March 2019
March 2019 Interest Rates
25 Year Rate
20 Year Rate
10 Year Rate
Cost Estimate

Do you need a cost estimate on a project you are structuring? Check out the new and improved cost estimate calculator on our website. Either type into your browser and click on the Loan Calculator tab, or click here , and it will direct you automatically. Simply fill in the details regarding the project and a cost estimate will be emailed to you within seconds. It's that easy! As always, please feel free to call our office at (616) 459-4825 to discuss your project or if you have any questions.
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 (09/30/19), the lending institution with the most loan approvals will receive EDF's Lender of the Year Award.
Independent Bank
4 Loans
Chase Bank
1 Loan
Chemical Bank
1 Loan
Fifth Third Bank
1 Loan
Grand River Bank
1 Loan
Lake Michigan Credit Union
1 Loan
Macatawa Bank
1 Loan
1 Loan
Old National Bank
1 Loan
Sturgis Bank and Trust
1 Loan
Team One Credit Union
1 Loan
United Bank of Michigan
1 Loan
West Michigan Community Bank
1 Loan

FY 2019 Total
Totals as of 03/28/19
16 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, 2019, will be eligible to compete in The Lenders Cup Golf Tournament! Last year's traveling trophy went home with West Michigan Community Bank. This year's event will take place on  September 12, 2019 at Thornapple Pointe Golf Course  . Each lending institution will have the opportunity to submit a foursome to compete.
Featured Funding
Life Story Funeral Home
Last month, EDF funded a SBA 504 loan for Traverse Bay Funeral and Cremation Service, LLC DBA Life Story Funeral Home for their new operating facility at 400 Hammond Road West. This new location provides a larger facility that is contemporary and accessible with ample parking which their prior location lacked. Owner, Vaughn Seavolt, has been a licensed funeral director for nearly two decades and felt that something was lacking in the funerals he saw delivered day after day. That is when he discovered Life Story (trademark) for the first time. The Life Story (trademark) funeral experience is focused on life and memories, not death and caskets.

EDF had the opportunity to partner with Mitchell Blue, Senior Vice President, Independent Bank for this 504 project. Since Traverse City Life Story Funeral Home does not have crematory on-site, SBA does not classify the project property as “single purpose”. This allowed Vaughn to take advantage of a low-down payment of 10% along with receiving a 20-year fixed rate on the SBA loan. Vaughn said, “Th e Economic Development Foundation staff made my loan seamless and stress free. They walked every step of the way with me. The 504 program was the right fit for my financial needs and it allowed me to have the funds and time needed to purchase the property and build my new funeral home. The program allows me to have the ability to successfully pay back my loan and long-term stability and growth of my business.
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, Bradd Pierce at 616-323-1277 or or Nik Hoezee at 616-323-1271 or .
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 contact Amy Dubridge at (616) 323-1279  or or Nik Hoezee at (616) 323-1271 , or
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 May and June. 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
Bradd Pierce
Senior Loan Officer
(616) 323-1277
Gary Witkowki
Vice President of Loan Operations
(616) 323-1275
Amy Dubridge
Loan Officer
& 7(a) Loan Specialist
(616) 323-1279
Nik Hoezee
Loan Officer
(616) 323-1271
Abbey Byrne
Closing Manager
(616) 323-1274
Laura Seromik
Servicing and Compliance Manager
(616) 323-1273
Kyle Wilson
Closing and Servicing Specialist
(616) 323-1272
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