June 2019
June 2019 Interest Rates
25 Year Rates

4.09% - Standard
412% Refinance
20 Year Rates

3.98% - Standard
4.02% - Refinance
10 Year Rates

4.37% - Standard
4.40% Refinance

10 year debentures are funded ever other month; therefore, the May 2019 10 year rates are quoted above.
Let's Go Back to Basics!
The SBA 504 Loan program is an economic development tool that provides eligible small businesses long-term, fixed rate financing while promoting business growth and job creation/retention. Loans through the 504 Program can finance up to 90 percent (504 Loan + Third Party Lender Loan) of a project's cost for qualifying businesses, preserving cash flow during a longer repayment term. It also reduces the risk to lenders through a shared financing structure.

An example of a typical/standard 504 project is as follows:
Comments:

  • Bank term must be 10 years (can reprice anytime). Amortization does not need to match SBA term of 25 years;
  • 40% is SBA's max contribution;
  • The borrower qualifies for 10% down because they are an existing business (operating for more than 2 years), and the building is considered multi-use;
  • The borrower meets the occupancy eligibility, which requires the operating company to occupy at least 51% of the total square footage.

Advantage to Borrower:

  • Low down payment of 10%;
  • Fixed rate on 40% of the project for 25 years;
  • Rent savings by purchasing the building vs. continuing to rent.

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 contact one of our Loan Officers, Bradd Pierce at 616-323-1277 or  Bradd@growmichigan.com .
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 current fiscal year (09/30/19), the lending institution with the most loan approvals will receive EDF's Lender of the Year Award.
Independent Bank
4 Loans
Choice One
3 Loans
Grand River Bank
2 Loans
West Michigan Community Bank
2 Loans
Chase Bank
1 Loan
Chemical Bank
1 Loan
Comerica Bank
1 Loan
Fifth Third Bank
1 Loan
Huntington Bank
1 Loan
Lake Michigan Credit Union
1 Loan
Macatawa Bank
1 Loan
Mercantile Bank
1 Loan
mBank
1 Loan
Old National Bank
1 Loan
Sturgis Bank and Trust
1 Loan
Team One Credit Union
1 Loan
United Bank of Michigan
1 Loan
West Shore Bank
1 Loan
FY 2019 Total
Totals as of 06/27/19
25 Loans
EDF Staff
Julie Parker
President
(616) 323-1276
Bradd Pierce
Senior Loan Officer
(616) 323-1277
Gary Witkowki
Vice President of Loan Operations
(616) 323-1275
Amy Dubridge
Loan Officer
& 7(a) Loan Specialist
(616) 323-1279
Abbey Byrne
Closing Manager
(616) 323-1274
Laura Seromik
Servicing and Compliance Manager
(616) 323-1273
Kyle Wilson
Closing and Servicing Specialist
(616) 323-1272
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