August 2018
August 2018
Interest Rates
25 Year Rate
20 Year Rate
10 Year Rate
FY 2019 Program Fees

The SBA recently issued a notice announcing FY 2019 fees related to the 504 loan program. They are increasing, so if you have a project in the works, getting it approved prior to October 1, 2018 could save your borrower money. These fees only apply to loan approvals on or after October 1, 2018 through September 30, 2019.

504 Loans Approved During FY 2019:

  • The Upfront guaranty fee for 504 borrowers is increased to 0.50% (50 basis points) in FY 2019.
  • The annual service fee is reduced to 0.638% (36.8 basis points) of the outstanding balance of the loan.

For 504 Debt Refinance Loans Approved During FY 2019:

  • The upfront guaranty fee for 504 borrowers is increased to 0.50% (50 basis points) in FY 2019
  • The annual service fee is reduced to 0.368% plus 0.027%, for a total of .395% (36.8 basis points plus 2.7 basis points) of the outstanding loan.
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 current fiscal year (9/30/18), the lending institution with the most loan approvals will receive EDF's Lender of the Year Award.
Independent Bank
16 Loans
Huntington Bank
7 Loans
Honor Bank
3 Loans
Choice One Bank
2 Loans
Lake Michigan Credit Union
2 Loans
Consumers Credit Union
2 Loans
Grand River Bank
2 Loans
Chase Bank
2 Loans
4Front Credit Union
1 Loan
Comerica Bank
1 Loan
Community Choice Credit Union
1 Loan
Horizon Bank
1 Loan
Macatawa Bank
1 Loan
Mercantile Bank
1 Loan
My Personal Credit Union
1 Loan
Old National Bank
1 Loan
Shelby State Bank
1 Loan
State Savings Bank
1 Loan
The Bancorp
1 Loan
Union Bank
1 Loan
West Michigan Community Bank
1 Loan
West Shore Bank
1 Loan
FY 2018 Total
Totals as of 07/31/2018
50 Loans
The Lenders Cup

All of the lenders listed above, along with any other bank or credit union that has a project authorized by EDF prior to September 1, 2018, will be eligible to compete in The Lenders Cup Golf Tournament! Last year was our inaugural event and the traveling trophy went home with Traverse City State Bank, which is now Independent Bank as of April 2, 2018 ! This year's event will take place on September 13, 2018 at Thornapple Pointe Golf Course . Each lending institution will have the opportunity to submit a foursome to compete.
Mr. Michael Spontelli and Mr. Mark Marlow are the owners of The Courthouse Athletic Centers in Kalamazoo and Grand Rapids, MI. The Centers are designed specifically for basketball, volleyball and fitness programs. They organize leagues, tournaments, and training opportunities for kids and adults of all ages.

Recently, The Courthouse moved from its existing 28,000 square foot building and built and brand new 47,000 square foot facility for the Grand Rapids market. They accessed the SBA 504 loan for 40% of the end financing. This is the third time EDF has had the opportunity to work with The Courthouse Athletic Centers. They have utilized the SBA 504 loan program features for real estate financing, equipment financing and debt refinance. The new location in Grand Rapids at 8895 Byron Commerce Dr. SW, Byron Center, MI turned out excellent!

EDF Lender, Bradd Pierce, partnered with Chris Mars, a Commercial Lender at First National Bank to provide the borrower with a very competitive long term financing package including 20 year fixed rate bond pricing. Chris said: " EDF really helped make this project go smoothly for the bank and the borrower from beginning to end. Bradd Pierce was engaged with the customer from the very start which ensured the approval moved efficiently. After the construction project was complete the final SBA funding was seamless. The borrower was extremely happy to lock up long-term financing for this project through the bank and the EDF partnership."

To learn more about the benefits of the SBA 504 Loan Program, or how EDF can assist you, please visit our website at, or contact one of our Loan Officers, Gary Witkowski or Bradd Pierce.
Call EDF for your 7(a) Packaging Needs

EDF   can assist your bank or credit union with 7(a) Loan eligibility and questions. We can also prepare loan applications and submit them directly to the SBA for approval. If you do not have an in-house SBA specialist, please consider using  EDF for your packaging needs.   For more information, please call Amy Dubridge at (616) 323-1279  or you may send an email to .
Schedule a Lunch and Learn
EDF   would love the opportunity to bring lunch to your organization, get to know your entire team, and do a brief presentation on the benefits of the 504 Loan Program. We are currently scheduling into September and October. If you would like to set up a time, please call Kyle Wilson at (616) 323-1272  or you may send an email to .
EDF Staff
Julie Parker
(616) 323-1276
Loan Officers 
Bradd Pierce
Senior Loan Officer
(616) 323-1277
Gary Witkowki
Loan Officer
(616) 323-1275
Credit Department 
Amy DuBridge
Junior Loan Officer
& 7(a) Specialist
(616) 323-1279
Matt Mankivsky
Junior Loan Officer
(616) 323-1278
Closing Department 
Abbey Byrne
Closing Manager
(616) 323-1274
Laura Seromik
Closing Specialist
(616) 323-1273
Servicing/Credit Department 
Kyle Wilson
Servicing Manager
(616) 323-1272
Nik Hoezee
Junior Loan Officer
(616) 459-4825
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