November 2018
November 2018 Interest Rates
25 Year Rate
20 Year Rate
10 Year Rate
25 Year Fixed Rate Option
Is a Great Choice!

The 25 year fixed interest rate option has proven to be a very popular choice since its release earlier this year. In fact, industry wide, we have seen over half the businesses in the country that utilize the 504 program choose the 25 year program over the 20 year program because the extended amortization reduces their payment even further. Additionally, they still get to take advantage of all the benefits of the 20 year program such as a low down payment and low fixed interest rate (especially when compared to most adjustable rate loans). To learn more about the 25 year program, please email click here !

Fee Reduction for FY 2019
On-going fees built into the fully effective rate were reduced in the SBA-504 program on October 1, 2018 by approximately 28 basis points, causing the effective rates in the 504 program to actually drop on approvals after October 1, 2018.

SBA 504 Program vs.
SBA 7(a) Program
If you’re looking for a small business loan to purchase commercial real estate or heavy machinery/equipment, the SBA 504 loan is the best choice due to its lower down payment, fixed interest rate for the life of the loan, and the lower fees.  If purchasing a business or getting working capital is the goal, the SBA 7(a) loan is the better tool. 

 EDF has over 35 years of experience administering 504 loans on behalf of the SBA, and we also package 7(a) loans for over 20 banks and credit unions across the State of Michigan. Therefore, we can help you determine the best path for your specific project or customer and can provide a cost estimate which compares all of the options available. For more information, please click here !
Join us for EDF's Annual Holiday
Open House
Please join us for this complimentary event.
To RSVP, please click here !

To view the parking map, please click here!
In October 2018, EDF's Senior Loan officer, Bradd Pierce partnered with Mike Siminski, SVP-Commercial Lender at Mercantile Bank of Michigan on a 504 loan to GR Racquet and Fitness, LLC. This SBA 504 project assisted GR Racquet and Fitness (GRRF) in purchasing and making improvements to the existing Riverview Athletic Club in Northeast Grand Rapids. The project included making major improvements to the facility including adding a mezzanine for viewing of the tennis courts, installing pickleball courts, and other upgrades to the locker rooms, personal training space, and cardio rooms.

GR Racquet and Fitness, LLC is owned by Tom Walker who has been in the tennis instruction, player development, and management business for 35 years. He has built a reputation as the number one tennis teaching professional in West Michigan in the past 25 years working primarily in Kalamazoo and Lansing. It is Tom's intention to make GRRF the top tennis facility in West Michigan which will draw premier athletes from the Lakeshore, Kalamazoo, Lansing, Rockford, and the Grand Rapids area. While there are many fitness options in the Grand Rapids area, GRRF will concentrate on the specific niche of performance tennis and will integrate training and fitness programs into its tennis program. Also, the addition of pickleball courts which is the fastest growing sport in the U.S. will be another draw for the facility.

Tom was able to take advantage of a low-down payment of 10% since this was considered an existing business and lock in an excellent rate on the SBA portion of the project for the entire 20-year term. We congratulate Tom on this new venture and wish him and the athletes that will benefit from this facility great success!

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 by clicking here!
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 click here !
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 December and January. If you would like to set up a time, please call click here!
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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