Monthly Interest Rates
and Other 504
News
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February 2017
Interest Rates
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Lunch and Learns
Would you like your team to learn more about the 504 Loan Program? EDF will bring lunch to your location and do a short presentation! To schedule a time, please contact Kyle at (616) 323-1272 or
Kyle@growmichigan.com.
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Please check out
EDF's
new mobile friendly website at
www.growmichigan.com
.
Make it one of your favorites so you can always check out current interest rates, download SBA forms, get answers to your frequently asked questions or use our loan calculator to generate a cost estimate for a potential project!
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EDF's Lender
Leader Board
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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 fiscal year (9/30/17), the lender and lending institution with the most loan approvals will receive our Lender of the Year Award. Monthly,
EDF will start posting this information so you can see where your bank ranks!
Traverse City State Bank |
7 Loans
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Huntington Bank |
4 Loans
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Chemical Bank |
1 Loan
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First National Bank of Michigan |
1 Loan
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Grand River Bank |
1 Loan
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Honor State Bank |
1 Loan
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Macatawa Bank |
1 Loan
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West Michigan Community Bank
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1 Loan
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*Totals are as of 1/30/17
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Do you want to see your name on this list? We do too! If you have a project that you would like to discuss, please call either Bradd Pierce or Gary Witkowski.
Bradd can be reached at
(616) 323-1277 or
Bradd@growmichigan.com
and
Gary can be reached at (616) 323-1275 or
Gary@growmichigan.com
.
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EDF joined forces with Choice One Bank to assist Nick Andres and David Bloomquist, co-owners of Arc Archer, LLC and Volterra, LLC, to assist in the purchase of land and construction of their new building. Arc Archer, founded in 2010, is a manufacturing consulting firm as well as a manufacturer of products for the commercial and consumer industry. Products they produce include deli doors, LED strip lighting for deli cases and company displays, under cabinet lighting for residential real estate, as well as fabrication of signposts components. Volterra, also founded in 2010, focuses on the outdoor enthusiast market. Their main product is the Jerk Rig Electric Assist allowing for automation of the pulling process of the "jerk line" for duck hunters. It moves the decoys by sound activation from the duck call and allows for hands free calling or shooting for the hunter.
"As
all small business owners know, securing capital
for machinery or expansion can be difficult and time
consuming. The fact that we were able to partner with
the Economic Development Foundation on our efforts
to secure a SBA-504 financing made a big difference."
Nick Andres and David Bloomquist
Co-Owners
Bradd Pierce, Senior Loan Officer at
EDF, worked with Nick and David's lender, Jason Parker of Choice Once Bank, to finance the construction of their building in Kent City. The benefits of the 504 loan for the company were the ability to obtain a 20- year term with only a 10% down payment. It also gave Arc Archer and Volterra the opportunity to acquire additional square footage to handle increasing sales and add new products. Nick and David said, "As all small business owners know, securing capital for machinery or expansion can be difficult and time consuming. The fact that we were able to partner with the Economic Development Foundation on our efforts to secure a SBA-504 financing made a big difference.
EDF insured that the information we provided was communicated correctly, which greatly reduced our involvement leaving us to focus on our business."
To learn more about the benefits of the 504 Loan or how
EDF
can assist you or your clients, please visit our website at
growmichigan.com
or call our office at (616) 459-4825.
Arc Archer, 380 W. Muskegon Street, Kent City, MI 49330
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The
EDF
team consists of eight professionals with many years of SBA 504 experience combined, so please put our expertise to use and call us with any questions you may have about the program.
Pictured from Left to Right
Kecia Banks
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Credit Manager
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(616) 323-1279
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Julie Parker
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President
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(616) 323-1276
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Gary Witkowski
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Loan Officer
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(616) 323-1275
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Bradd Pierce
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Senior Loan Officer
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(616) 323-1277
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Matt Mankivsky
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Junior Loan Officer
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(616) 323-1278
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Kyle Wilson
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Servicing Manager
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(616) 323-1272
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Abbey Byrne
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Closing Manager
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(616) 323-1274
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Laura Seromik
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Closing Specialist
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(616) 323-1273
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Economic Development Foundation
616-459-4825
1345 Monroe Ave NW
Suite 132
Grand Rapids, MI 49505
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Copyright © 2016. All Rights Reserved.
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