October 2018
October 2018 Interest Rates
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FY 2018
A Success for EDF
and the Small Businesses of Michigan!
FY 2018 was very positive for EDF ! With 215 Certified Development Companies (CDCs) nationwide, EDF finished the fiscal year ranked 23rd in the country in terms of 504 loan volume. EDF had 62 loans authorized totaling $29,946,000 in 504 Debentures. Total project costs for the 62 loans authorized totaled $78,588,539 with total job creation of 460 FTE's. Overall, there were 170 loans authorized throughout Michigan with EDF gaining approximately 7% market share year over year. Additionally, we were the only CDC in Michigan to gain market share over the last twelve months.

Our success would not be possible without all of the lending institutions listed below, and we are so thankful for all of their support and participation!

Lender of the Year Award!

EDF would also like to recognize Independent Bank as our Lender of the Year! Independent Bank had 18 loan approvals with a 504 portion totaling $9,128,000. Total project costs for the 18 loans authorized totaled $24,794,037. Congratulations Independent Bank and thank you for your support!
Independent Bank
18 Loans
Huntington Bank
9 Loans
Chase Bank
3 Loans
Choice One Bank
3 Loans
Grand River Bank
3 Loans
Honor Bank
3 Loans
Level One Bank
3 Loans
Community Choice Credit Union
2 Loans
Lake Michigan Credit Union
2 Loans
Consumers Credit Union
2 Loans
4Front Credit Union
1 Loan
Comerica Bank
1 Loan
Horizon Bank
1 Loan
Macatawa Bank
1 Loan
Mercantile Bank
1 Loan
My Personal Credit Union
1 Loan
Old National Bank
1 Loan
Shelby State Bank
1 Loan
State Savings Bank
1 Loan
Team One Credit Union
1 Loan
The Bancorp
1 Loan
Union Bank
1 Loan
West Michigan Community Bank
1 Loan
West Shore Bank
1 Loan
FY 2018 Total
Totals as of 09/30/2018
62 Loans
EDF's Announces
Two Promotions!
Gary Witkowski
VP of Loan Operations

We are excited to announce the promotion of Gary Witkowski to Vice President of Loan Operations.

In this new position, Gary will oversee EDF's loan processing department and be directly involved with the structure of each loan that gets sent to SBA for approval. Gary will also play a key role in ensuring the overall loan process, from approval to closing, runs as smoothly and efficiently as possible for our borrowers and lenders.

Gary brings over 10 years of industry experience and 2 years of banking experience to this role, which makes him the perfect candidate for this position. Gary will continue to serve as the loan officer for Northern Michigan, a territory that he has spent the last 7 years developing.
Laura Seromik
Servicing and Compliance Manager

We are also excited to announce the promotion of Laura Seromik to Servicing and Compliance Manager.

In this new position, Laura will be in charge of EDF's Servicing Department managing the entire loan portfolio. Laura will also be in charge of all compliance and audit related items associated with the 504 loan program.

Laura brings 3 years of industry experience and 22 years of banking experience to this role. Since Laura has been with EDF , she has worked in the loan processing department and closing department, and she has also assisted with industry audits and annual reports. This new position will allow her to utilize all of her experience and expertise.
Last month, EDF funded a SBA 504 loan for Shooters Range of Big Rapids, LLC. Owner, Dan Griffith, started working for a local pawn shop named Ace Buyers and quickly learned the business. After managing the store, Dan was offered the option to purchase it, which he did near the end of 2008 with his first SBA 504 loan. After successfully operating Ace Buyers, he purchased an existing shooting range in Traverse City, MI in 2011 called Shooters Range – which was also financed with a 504 loan.

Given the success of the two operations, Dan decided to expand to a third location, and purchase the former Trigger Time Outfitters located in Big Rapids. This project gives Dan the opportunity to expand his market share into mid-Michigan while also helping him realize cost savings by having three stores and two ranges.

For the third SBA 504 loan for Dan’s operations, EDF had the opportunity to partner with Jeff Rademacher, Vice President, Independent Bank. Despite this being a new location for Dan, he was able to take advantage of a low-down payment of 10% along with receiving a 20-year fixed rate on the SBA loan.

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, Gary Witkowski or Bradd Pierce.
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 Amy@growmichigan.com or Nik Hoezee at (616) 323-1271 , or Nik@growmichigan.com.
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 Kyle Wilson at  (616) 323-1272   or you may send an email to  Kyle@growmichigan.com .
EDF Staff
Julie Parker
(616) 323-1276
Loan Officers 
Bradd Pierce
Senior Loan Officer
(616) 323-1277
Gary Witkowki
Vice President of Loan Operations
(616) 323-1275
Credit Department 
Amy DuBridge
Loan Officer
& 7(a) Loan Specialist
(616) 323-1279
Nik Hoezee
Loan Officer
& 7(a) Loan Specialist
(616) 323-1271
Closing and Servicing Department 
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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