EDF Newsletter - February 2018 - Interest Rates, March Madness, Lender Leader Board and Other News!

February 2018

February 2018 Interest Rates

20 Year Standard Rate - 4.94%

20 Year Refinance Rate - 4.99%

10 Year Standard Rate - 4.66%

10 Year Refinance Rate - 4.71%

March Madness

Mixers and Brackets!

March Madness is just around the corner and we would love to see you at one of our mixers! This year, in addition to our Grandville event we will also be hosting an event in Portage. Details are below along with a link to register!

March Madness Mixers

Thursday, March 15th

12:00 pm to 3:00 pm

Latitude 42° Brewing Company

7842 Portage Road

Portage, MI 49002

Enjoy comlimentary food and cocktails!

To Register, please click here!

Friday, March 16th

12:00 pm to 3:00 pm

Ucello's

3940 Rivertown Pkwy

Grandville, MI 49418

Enjoy comlimentary food and cocktails!

To Register, please click here!

March Madness Brackets

If you are unable to make one of the events, you can still participate by filling out a bracket. There is no cost and the winner/s will recieve a $100 Amazon Gift Card. On Monday, March 12th, the brackets will be sent out via email. Simply fill it out and return it prior to the start of the tournament and you will be entered to win! Weekly updates will be sent out throughout the tournament!

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 our Lender of the Year Award.

T raverse City State Bank

6 Loan

Huntington Bank

3 Loans

Chase Bank

1 Loan

Comerica Bank

1 Loan

Grand River Bank

1 Loan

Honor Bank

1 Loan

Mercantile 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 01/31/2018

18 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! 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.

Featured 504 Funding

Auto Body Xperts

Auto Body Xperts is a full service auto body repair shop with four locations throughout West Michigan. The company started back in 1948 with one location in Hudsonville. In 1982, Bob Arnoldink and John Schout purchased the business, and began expanding operations with satellite locations. In 1998, the first satellite location opened in Wayland, and in 2000 they started a third location in Holland. As the business continued to grow, Bob and John began looking for land to build a fourth location in Zeeland. This area was ideal for them as this shop can take on overflow work from Holland and Hudsonville along with serving new business in Zeeland, an underserved market.

The 504 Loan Program was the perfect fit for their expansion. The new building, located at 9389 Riley Street in Zeeland, is 12,000 square feet with four garages for repairs, along with ample office space for employees as well. They qualified for a 10% down payment as this was an expansion of their existing operations and a multi-purpose property. SBA considers auto body repair shops to be multi-purpose if the building does not have pits AND permanent in-ground lifts.

The SBA debenture funded in February, providing a 20 year fixed rate for the borrower on 40% of the project cost. EDF partnered with Mike Eling of West Michigan Community Bank to provide the long term financing for the land and construction of the new building. According to Bob Arnoldink, "We had a very positive experience with the 504 program! Because of the program, we were able to build a state of the art facility that would allow us to employ more people and serve our customers better."

To learn more about the benefits of the SBA 504 Loan Program, or how EDF can assist you, please visit our website at www.growmichigan.com , or call 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 Amy@growmichigan.com .

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 March and April. If you would like to set up a time, please call Kyle Wilson at (616) 323-1272 or you may send an email to Kyle@growmichigan.com .