November 2019
November 2019 Interest Rates
25 Year Rates

3.80% - Standard
3.83% Refinance
20 Year Rates

3.74% - Standard
3.78% - Refinance
10 Year Rates

3.93% - Standard
3.97% Refinance

Thank You To Those That Have Served!
EDF is proud to support our veterans as the only certified development company in Michigan to cover a portion of the fees associated with both 504 and 7(a) loans to veteran owned businesses! Please see details below.
Did You Know?
25-Year SBA 504 Loan Gaining Traction
It has been just over a year since the SBA launched the 25-year term SBA 504 loan, and there is good indication that commercial lenders and small business borrowers are loving this new 504 option!

Approvals of the new 25-year SBA 504 loans have risen steadily since they were first introduced in July 2018. In just over the first year, by August 2019, approvals rose to over 200 transactions and provided small businesses with access to over $150 million in financing to expand their operations. Overall, more than $1 billion in 25-year SBA 504 loans have been approved since they were added to the program. Additionally, very attractive interest rates have helped the new option gain traction and this continues to be the case as rates continue to decline. In just 13 months, the long-term rates for the 25-year SBA 504 loan have dropped over a full point, from 5.32% in July 2018 to 3.95% in August 2019.

To learn more about the benefits of the 25-year SBA 504 Loan Program, or how EDF can assist you, please visit our website at   or contact one of our Loan Officers.
Monthly 504 Loan Example!
Straight Refinance with Cash Out for Eligible Business Expansion

An existing manufacturer is seeking to refinance a commercial real estate loan with a current balance of $650,000. Additionally, they would like to take advantage of SBA's 504 option of cash out for eligible business expense, which would support rent, utilities, and wages over the next 18 months. An appraisal was recently completed and provided an "as is" market value of $1,000,000.

  • Operating Company must be at least two years old.
  • Loan to be refinanced must have been originated more than two years ago, be current over the past 12 months, and not be an SBA/government guaranteed loan.
  • At least 85% of the original use of proceeds of the note being refinanced must have been used for SBA 504 eligible costs.
  • Cash out for eligible business expense is up to 20% of the appraised value, but the SBA 504 loan is limited to an 85% LTV.
  • Eligible business expenses can be used for most G&A expenses such as rent, wages, utilities, etc. that will be expenses over the next 18 months.
  • Bank term must be 10 years (can reprice anytime). Amortization does not need to match SBA term of 25 years.

Advantage to borrower:

  • Land equity used for down payment.
  • SBA 504 loan allows borrower to refinance existing debt at a low fixed rate for up to 25 years.
  • Cash out of $200,000.
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:
West Michigan Market

Bradd Pierce
(616) 323-1277
East Michigan Market

Tom Bell
(810) 599-4074
Northern Michigan and Lansing Market

Kelly Schramski
(734) 751-6933
Featured Funding
A Michigan Retreat

Brian and Emma Cloninger were on a quest to find the perfect location to open a new business in the United States. Brian was living in Nice, France at the time with his wife, Emma, a French citizen. He was a cinematographer; she worked in event management and e-commerce. With strong entrepreneur spirits, coupled with a passion for building community and admiring the environment, the husband and wife duo had a vision for a wedding, event, and camping destination like any other. It wasn’t until Emma and Brian were visiting a friend in northern Michigan, however, that they finally laid eyes on the perfect spot for their new business venture to call home. The rest is history…....

Nature is an 80-acre private forest located on the Leelanau Peninsula in northern Michigan. The business serves as a wedding, event, and glamping center, but if you ask Brian and Emma, it’s much more than that. The land is surrounded by a trail system, two sanctuaries, a camping/gathering area, large bonfire pits, the “Great Nest” lodge, and “glamping” (luxurious camping) tents equipped with queen and king size beds. The entire area is dark sky compliant and ADA accessible, complimented with a neutral, Scandinavian looking architectural style that makes it unlike anything else. “We are a very ‘out-of-the-box’ business,” Brian explained. “ We do not fall into the easy classification of a glamping facility, a large event space, or an event venue. We’re a destination with a focus on community...a unique space that people can inhabit and bring to life.”

Because of Nature’s “out-of-the-box” business plan, Brian and Emma struggled to find the financing they needed to begin this exciting business venture. It was the combined efforts of the EDF and Anthony Palumbo at First Community Bank that made this vision possible. Together, they created a unique financing package for Brian and Emma through the SBA 504 loan program – a program that works to mitigate risk while providing below-market, fixed interest rates with low-down payments at a longer term. The program allowed Brian and Amy to purchase the land, build the “Great Nest” lodge, and get the equipment they needed to run the business. “The interest and the investment by the SBA 504 loan really allowed us to build a dream and start something that is concretely impacting the community and region it surrounds,” Brian shared. The Economic Development Foundation was able to handhold me through this process that looked daunting to me, supporting me and answering my questions along the way. It was truly a collective force of small business development teams within the community that helped us achieve our vision.” Brian and Emma also utilized the MEDC and SCORE programs throughout their community as they worked towards building their business.  

To visit Nature or book an event, 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 2019. Independent Bank had the most loan approvals, and is this year's Lender of the Year!
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) 751-6933

Tom Bell
Loan Officer
East Michigan Market
(810) 599-4074

Amy DuBridge
Loan Officer & 7(a) Loan Specialist
(616) 323-1279
Daniel Reyes
(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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