Monthly Interest Rates
and Other 504  News
July 2017
July 2017
Interest Rates
20 Year Standard
4.76%
20 Year Refinance
4.80%
 10 Year Standard
4.49%
 10 Year Refinance
4.54%
7(a) Packaging
 
EDF  can assist your organization with 7(a) Loan questions and eligibility, and then prepare loan packages and submit them directly to the SBA for approval.   If requested,  EDF  will work directly with the business owner and respond to and assist SBA throughout the approval process.   The fee is based on the size of the loan. For more information,
please call  EDF's  7(a) Specialist, Amy Dubridge at (616) 323-1279 or you may send an email to Amy@growmichigan.com.

EDF's 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 (9/30/17), the lender and lending institution with the most loan approvals will receive our Lender of the Year Award. 

Do you want to see your organization's name on this list?  We do too!  If you have a project that you would like to discuss, please call either Bradd Pierce  or Gary Witkowski.  


Lender Name
Number of Loans


Traverse City State Bank
13 Loans
Huntington Bank
6 Loans
Grand River Bank
5 Loans
Chemical Bank
4 Loans
Macatawa Bank
3 Loans
First Community Bank
2 Loans
My Personal Credit Union
2 Loans
West Michigan Community Bank
2 Loans
Chase Bank
1 Loan
Choice One Bank
1 Loan
Comerica Bank
1 Loan
First National Bank of MI
1 Loan
Honor State Bank
1 Loan
Independent Bank
1 Loan
Mercantile Bank of Michigan
1 Loan
*Totals are as of 6/30/17
44 Loans


 
Featured Funding!

Eldean Shipyard
Utilizes the Refinance Program!
 
Gary Witkowski, Loan Officer at EDF and John Burmeister at The Huntington National Bank partnered on a recent refinance project in Holland, MI.  Eldean Shipyard, a family owned marina located on Lake Macatawa, accessed the refinance portion of the SBA 504 loan program.  The benefit to Eldean Shipyard was to capture a 20 year fixed interest on their existing debt.  In addition, the company was able to take advantage of EDF's Veteran Loan incentives, in which EDF contributed a portion of the closing costs in recognition of their service to our country!

The marina originally began in 1901, with the Eldean's taking over operations in 1973.  This location has been providing Lake Michigan yachtsmen with first class service for more than 100 years.  Today, Eldean's is one of the oldest active marinas and boatyard facilities in the United States.

The shipyard has slips and docking space for more than 400 boats.  The company can easily accommodate vessels up to 140 feet and 75 tonnes.  A 168 foot, double sided gas dock allows Eldean to provide refueling service for both gasoline and diesel powered vessels.  A lower level dock extension allows for safely fueling jet skis and smaller craft.  The company also has ship storage options and a service department.  Other amenities available are a ship store, swimming pool, hot tubs, and a clubhouse.

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.



Eldean Shipyard - 2223 South Shore Drive - Macatawa, MI  49434
Staff Directory

The EDF team consists of eight professionals with many years of SBA 504 experience combined, so please put our expertise to use and call us with any questions you have about the program.  

Julie Parker
President
(616) 323-1276
Gary Witkowski
Loan Officer
(616) 323-1275
Bradd Pierce
Senior Loan Officer
(616) 323-1277
Matt Mankivsky
Junior Loan Officer
(616) 323-1278
Kyle Wilson
Servicing Manager
(616) 323-1272
Abbey Byrne
Closing Manager
(616) 323-1274
Laura Seromik
Closing Specialist
(616) 323-1273
Amy Dubridge  Junior Loan Officer & 7(a) Specialist
(616) 323-1279
Amy@growmichigan.com

Economic Development Foundation
616-459-4825
1345 Monroe Ave NW
Suite 132
Grand Rapids, MI 49505