Monthly Interest Rates
and Other 504  News
August 2017
August 2017
Interest Rates
20 Year Standard
20 Year Refinance
 10 Year Standard
 10 Year Refinance
7(a) Packaging
EDF  can assist your organization with 7(a) Loan questions and eligibility, and then prepare loan packages and submit them directly to the SBA for approval.   If requested,  EDF  will work directly with the business owner and respond to and assist SBA throughout the approval process.   The fee is based on the size of the loan. For more information,
please call  EDF's  7(a) Specialist, Amy Dubridge at (616) 323-1279 or you may send an email to

EDF's Lender
Leader Board
EDF  would like to thank all of the lenders that have had loans authorized with us so far this fiscal year.  At the end of our fiscal year (9/30/17), the lender and lending institution with the most loan approvals will receive our Lender of the Year Award. 

Do you want to see your organization's name on this list?  We do too!  If you have a project that you would like to discuss, please call either Bradd Pierce  or Gary Witkowski.  

Lender Name
Number of Loans

Traverse City State Bank
15 Loans
Huntington Bank
7 Loans
Grand River Bank
5 Loans
Chemical Bank
4 Loans
Macatawa Bank
3 Loans
First Community Bank
2 Loans
My Personal Credit Union
2 Loans
West Michigan Community Bank
2 Loans
Chase Bank
1 Loan
Choice One Bank
1 Loan
Comerica Bank
1 Loan
First National Bank of MI
1 Loan
Honor State Bank
1 Loan
Independent Bank
1 Loan
Lake Michigan Credit Union
1 Loan
Mercantile Bank of Michigan
1 Loan
Old National Bank
1 Loan
*Totals are as of 6/30/17
49 Loans

2017 Great Lakes Lender's Conference
The 19th Annual Great Lakes Lender's Conference, the Midwest's premier banking event,  was held July 26 - 28 at the Motor City Casino and Conference Center in Detroit, MI.  This three day event focused on SBA programs and other lending topics.  The event, with over 300 lenders in attendance, also featured Linda McMahon, SBA Administrator, as one of the keynote speakers.

EDF has participated in this event all 19 years and this year contributed as a sponsor, exhibitor, and a presenter at one of the 504 Loan breakout sessions.   Additionally, EDF sponsored a private Tiger's event for some of the attendees of the conference.  Although the Tiger's did not win the game, a great time was had by all!

Featured Funding!
Ebels Family Center
Bradd Pierce of EDFcollaborated with Doug Morgenstern of Huntington National Bank to assist Ebels Family Center with the construction of a water treatment facility.   EDF was excited to work with Bob Ebels, the CFO and partial owner of Ebels Family Center in Falmouth, MI on their second SBA 504 project, with yet a third project still in process.

Ebels Family Center was formed in 1978; however, the business has a history dating back to 1920 when it was founded by the great, great, grandfather of current majority owner Mark Ebels and his wife Dawn. Ebels was formed to provide a more convenient way for locals to purchase healthy food and home goods without the long commute to more populated areas.  The store has grown into a destination general store serving all of Northern Michigan and even parts of the Upper Peninsula, providing hundreds of customers with everyday products.  Ebels is a true General Store selling a full line of groceries, including a significant and well-known meat department, clothing lines and general household items.  The entire Ebels family is involved in the various businesses, which include, Dawn's Fresh Catering, Ebels Meat Processing, and Little Town Jerky.  The meat processing business services both Ebels Family Center and Little Town Jerky that offers everything from jerky to smoked picnic hams to cooked beef ribeye.  Their products have become well known around the state and can be found in multiple retail locations.

The SBA 504 project included site work and building improvements, as well as equipment for the water treatment system needed to meet the demand of their meat processing plant.  Bob Ebels said, "In 2005 and twice in 2017, our companies were able to utilize the 504 loan program through EDF.  We've had a great experience with the folks at EDF, and we have worked with some of the same people on all of the loans, which says a lot for their organization.  The projects that we completed were major infrastructure projects that were necessary for our businesses continued growth.  With over 100 people directly involved with our businesses as employees and contractors, we are very blessed to make a positive economic impact in our rural area.  My family is thankful we could utilize the 504 loan program and work with a quality organization like EDF to get the job done. The long term fixed rate financing is a huge benefit to our companies providing stability and the opportunity for growth."

To learn more about the benefits of the SBA 504 Loan Program, or how EDF can assist you, please visit our website at, or call one of our Loan Officers Gary Witkowski or  Bradd Pierce.
Staff Directory

The EDF team consists of eight professionals with many years of SBA 504 experience combined, so please put our expertise to use and call us with any questions you have about the program.  

Julie Parker
(616) 323-1276
Gary Witkowski
Loan Officer
(616) 323-1275
Bradd Pierce
Senior Loan Officer
(616) 323-1277
Matt Mankivsky
Junior Loan Officer
(616) 323-1278
Kyle Wilson
Servicing Manager
(616) 323-1272
Abbey Byrne
Closing Manager
(616) 323-1274
Laura Seromik
Closing Specialist
(616) 323-1273
Amy Dubridge  Junior Loan Officer & 7(a) Specialist
(616) 323-1279

Economic Development Foundation
1345 Monroe Ave NW
Suite 132
Grand Rapids, MI 49505