June 2020
June 2020 Interest Rates
25 Year Rates

2.60% - Standard and Refinance

20 Year Rates

2.53% - Standard and Refinance

10 Year Rates

2.85% - Standard and Refinance

*10-year debentures are funded every other month; therefore, the May 2020 10-year rate is quoted above.

Thank You!

We would like to take this opportunity to say thank you and express our gratitude for all of the hard work and long hours, that you our lending partners, have put in to help our mutual customers and local small businesses weather this COVID-19 crisis.

From granting deferments and extending Payroll Protection Program loans, to being a sounding board for the thousands of business owners in Michigan who have had to react quickly to safeguard their financial stability and the livelihoods of their many employees. It has taken countless hours and sleepless nights and we appreciate all of you.

Normally, we would have expressed our appreciation for your support of EDF and our mission to provide access to capital to small businesses by delivering cookies on May 4th or 504 Day . Unfortunately, that was just not possible this year. However, in the spirit of all the hard work you have put in these last several months, we have made a donation to the Rapid Relief Fund of the Greater GR Chamber Foundation . This fund is aimed at delivering short-term financial support to small businesses in need. To learn more about the fund, please click here .

On behalf of our entire EDF Team, we are so grateful for your support and service to our communities!
504 Example

Partner Buyout

Did You Know?

The SBA 504 Loan Program can be used to finance a "CHANGE OF OWNERSHIP" in an EPC?

What Does This Mean?

Subject to the SOP guidelines, a new SBA 504 transaction can be structured using the equity in the real estate to payoff current debt and buyout a partner. Many times, a small business owner will have a partner that is not necessarily active in the operating company as a silent partner in the real estate.  Once the operating company is established, the owners may decide the time is right to buyout the silent partner. This change of ownership can be accomplished using the SBA 504 program. 


Two young Doctors went into practice together 10 years ago and enlisted a Third partner to join them in the real estate investment portion of the project. Each partner owns 33.33% of the Eligible Passive Company (EPC). Today the practice has grown, and the Doctors (66%) wish to buyout the real estate partner (33%). Upon receipt of a new appraisal indicating a value of $1,350,000 EDF was able to structure the deal so that there were sufficient proceeds to pay off the mortgage balance of $600,000 and payoff the partner his equity of $250,000. Injection for the transaction came from the remaining partners equity and did not require any new cash down payment.  
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:
West Michigan Market

Bradd Pierce
(616) 323-1277
East Michigan Market

Tom Bell
(810) 202-1750
Northern Michigan and Lansing Market

Kelly Schramski
(734) 821-7280
Featured Funding
Braintrust Behavioral Health, LLC
Anyone who knows Zach Dugger knows he has a passion for helping people. With a master’s degree in Behavior Analysis, Zach was working as a Behavioral Analyst and a Limited Licensed Psychologist, providing Applied Behavioral Analysis (ABA) services to individuals with traumatic brain injuries. However, it was not until a local autism coordinator contacted him about the need for services in Allegan County that Zach began to consider how he could expand his professional reach and help others. As a result, Zach opened Braintrust Behavioral Health.

“I had a desire to help people and do more professionally. When I saw this opportunity to do just that, along with creating new opportunities for others as well, I knew that was the next step for me.”

Just a few months after opening the business, Zach realized the need extended so much further than Allegan County. Surrounding families and communities began reaching out and inquiring about Braintrust’s services. Dedicated to providing quality services to as many people as possible, Zach committed to meet the demand and expand his reach. However, to do that, he needed more space.

Soon, Zach was able to find a building on Stadium Drive in Kalamazoo, MI that would meet their needs. It was at this time that he was introduced to the Economic Development Foundation (EDF). Braintrust partnered with EDF and Shannon Dwyer, Business Development Manager with Consumers Credit Union to finance the building purchased through the SBA 504 loan program. “The purchase gave us the additional room for growth and expansion that we needed to continue to serve our communities while providing high quality service,” Zach explained. “The SBA 504 program is what ultimately made this jump possible, and EDF lead me through what we required every step of the way.”

With the help of EDF, Braintrust can serve the community better than ever before. Since the expansion, Braintrust has expanded its center-based services for kids beyond the preschool and early elementary age. In addition, the new facility has given them a stronger presence in the community and a larger space to provide quality services in a variety of forms.

“The building has facilitated so many opportunities for us, including the ability to make our services available to a wider age range and work with those kids in a setting that meets the parent’s needs as well. To work alongside others to create new service delivery options for individuals and better meet their needs has been so rewarding.” 

For more information on Braintrust and their services, visit their website at www.braintrustbh.com and to read the full Braintrust Success Story click here.
Lender Leader Board
FY 2020

EDF would like to thank all of the lenders that have had loans authorized with us in FY 2020. At the end of our current fiscal year (09/30/2020), the lending institution with the most loan approvals will receive  EDF's Lender of the Year Award.
EDF Team
Julie Parker
(616) 323-1273
Gary Witkowski
VP of Loan Operations
(616) 323-1275
Bradd Pierce
Senior Loan Officer
West Michigan Market
(616) 323-1277

Kelly Schramski
Loan Officer
Northern Michigan and Lansing Market
(734) 821-7280

Tom Bell
Loan Officer
East Michigan Market
(810) 202-1750

Amy DuBridge
Loan Officer & 7(a) Loan Specialist
(616) 323-1279
Daniel Reyes
(616) 323-1271
Abbey Byrne
Closing Manager
(616) 323-1274
Michelle Vargo
Closing Specialist
(616) 323-1278
Laura Seromik
Servicing and Compliance Manager
(616) 323-1273
Kyle Wilson
Closing and Servicing Specialist
(616) 323-1272
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