THE ECONOMIC DEVELOPMENT FOUNDATION ESTABLISHES DETROIT PRESENCE

The Economic Development Foundation (EDF), a leading Small Business Administration (SBA) 504 lender in Michigan, announced today that it has established a permanent presence in the southeast Michigan market. To lead the expansion efforts, they hired Beth Ann Arroyo as the senior loan officer. EDF Board Chairman Dan DeBaar made the announcement.

Arroyo brings more than 24 years of commercial lending experience to EDF, most recently serving as vice president on the Business Banking team at PNC. She is well known and respected within the commercial banking community.

“As we expand and establish this important presence in southeast Michigan, we are confident that Beth is the right person to fill this position,” said DeBaar. “Her vast knowledge of the area, coupled with her industry experience, makes her a valuable asset to our team.”

The main purpose of the SBA is to support growing businesses looking to secure long-term financing at below-market rates. Offering them access to the SBA 504 loan program helps them to meet these needs.

“The SBA 504 program is the right tool for businesses looking to acquire commercial real estate and/or equipment,” said Arroyo. “The ability to take advantage of a lower down payment and fixed rate loans for up to 20 years is something business owners and their financial advisors need to be aware of and I am looking forward to working with lenders and borrowers to deliver this viable and affordable financing option.”

The SBA 504 loan program is a long-term financing tool, designed to encourage economic growth within the community by providing businesses with 10 or 20-year terms, and low fixed-rate financing. Used to acquire major fixed assets for expansion or modernization, 504 loans make it easier for the borrower to obtain favorable financing terms and reduce risk to the lending institution. The SBA 504 project ranges from $125,000 to $25 million.

About the Economic Development Foundation
The Economic Development Foundation (EDF), established in 1981, is in the business of directing loans that are critical to the growth of businesses. We are behind hundreds of projects for established businesses that have outgrown their space and expanded into new industries. EDF is certified by the Small Business Administration to make SBA 504 loans and partner with banks on real estate projects. With a team made up of bankers and economic development specialists, EDF works with lenders and their business clients. For more information regarding EDF or the SBA 504 loan program, contact Beth Arroyo at 586-206-5653 or at Beth@growmichigan.com