EDF
recently funded a 20 year fixed debenture for Winchel Irrigation located in Grandville, MI. The company originally started in 2000 with three owners, brothers Len, Greg and Brad. Winchel Irrigation provides service and installation of lawn sprinkler and irrigation systems throughout West Michigan. The company has a growing book of business that includes both residential and commercial clients.
For the past several years the company had been leasing a portion of a building they just purchased. Although they do not occupy 100% of the building, the company still qualified for SBA 504 financing as they do occupy more than 51% of the total square feet.
EDF
had the opportunity to partner with Pam Schuitema, Vice President Commercial Loans, Chase Bank. The SBA 504 program gave Winchel Irrigation the opportunity to purchase their existing facility with a low down payment of 10%, and gave them the opportunity to receive a 20 year fixed rate on 40% of their project costs. " Working with Gary and the team at
EDF
was a very smooth and easy process. We received excellent communication and were able to count on the timelines that were presented to us, and the client was able to have the rate and structure that worked best for their business needs" said Pam.
