski, Vice President, Honor Bank on both transactions. The SBA 504 loan program gave Leelanau Gear, LLC the opportunity to purchase the existing facilities they occupied with a low down payment of 10%, and a 20 year fixed rate on 40% of the project costs.
