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Monthly Interest Rates
and Other 504
News
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October 2017
Interest Rates
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7(a) Packaging
EDF
can assist your organization with 7(a) Loan questions and eligibility. 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
EDF's
7(a) Specialist, Amy Dubridge at
(616) 323-1279
or you may send an email to
[email protected]
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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 January and February. If you would like to set up a time, please call Kyle Wilson at
(616) 323-1272
or you may send an email to
[email protected]
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EDF's Merges with Lakeshore 504!
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On Tuesday, October 10, 2017, the Small Business Administration (SBA) officially approved the merger between
EDF and Lakeshore 504!
EDF
and Lakeshore 504 have both been the primary certified development companies (CDCs) serving West Michigan for over 35 years, offering long-term fixed-asset financing to small businesses for real estate acquisitions, construction, and equipment purchases through the SBA.
EDF
is located in Grand Rapids, and Lakeshore 504 was located in downtown Holland, and managed by the West Coast Chamber of Commerce. Lakeshore 504 also had an office and partnership with the Grand Haven Chamber of Commerce in Grand Haven, MI.
Current President of EDF, Julie Parker, was the former Executive Director of Lakeshore 504 for almost 14 years before resigning in September of 2015 to join EDF. The opportunity to join the EDF
team was particularly intriguing for Julie because she started her CDC career at
EDF in 1999. Additionally, her grandfather, Del Crowe, was one of the founding members of
EDF
and also served as President of the organization and Chairman of the Board for many years.
Ultimately it was Julie's move to
EDF
that initiated merger discussions between the two organizations. Instead of conducting a search for a new Executive Director, the two chambers decided that this was an ideal time for them to evaluate merger options, with the ultimate goal of allowing each chamber to concentrate on their core business and membership. The two chambers approached the Lakeshore 504 Board of Directors, and all parties agreed that a merger with
EDF
would allow them to continue their primary mission of growing and supporting businesses in their communities. Additionally, they were very familiar with
EDF and their staff, and felt confident that they would make the 504 loan process efficient and successful for both the lending partners and small businesses in their geographical markets.
Moving forward, EDF will partner with the two chambers to promote and proactively market the SBA 504 Loan Program to their collective members. Additionally, one of EDF's Loan Officers, Gary Witkowski, will now be the face of EDF
in the lakeshore market. Along with the northern Michigan market that he currently serves, Gary will now be responsible for the entire lakeshore geography, down to the Indiana border. Gary will also be able to utilize office space at each of the two chamber locations (Holland & Grand Haven) so that he can meet with clients and lenders in their local area and become a highly visible and accessible resource for
EDF's
lending partners and clients.
On November 16, 2017,
EDF
will host a Merger Celebration and Open House at the West Coast Chamber of Commerce located at 272 E. 8th Street in Holland from 4:30 pm to 6:00 pm. Please stop by to learn what is ahead for the 504 program and meet the members of the
EDF
staff and Board of Directors.
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Congratulations to
Traverse City State Bank
FY 2017's Lender of the Year!
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With a total of 19 loan approvals, EDF would like to congratulate Traverse City State Bank
as Fiscal Year 2017's Lender of the Year! We are sincerely thankful for their continued loyalty and support of EDF and the 504 Loan Program.
Overall, EDF had a 32% increase in loan approvals from the previous year! This could not have been accomplished without the commitment and support from all of the lending partners that do business with us. Therefore, we would also like to recognize all of our 2017 lending partners below and extend a sincere thank you!
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Lender Name
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Number of Loans
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| Traverse City State Bank |
19 Loans
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| Huntington Bank |
7 Loans
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| Grand River Bank |
5 Loans
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| Chemical Bank |
4 Loans
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First Community Bank
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4 Loans
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Macatawa Bank
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3 Loans
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| Choice One Bank |
2 Loans
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Comerica Bank
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2 Loans
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My Personal Credit Union
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2 Loans
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West Michigan Community Bank
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2 Loans
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Comerica Bank
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2 Loans
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Chase Bank
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1 Loan
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| First National Bank of MI |
1 Loan
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| Honor State Bank |
1 Loan
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Independent Bank
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1 Loan
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Key Bank
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1 Loan
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Lake Michigan Credit Union
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1 Loan
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Mercantile Bank of Michigan
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1 Loan
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Old National Bank
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1 Loan
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*Totals are as of 9/30/17
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58 Loans
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Bradd Pierce of
EDF collaborated with
Bill Seniura of My Personal Credit Union to help Southtown Guitar, LLC purchase of a new building.
Dean Wiers-Windemuller used the SBA 504 program to purchase the building that he was previously leasing. In doing so, Dean was able to fulfill a dream of owning his own building for his business and also capture the income generated by a long term National Franchise tenant. As mentioned, Dean was leasing the space in Grand Rapids, and continued to make improvements as his business grew and more space had to be finished for lessons and retail displays. Dean believed that purchasing the property would be the best alternative as it is a great location with excellent visibility for his customers.
Southtown Guitar, LLC was started by Dean in 2012 and is located on Wealthy St. in Eastown, a thriving retail and residential neighborhood in Grand Rapids. The company offers private and group guitar, bass, ukulele, violin, voice, and piano lessons to students of all ages and abilities as well as sales and repair of guitars, amps, and accessories.
Dean was able to finance the building with a SBA 504 loan that allowed Dean to only invest 10% equity, with a low fixed interest rate for 20 years. Dean said, "I am extremely grateful for the help of the
EDF in securing the funds necessary to purchase the building where my business resides. It was a once in a lifetime opportunity to purchase a building in a fabulous location that will afford me the opportunity to grow my business as well as my personal wealth. This definitely would not have been possible without the help of the
EDF. Thank you!"
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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.
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Julie Parker
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President
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(616) 323-1276
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Gary Witkowski
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Loan Officer
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(616) 323-1275
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Bradd Pierce
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Senior Loan Officer
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(616) 323-1277
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Matt Mankivsky
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Junior Loan Officer
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(616) 323-1278
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Kyle Wilson
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Servicing Manager
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(616) 323-1272
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Abbey Byrne
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Closing Manager
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(616) 323-1274
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Laura Seromik
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Closing Specialist
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(616) 323-1273
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| Amy Dubridge |
Junior Loan Officer & 7(a) Specialist |
(616) 323-1279
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[email protected] |
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Economic Development Foundation
616-459-4825
1345 Monroe Ave NW
Suite 132
Grand Rapids, MI 49505
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Copyright © 2017. All Rights Reserved.
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