Current Rate - May-12
4.46% 20 year rate 4.67% 20 year RFI
3.75% 10 year rate 3.99% 10 year RFI

May-12

20-year Term: 4.46%
10-year Term: 3.75%

20-year Term RFI: 4.67%
10-year Term RFI:3.99%

See rate history

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SBA 504 Loans
February 2011 Newsletter

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Current Rates

20-year rate: 6.06%

10-year rate: 4.71%

  

EDF Contacts

Ph.  616-459-4825
Fax 616-458-5736
TF  888-330-1776

  

Sandy Bloem   

Executive Director

sandy@growmichigan.com  

 

Bradd Pierce

Loan Officer

bradd@growmichigan.com   

 

Gary Witkowski

Relationship Manager

gary@growmichigan.com  

 

Seth Beals

Relationship Manager

seth@growmichigan.com  

 

Kecia Flynn

Portfolio Manager

kecia@growmichigan.com  

 

Abbey Byrne

Closing Manager

abbey@growmichigan.com
 
Jill Dean

Administrative Assistant

jill@growmichigan.com  

February's SBA 504 20-year effective rate is 6.06%. Interest rates are slightly higher this month on signs of growth in the U.S., including a drop in the unemployment rate to a 21-month low in January.  10-year bonds were sold last month with an effective rate of 4.71%. (Rates may vary slightly based on approval date.)

 

In this edition - Success story: Ennis Trucking and information regarding the upcoming Michigan SBA Lender's Conference.  See below.

Ennis

Success Story: Ennis Trucking

Ennis Trucking, located in Traverse City, has purchased new equipment and land using an SBA 504 loan with EDF, which will allow the company to expand their business into the recycling industry.

 

Ennis Trucking, Inc. has been in business since 1980.  One of the many commodities they transport is fruit for the baking industry.  To maintain freshness, high quality, and ease of handling, the fruit is transported in HDPE plastic containers.  In order to reuse these plastic 'buckets', they must be thoroughly washed.  With the purchase of new equipment, Ennis Recycling and Grinding, Inc. has been formed to provide these tasks.  The 'bucket washer' washes and dries the fruit transport buckets for reuse.  If any container does not become clean enough to meet the strict standards for food use it is recycled.   Ennis Trucking also purchased a plastic grinder that can recycle the used containers into granules which are then sold to companies that re-use the plastic.  Sandy Bloem, EDF Executive Director, states, "This is a perfect cycle of use and reuse, saving our environment from needless waste and generating extra revenue to reinvest in the company's business."

 

EDF partnered with Marc Judge at Traverse City State Bank, for the purchase of the new equipment and land.

Michigan SBA Lender's Conference 2011

The date for the 2011 SBA Lender's Conference has been set.  Please join the SBA staff and all the CDCs from Michigan on March 31, 2011 for this year's conference.

 

As in years past, the conference will be held at the Kellogg Center in Lansing.  Topics will include recent changes in the 7(a) and 504 Loan Programs, along with other related subjects.  Hopefully, the refinance guidelines are out by this time so more details can be shared on which loans are eligible!

 

The next newsletter will include a registration form and more details, but be sure to mark you calendars now.  We look forward to seeing everyone!

"Financing Growing Businesses in Michigan Since 1981"