February 2020
February 2020 Interest Rates
25 Year Rates

3.46% - Standard
3.47% Refinance
20 Year Rates

3.39% - Standard
3.39% - Refinance
10 Year Rates

3.80% - Standard
3.81% - Refinance
*10-year debentures are funded every other month; therefore, the January 2020 10-year rates are quoted above.

Did You Know?

If Just Comparing Fees, It's More Cost Effective to Use the
504 Program vs. the 7(a) Program
if the Total Project Costs are
$300,000 or Higher!
No matter how small a project may be, the 504 program is always a great choice because it gives the borrower the option to put as little as 10% down and to lock in a fixed interest rate for a 10, 20, or 25 year term. But did you know that when just comparing fees, if the total project costs are $300,000 or higher, using the 504 Program is the clear choice. Next time you have project, please give one of our loan officers a call, they would be more than happy to run a cost estimate or loan comparison for you so you can present your customer with the best option.

504 Advantages:

  • As little as 10% Down
  • Lock in a Low Interest Rate for a 10, 20 or 25 year term (see current rates above)
  • Collateral is usually limited to just project assets
  • Reduce Bank expose to 50% of the project total
  • Bank maintains first priority lien position
West Michigan Market

Bradd Pierce
(616) 323-1277
East Michigan Market

Tom Bell
(810) 202-1750
Northern Michigan and Lansing Market

Kelly Schramski
(734) 821-7280
EDF Welcome's
Michelle Vargo
We are pleased to welcome Michelle Vargo to the EDF team as our new Closing Specialist. Michelle will be responsible for closing and funding loans and ensuring that they are closed in compliance with SBA rules and regulations.

Originally from Grand Rapids, Michelle graduated from Grand Valley State University with a BBA in General Business Management with a French minor, as well as a BA in legal studies. She brings with her six years of compliance experience from McShane and Bowie, P.L.C., where she worked as a Legal Assistant prior to joining the EDF team.

As a Closing Specialist, Michelle looks forward to gaining more knowledge and experience in the banking industry and learning the intricacies of the SBA 504 and 7(a) loan programs. A collaborative-focused individual, Michelle sought out EDF due to its small tight-knit organization and is particularly intrigued by its strong community focus. Michelle is a travel-buff who is most likely found exploring places filled with deep roots and lots of history, and most recently returned from a two-week trip to Scotland, Dublin, and London. She spends today daydreaming of the places she will go and what she can learn from the world. Welcome Michelle!
Founded in 2006, National Entrepreneurship Week (“NEW”) is a congressionally chartered week dedicated to showcasing entrepreneurship throughout the United States. From rural towns to urban cities and large corporations to micro businesses-entrepreneurship and innovation starts with just and idea and an entrepreneur.
According to the Department of Labor, most of the new jobs created throughout the United States in the past decade have come from the creative efforts of entrepreneurs and small businesses, which have been expanding and advancing technology and fueling growth in the economy.

Since it is EDF’s mission to assist the growth of Michigan’s businesses by providing expertise on SBA loan programs, we thought it was only appropriate to recognize one of the entrepreneurs who partnered with EDF on a SBA 504 Loan project.

Inspired by CEO Ed Girrbach’s favorite snack, he and his son, Chris, launched their business venture, Great Lakes Potato Chip Co. in 2009. The idea to make potato chips came out of a brainstorming session about opportunities in the retail food market. Their goal was to make a quality product starting with quality ingredients grown in Michigan. What started as Ed, Chris and two part-time employees has grown to a regional chip manufacturer with a national presence with 35 to 40 employees.

In 2018, they were named one of the country’s top 2500 growth businesses to watch by INC. Magazine. To hear more about Great Lakes Potato Chip Co., please click here to watch the video that Ed created with EDF to talk about his experience with the 504 loan program.
March Madness 2020 is just around the corner and we would love for you to participate in our Bracket Challenge! There is no cost to participate and the winner or winners will receive a  $100 Amazon Gift Card!

On  Monday, March 16th the link to the brackets will be sent out via email. Simply complete the bracket prior to the start of the tournament and you will be entered to win! Weekly updates will be sent out throughout the tournament!
Lender Leader Board
FY 2020

EDF would like to thank all of the lenders that have had loans authorized with us in FY 2020. At the end of our current fiscal year (09/30/2020), the lending institution with the most loan approvals will receive  EDF's Lender of the Year Award.
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) 821-7280

Tom Bell
Loan Officer
East Michigan Market
(810) 202-1750

Amy DuBridge
Loan Officer & 7(a) Loan Specialist
(616) 323-1279
Daniel Reyes
(616) 323-1271
Abbey Byrne
Closing Manager
(616) 323-1274
Michelle Vargo
Closing Specialist
(616) 323-1278
Laura Seromik
Servicing and Compliance Manager
(616) 323-1273
Kyle Wilson
Closing and Servicing Specialist
(616) 323-1272
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