Economic Development Foundation (EDF)
EDF is a Certified Development Company that partners with lenders to help small business owners finance fixed assets through the 504 Loan Program. The main benefits of the 504 Loan Program are a low down payment and low fixed interest rates for up to 20 years. EDF was founded in 1981 and has over 35 years of experience to guide you through each step of the 504 Loan Program. Our expert staff knows how to make the process simple, fast and successful – for both the small business in need of financing and the lending institution seeking to minimize loan risk.
Designations – Accredited Lender Program (ALP Lender)
EDF is in the SBA’s Accredited Lender Program. This means SBA has designated EDF with increased authority to process, close, and service 504 loans, and our customers receive expedited processing of loan approvals and servicing actions.
ALP CDCs are accountable for thorough credit and eligibility analysis on loan applications and on servicing actions. SBA relies on the EDF’s credit analysis in making the decision to guarantee the debenture and complete the documentation in a reduced timeframe.
The Personal Touch
Our staff is adept at making business owners feel comfortable with what is often perceived as an intimidating experience. We provide the one-on-one, personal involvement to streamline the loan process for everyone involved – making sure everyone understands each step and keeping all parties informed of every relevant development.
For lenders, we offer a standing invitation to meet with you and your customer to present the 504 Loan Program, with a promise to make the loan process easy and efficient for all.
Our job is not finished when the loan is approved. We lead both the small business and lender through the process until the loan has funded. Additionally, EDF will continue to maintain contact with the small business throughout the life of the loan, monitoring and encouraging performance, servicing the loan, and providing quick answers to any questions or concerns.
EDF will finance projects all across Michigan. We have loan committee members from all around the state, which provides first-hand insight into regional communities. This also allows us to provide lender support and a quick response to projects in all Michigan markets.
We would like to help you grow and succeed! Please contact us as the first step to getting approved for an SBA 504 loan.
Julie Parker, President