May-12 |
20-year Term: 4.46% |
20-year Term RFI: 4.67% 10-year Term RFI:3.99% |
FOR IMMEDIATE RELEASE CONTACT: Jill Dean
April 4, 2011 616.459.4825
Economic Development Foundation Names
Mitchell Blue of Traverse City State Bank Lender of the Year
Lender works with Michigan Businesses to Grow and Create Jobs
Grand Rapids, Michigan - Economic Development Foundation (EDF) is pleased to announce Mitchell Blue, Assistant Vice President, Commercial Lending, SBA Product Manager at Traverse City State Bank, has been awarded their “Small Business Administration (SBA) 504 Lender of the Year”. This award is given annually to a lender that shows leadership and resourcefulness by working closely with small businesses to help them finance fixed assets through the SBA 504 program.
Mitchell was awarded this honor by partnering with EDF on SBA 504 loans throughout 2010 that assisted small businesses to create and retain jobs in Michigan. “We need bankers like Mitchell that help the State of Michigan back to economic recovery by lending money to small businesses that are expanding”, EDF President Sandy Bloem said during the presentation at the Michigan SBA Lenders Conference in Lansing on March 31, 2011.
SBA 504 loans are a partnership between a small business, a lending institution and the Small Business Administration (an independent agency of the federal government). Nonprofit organizations like the EDF facilitate these loans at a local level to create 504 loan packages that offer lower interest rates, smaller down payments, and longer terms than typical commercial fixed asset financing.
“We are all very proud to have Mitchell as part of our team at Traverse City State Bank. He joined the bank in 2009 and was able to quickly get the other lenders and staff up to speed on SBA lending programs and procedures. Mitchell is a leading SBA lender in our community. Mitchell works hard to deliver outstanding service to all our clients. He is the true spirit of our Bank’s motto: Thrive Here!” said Connie Deneweth, Chief Executive Officer and President, Traverse City State Bank.
About Economic Development Foundation
The Economic Development Foundation is a non-profit organization that promotes job creation throughout Michigan by working with the SBA and private sector lenders to provide financing to small businesses for capital assets under the SBA 504 loan program. Through highly personal service, an experienced team and a hands-on approach to helping customers through the loan process, EDF helps many small businesses each year start, build and grow their companies. Learn more online at growmichigan.com.
About Traverse City State Bank
Traverse City State Bank, a Michigan banking corporation, is a wholly-owned subsidiary of TCSB Bancorp, Inc. Founded in 2000, the Bank is headquartered in Traverse City and has four full service branches. Traverse City State Bank provides a full range of commercial loans and banking services for small to medium size businesses and also provides mortgage to individuals. The bank’s focus is to offer high quality and optimal banking services for those living in the Grand Traverse Region.