March 2020
March 2020 Interest Rates
25 Year Rates

2.88% - Standard and Refinance

20 Year Rates

2.81% - Standard and Refinance

10 Year Rates

2.85% - Standard and Refinance

March Madness 2020 is just around the corner and we would love for you to participate in our Bracket Challenge! There is no cost to participate and the winner will receive a  $100 Amazon Gift Card! We will also have a random drawing for all participants for a 2nd $100 Amazon Gift Card! No need to be a College Basketball fan for a chance to win.

Click here to sign-up fo r EDF's Bracket Challenge for this year's tournament. Feel free to register in advance and then simply complete your bracket picks prior to the start of the tournament and you will be entered to win! Weekly updates will be sent out throughout the tournament!

A reminder email will be sent out on Monday, March 16th.
Did You Know?

In most circumstances, SBA does not require an Appraisal on a
property that is valued at under $500,000.

Read below for more information on appraisals!

Real Estate Appraisals

SBA does not always require a real estate appraisal if the estimated value of the Project Property is:

  • Less than $500,000, or if needed to determine creditworthiness.

Other appraisal guidelines:

  • Appraisal reports must be dated within twelve months of the loan application and be prepared in compliance with the Uniform Standards of Professional Appraisal Practice (USPAP).
  • The maximum total project is limited to the lesser of cost or appraised value.
  • SBA allows for an appraisal shortfall up to 5% (total appraisal divided by .95 = total maximum project costs).
  • SBA must be identified as the client or intended user of the appraisal.
  • The cost of the appraisal is an eligible soft cost.
  • If the loan will be used to finance new construction or substantial improvements to an existing building, the appraisal must include a "as-complete" value.
  • If an appraisal is required, it does not need to be sent in with the application, but must be sent in and approved prior to closing the loan.

In the following circumstances, appraisals are always required and must be submitted with loan application.

  • Equity in land owned for 2 years or more is being contributed as part of the Borrower's contribution.
  • The real estate is Third Party Lender's OREO.
  • The project is not arms-length transaction (e.g., family members).
  • The seller of the property is carrying back a loan that is part of the borrower's contribution.

Equipment Appraisals

SBA requires an equipment valuation when used equipment is part of the project financing. The valuation must be completed by an appraiser or an independent third party expert. Valuations must include the estimated useful life of the asset and be dated within twelve months of the loan application.

To learn more about appraisals or the 504 Loan Program, please call one of our loan officers listed below!
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
Pangea's Pizza
Chris Mohrhardt always knew he wanted to follow his father’s footsteps and have a small business of his own someday. After owning and operating Incredible Mo’s for four years – a family entertainment center in Traverse City - he soon realized how deep this desire really was. Chris decided to pursue another business venture and, in 2016, purchased Pangea’s Pizza. And thus, he continued his entrepreneurial journey…

“I was looking for a second business and second opportunity to be a part of the community,” Chris shared. “Like Incredible Mo’s Pangea’s Pizza is in the heart of Traverse City. When we heard it was for sale, it seemed like the perfect fit.”

To purchase the business and building, Chris assembled a team of lending partners he had previously worked with on Incredible Mo’s. Together with the Economic Development Foundation and Independent Bank, he secured a SBA 504 loan, providing him with the stability he needed to move forward with this second business venture.

“Working with EDF and the SBA 504 loan put me in a way better position, not only from a cash flow perspective, but in the terms of the loan as well,” Chris explained. “You won’t find something like this anywhere else.” Through this program, Chris was able to purchase the Pangea’s Pizza building and business at a fixed, below-market rate for a longer term. “I had the luxury of working with EDF on Incredible Mo’s so I was more than happy to be working with them again. In addition to being familiar with me, they were a lot of help on the business and financial side, especially because this was a technical project from an architectural standpoint. I felt like they weren’t just there to gather information, but that they genuinely wanted me to be successful.”

And the business has been booming ever since…

Since the purchase, Chris has seen a significant increase in revenue. In addition, he has been able to hire an additional 30 employees, increase payroll, and add a rooftop deck to better accommodate and serve their customers. He has also seen a significant increase in tips – a great indicator that their customer service is at the next level. But his favorite part? Being able to become more involved in the community. Pangea’s Pizza is a partner of Big Brothers Big Sisters, allowing children and their "Bigs" to visit Pangea’s and enjoy a free pizza and soda on the house.

“We recognize that organizations like this are truly making a difference in the lives of others,” explained Chris. “The least we can do it enable them to go out and have a good meal without having to pay for it.”

Pangea’s Pizza is also a proud partner of Child and Family Services, Good Will, and many other community non-profits. Between the two businesses, they’ve been a proud recipient of the Supportive Workplace Award by Networks Northwest, the Child and Family Services partnership award, the Big Difference Award for Big Brothers and Big Sisters, the Red Hot Best award, and many other local recognitions. And Chris gives all his thanks back to his staff.

“I make sure the bills are paid, but it’s really the staff who are at the front lines,” Chris praised. “They’re the ones that will walk half a block to return a favorite book to the little kids who left it in the booth, take orders and serve the customers, and all in all make the business tick. I couldn’t do any of that without them.”
For more information on Pangea’s Pizza, visit their website at
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 Staff
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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