January 2018
SBA Program Benefits and Reminders
EDF partners with lenders on 504 projects throughout the State of Michigan. The most common 504 structure is the acquisition of real estate and/or equipment where the lending institution finances 50%, SBA finances 40%, and the borrower injects only 10% into the project. Our staff is available to help structure any project, so please contact our office for assistance.
Interest rates are fixed for the life of the loan, either 10 or 20 years. The current 20 year rate is 4.64% and the current 10 year rate is 4.66%! Projects that are straight refinances of exisiting debt are currently funding at 4.69%.
A project can include land, building, improvements, soft costs and equipment. In most circumstances or situations, all amounts can be rolled into one SBA 504 project.
Refinancing existing debt is now eligible for 504 financing. The existing debt has to have been in place for at least 2 years, with a clean 12 month payment history.  In most circumstances or situations, multiple notes can be combined into the refinance project subject to SBA guidelines. 
Participating lenders receive automatic CRA Credit for participating in the 504 Loan Program.

SBA is expected to add a 25 year fixed rate option in 2018. Look for the announcement in future EDF newsletters.
Effective January 1, 2018, SBA released SOP 50 10 5(J). There are quite a few changes that cover topics such as franchise agreements, appraisals, borrower contribution for special purpose properties, etc. EDF would love to set up a time to meet with your lenders to discuss the changes personally. To set up a time, please call Kyle Wilson at (616) 323-1272 or you may send an email to  Kyle@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 fiscal year (9/30/18), the lending institution with the most loan approvals will receive our Lender of the Year Award.
T raverse City State Bank
4 Loan
Huntington Bank
3 Loans
Chase Bank
1 Loan
Comerica Bank
1 Loan
Grand River Bank
1 Loan
Honor Bank
1 Loan
Mercantile Bank
1 Loan
The Bancorp
1 Loan
Union Bank
1 Loan
West Michigan Community Bank
1 Loan
West Shore Bank
1 Loan
FY 2018 Total
Totals as of 12/31/2017
16 Loans
The Lenders Cup

All of the lenders listed above, along with any other bank or credit union that has a project authorized by EDF prior to September 1, 2018, will be eligible to compete in The Lenders Cup Golf Tournament! Last year was our inaugural event and the traveling trophy went home with Traverse City State Bank! This year's event will take place on September 13, 2018 at Thornapple Pointe Golf Course . Each lending institution will have the opportunity to submit a foursome to compete.
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 Amy@growmichigan.com .
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 March and April. If you would like to set up a time, please call Kyle Wilson at (616) 323-1272  or you may send an email to  Kyle@growmichigan.com .
EDF Staff
Julie Parker
(616) 323-1276
Loan Officers 
Bradd Pierce
Senior Loan Officer
(616) 323-1277
Gary Witkowki
Loan Officer
(616) 323-1275
Credit Department 
Amy DuBridge
Junior Loan Officer
& 7(a) Specialist
(616) 323-1279
Matt Mankivsky
Junior Loan Officer
(616) 323-1278
Closing Department 
Abbey Byrne
Closing Manager
(616) 323-1274
Laura Seromik
Closing Specialist
(616) 323-1273
Servicing Department 
Kyle Wilson
Servicing Manager
(616) 323-1272
Nik Hoezee
(616) 459-4825
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