Monthly Interest Rates
and Other 504  News
October 2017
October 2017
Interest Rates
20 Year Standard
20 Year Refinance
 10 Year Standard
 10 Year Refinance
7(a) Packaging
EDF  can assist your organization with 7(a) Loan questions and eligibility.  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 more information,
please call  EDF's  7(a) Specialist, Amy Dubridge at (616) 323-1279 or you may send an email to
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 January and February.  If you would like to set up a time, please call Kyle Wilson at  (616) 323-1272  or you may send an email to
EDF's Merges with Lakeshore 504!
On Tuesday, October 10, 2017, the Small Business Administration (SBA) officially approved the merger between EDF and Lakeshore 504!  EDF  and Lakeshore 504 have both been the primary certified development companies (CDCs) serving West Michigan for over 35 years, offering long-term fixed-asset financing to small businesses for real estate acquisitions, construction, and equipment purchases through the SBA.   EDF  is located in Grand Rapids, and Lakeshore 504 was located in downtown Holland, and managed by the West Coast Chamber of Commerce.  Lakeshore 504 also had an office and partnership with the Grand Haven Chamber of Commerce in Grand Haven, MI.  
Current President of EDF, Julie Parker, was the former Executive Director of Lakeshore 504 for almost 14 years before resigning in September of 2015 to join EDF.  The opportunity to join the EDF
team was particularly intriguing for Julie because she started her CDC career at  EDF in 1999.  Additionally, her grandfather, Del Crowe, was one of the founding members of  EDF  and also served as President of the organization and Chairman of the Board for many years.  

Ultimately it was Julie's move to EDF  that initiated merger discussions between the two organizations.  Instead of conducting a search for a new Executive Director, the two chambers decided that this was an ideal time for them to evaluate merger options, with the ultimate goal of allowing each chamber to concentrate on their core business and membership.  The two chambers approached the Lakeshore 504 Board of Directors, and all parties agreed that a merger with EDF
would allow them to continue their primary mission of growing and supporting businesses in their communities.  Additionally, they were very familiar with EDF and their staff, and felt confident that they would make the 504 loan process efficient and successful for both the lending partners and small businesses in their geographical markets. 

Moving forward, EDF will partner with the two chambers to promote and proactively market the SBA 504 Loan Program to their collective members.  Additionally, one of EDF's Loan Officers, Gary Witkowski, will now be the face of EDF  in the lakeshore market. Along with the northern Michigan market that he currently serves, Gary will now be responsible for the entire lakeshore geography, down to the Indiana border.  Gary will also be able to utilize office space at each of the two chamber locations (Holland & Grand Haven) so that he can meet with clients and lenders in their local area and become a highly visible and accessible resource for EDF's lending partners and clients.

On November 16, 2017, EDF will host a Merger Celebration and Open House at the West Coast Chamber of Commerce located at 272 E. 8th Street in Holland from 4:30 pm to 6:00 pm.  Please stop by to learn what is ahead for the 504 program and meet the members of the EDF  staff and Board of Directors. 
Congratulations to
Traverse City State Bank
FY 2017's Lender of the Year!
With a total of 19 loan approvals, EDF would like to congratulate Traverse City State Bank  as Fiscal Year 2017's Lender of the Year!  We are sincerely thankful for their continued loyalty and support of EDF and the 504 Loan Program.  

Overall, EDF had a 32% increase in loan approvals from the previous year!  This could not have been accomplished without the commitment and support from all of the lending partners that do business with us.   Therefore, we would also like to recognize all of our 2017 lending partners below and extend a sincere thank you!     

Lender Name
Number of Loans

Traverse City State Bank
19 Loans
Huntington Bank
7 Loans
Grand River Bank
5 Loans
Chemical Bank
4 Loans
First Community Bank
4 Loans
Macatawa Bank
3 Loans
Choice One Bank
2 Loans
Comerica Bank
2 Loans
My Personal Credit Union
2 Loans
West Michigan Community Bank
2 Loans
Comerica Bank
2 Loans
Chase Bank
1 Loan
First National Bank of MI
1 Loan
Honor State Bank
1 Loan
Independent Bank
1 Loan
Key Bank
1 Loan
Lake Michigan Credit Union
1 Loan
Mercantile Bank of Michigan
1 Loan
Old National Bank
1 Loan

*Totals are as of  9/30/17

58 Loans

Featured Funding!
Southtown Guitar

Bradd Pierce of EDF collaborated with Bill Seniura of My Personal Credit Union to help Southtown Guitar, LLC purchase of a new building. Dean Wiers-Windemuller used the SBA 504 program to purchase the building that he was previously leasing.  In doing so, Dean was able to fulfill a dream of owning his own building for his business and also capture the income generated by a long term National Franchise tenant.  As mentioned, Dean was leasing the space in Grand Rapids, and continued to make improvements as his business grew and more space had to be finished for lessons and retail displays.  Dean believed that purchasing the property would be the best alternative as it is a great location with excellent visibility for his customers. 

Southtown Guitar, LLC was started by Dean in 2012 and is located on Wealthy St. in Eastown, a thriving retail and residential neighborhood in Grand Rapids.  The company offers private and group guitar, bass, ukulele, violin, voice, and piano lessons to students of all ages and abilities as well as sales and repair of guitars, amps, and accessories.

Dean was able to finance the building with a SBA 504 loan that allowed Dean to only invest 10% equity, with a low fixed interest rate for 20 years. Dean said, "I am extremely grateful for the help of the EDF in securing the funds necessary to purchase the building where my business resides.  It was a once in a lifetime opportunity to purchase a building in a fabulous location that will afford me the opportunity to grow my business as well as my personal wealth.  This definitely would not have been possible without the help of the EDF.  Thank you!"
To learn more about the benefits of the SBA 504 Loan Program, or how EDF can assist you, please visit our website at, or call one of our Loan Officers Gary Witkowski or  Bradd Pierce.
Staff Directory

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 have about the program.  

Julie Parker
(616) 323-1276
Gary Witkowski
Loan Officer
(616) 323-1275
Bradd Pierce
Senior Loan Officer
(616) 323-1277
Matt Mankivsky
Junior Loan Officer
(616) 323-1278
Kyle Wilson
Servicing Manager
(616) 323-1272
Abbey Byrne
Closing Manager
(616) 323-1274
Laura Seromik
Closing Specialist
(616) 323-1273
Amy Dubridge  Junior Loan Officer & 7(a) Specialist
(616) 323-1279

Economic Development Foundation
1345 Monroe Ave NW
Suite 132
Grand Rapids, MI 49505