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SBA Homepage
Current Rates
20-year rate: 5.63%
20-year refinance rate: 5.99%
10-year rate: 4.58%
10-year refinance rate: 5.01%
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
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May's SBA 504 20-year effective rate is 5.63%. 10-year bonds were also sold this month with an effective rate of 4.58%. Please note that refinance rates will be slightly higher than regular 504 rates. (Rates may also vary slightly based on approval date.)
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Sleep Specialists
Sleep Specialists, owned by Margaret Moen, MD, has moved into their new building at 457 Munson Ave in Traverse City, MI. This building is used for the diagnosis of sleep disorders with clients from the Northern Michigan area close to Traverse City. The goal of Sleep Specialists is to provide a caring team approach to their clients to help them sleep through the night and awake with a refreshed mind and restored body. Dr. Moen purchased and renovated her building using an SBA 504 loan with EDF.
Sandy Bloem, President of Economic Development Foundation, states "as a woman owned business, Sleep Specialists, fits perfectly into the goals of the SBA 504 program. These goals include encouraging and enhancing the opportunities for women (as well as all small business owners) to grow and build on what they have started."
EDF partnered with Lori VanAntwerp at Northwestern Bank, for the purchase and renovation of the building.
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EDF 7(a) Loan Packaging Service
EDF would like to announce a new service available for all lenders. As of May 1, 2011 EDF can assist in the packaging of 7(a) loans to be sent to SBA. This includes properly structuring a deal, verifying eligibility, collecting/completing forms, and obtaining Authorizations from SBA. This also includes assisting with changes to the Authorization if need be.
Please call Kecia Flynn, Gary Witkowski, or Seth Beals if you have any questions or are interested in this service.
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New SBA District Director
Last month SBA announced Gerald L. Moore as the new Michigan District Director. As district director, he is responsible for the delivery of all SBA programs and services in the state, including the SBA guaranty loan program, which is delivered through more than 120 lenders. The Michigan District Office, which covers all 83 counties in the state, is located in Detroit (with a Grand Rapids satellite office) and has a staff of 15 employees.
Mr. Moore brings a broad range of experience to the SBA as a former United States Air Force veteran, Import Specialist for the US Customs Service, Senior Program Manager for Hewlett Packard and EDS, and current small business owner.
Welcome to the Michigan District Officer Gerald!
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"Financing Growing Businesses in Michigan Since 1981"
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