June 2018
June 2018
Interest Rates
20 Year Standard Rate
20 Year Refinance Rate
10 Year Standard Rate
10 Year Refinance Rate
25 Year Debenture!
The SBA is now permanently offering a 25 year debenture with a 25 year maturity! This new product is in addition to the 10 and 20 year debenture that are currently available. Furthermore, the fees associated with this debenture are expected to be the same as the 20 year note. The Third Party Lender Loan accompanying the 25 year 504 loan is required to have at least a 10 year term.

One benefit of the 25 year loan is that it will decrease the monthly payment for the small business borrower and will provide flexibility to better manage critical operating capital, which becomes more important when cash flow is increasingly challenged by rising operating expenses and interest rates.

EDF has started to accept applications. To learn more about the 25 year debenture, please contact one of our Loan Officers, Gary Witkowski or Bradd Pierce or by calling our office at (616) 459-4825.
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.
Independent Bank
14 Loans
Huntington Bank
5 Loans
Honor Bank
3 Loans
Consumers Credit Union
2 Loans
Grand River Bank
2 Loans
Chase Bank
1 Loan
Choice One Bank
1 Loan
Comerica Bank
1 Loan
Community Choice Credit Union
1 Loan
Horizon Bank
1 Loan
Macatawa Bank
1 Loan
Mercantile Bank
1 Loan
Old National 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 05/31/2018
38 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.
EDF recently funded a 20 year fixed debenture for Winchel Irrigation located in Grandville, MI. The company originally started in 2000 with three owners, brothers Len, Greg and Brad. Winchel Irrigation provides service and installation of lawn sprinkler and irrigation systems throughout West Michigan. The company has a growing book of business that includes both residential and commercial clients.

For the past several years the company had been leasing a portion of a building they just purchased. Although they do not occupy 100% of the building, the company still qualified for SBA 504 financing as they do occupy more than 51% of the total square feet.

EDF had the opportunity to partner with Pam Schuitema, Vice President Commercial Loans, Chase Bank. The SBA 504 program gave Winchel Irrigation the opportunity to purchase their existing facility with a low down payment of 10%, and gave them the opportunity to receive a 20 year fixed rate on 40% of their project costs. " Working with Gary and the team at EDF was a very smooth and easy process. We received excellent communication and were able to count on the timelines that were presented to us, and the client was able to have the rate and structure that worked best for their business needs" said Pam.

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 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 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 July and August. 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 .
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 Department 
Kyle Wilson
Servicing Manager
(616) 323-1272
Nik Hoezee
Junior Loan Officer
(616) 459-4825
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