December 2017 - EDF Newsletter - Interest Rates, Holiday Hours and Other News!

December 2017

December 2017 Interest Rates

20 Year Standard Rate - 4.50%

20 Year Refinance Rate - 4.55%

10 Year Standard Rate - 4.47%

10 Year Refinance Rate - 4.52%

Season's Greetings!

Best wishes for a happy holiday season along with our sincere thanks for your loyalty and goodwill throughout the year!

Economic Development Foundation

Pictured from left to right: Laura Seromik, Gary Witkowski, Bradd Pierce, Amy Dubridge, Nik Hoezee, Julie Parker,

Kyle Wilson, Matt Mankivsky and Abbey Byrne

Holiday Hours!

Our office will be closed the folloiwng days so our

employees can enjoy this special time with their familes!

December 25 and 26 - CLOSED

January 1 and 2 - CLOSED

EDF Welcomes New Board Members

We are very excited to introduce you to the three newest members of our Board of Directors! Matt Hoeksema, Cerise Semrinec, and Steve Wilson have all served on the Lakeshore 504 Board prior to the EDF /Lakeshore 504 merger, so they all have many years of expertise and are very familiar with the SBA and the 504 Loan Program. They were all elected to serve two three-year terms.

Matt Hoeksema

SVP, Chief Commercial

Banking Officer

Macatawa Bank

Cerise Semrinec

Senior Vice President

Credit Administration

Community Shores Bank

Steve Wilson

Principal

North Star Commercial

EDF Welcomes New Intern

We are excited to introduce you to our new intern, Nik Hoezee. Nik is assisting in the servicing, credit, and closing departments and helps with miscellaneous projects.

Nik is is currently a senior at Grand Valley State University studying for a dual major in accounting and finance. He has an expected graduation date of April 2018. Before joining EDF , Nik was a consumer loan officer at a local credit union, with responsibilities of reviewing applications, underwriting, and loan closings.

Lender Leader Board

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 (9/30/18), the lending institution with the most loan approvals will receive our Lender of the Year Award. Additionally, all lenders that work with EDF will have the opportunity to compete in next year's Lenders Cup Golf Tournament!

Traverse City State Bank

3 Loans

Chase Bank

1 Loan

Comerica Bank

1 Loan

Grand River Bank

1 Loan

Honor Bank

1 Loan

Union Bank

1 Loan

West Michigan Community Bank

1 Loan

FY 2018 Total

Totals as of 11/30/2017

9 Loans

Featured 504 Funding

Xpert Fulfillment

Gary Witkowski, Loan Officer with EDF , had the opportunity to work with SVP Commercial Lending – SBA Product Manager, Mitchell Blue of Traverse City State Bank on an SBA 504 project for Xpert Fulfillment, Inc. This is the company’s second SBA 504 Loan.

The SBA 504 program assisted Xpert Fulfillment in expanding their growing business by providing a 20-year term loan at a low fixed rate. The opportunity included the purchase of a 78,000 SF warehouse near their existing location. Along with the purchase they refinanced the existing SBA 504 loan into this new request. This expansion is expected to create 20 new full time jobs.

Bob Boylan, his brothers Lucas and Seth, and their mother JoAnn own Xpert Fulfillment located in Benzonia, MI. The company is an order management, warehousing and logistics provider for start-up and established online businesses. Founded in 2008, the company offers business solutions for both Business-to-Business, and Business-to Consumer clients, including fulfillment and distribution, inventory management, assembly, order management, and returns processing services.

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 call 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 more information, please call Amy Dubridge at (616) 323-1279 or you may send an email to [email protected] .

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 February and March. If you would like to set up a time, please call Kyle Wilson at (616) 323-1272 or you may send an email to [email protected] .