September 2022 Rates and News
5.44% 25-Year Debenture – 5.45% for Refinance
5.34% 20-Year Debenture – 5.35% for Refinance
5.33% 10-Year Debenture – 5.34% for Refinance
Lower SBA 7(a) Fees
SBA continues to lower the fees charged to borrowers and is waiving all fees for loans $500,000 and less.
Upfront SBA 7(a) Fee
Loans approved October 1, 2022 through September 30, 2023.
- $500,000 or less: 0.00%.
- $500,001 to $700,000: 0.55%.
- $700,001 to $1,000,000: 1.05%.
- $1,000,001 to $5,000,000: 3.5% of the guaranteed portion up to $1,000,000 plus 3.75% of the guaranteed portion over $1,000,000.
Ongoing SBA 7(a) Fee
Ongoing fee for loans $500,000 or less is 0.00%. For loans over $500,000, 0.55%.
MCDC had another fun and successful MCDC Annual Lender Appreciation Golf Outing with lenders from all over the state coming together at Eagle Eye Golf Course in Bath.
We would like to again, thank everyone at the outing for the generous donations to the Greater Lansing Food Bank. Through everyone’s contributions we were able to raise money to supply over 7,200 meals throughout the Mid-Michigan area. We very much appreciate the support.
This annual outing is one of the ways we say “Thank You” to lenders that partner with us in assisting small businesses with financing. Bring us a project and reserve your place in next year’s outing! Enjoy the video.
At the reception we also recognize the accomplishments of the 2021 Lenders of the Year throughout the state who were instrumental in the past year helping to support small businesses obtain funding.
2021 Lender of the Year awards were awarded to the following:
2021 SBA Coordinator of the Year – Dale Brown, PNC Bank
2021 Community Lender of the Year – Fred Manuiolo, Tri-County Bank
2021 Community Lender of the Year – Phil Weiss
2021 Michigan Lender of the Year – Tom Godfrey, Flagstar Bank
Northern Michigan Lender of the Year – Wade Van Houzen
Credit Union Lender of the Year – Steve Terhaar, Credit Union One
Northern Michigan CU Lender of the Year – John Hyatt
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With seven offices throughout Michigan, MCDC’s experienced team will work with you through every step of your SBA Loan. MCDC is a non-profit corporation certified by the U.S. Small Business Administration to provide SBA 504 Loan Financing and 7(a) Lender Services. For more than four decades, MCDC has been a leader in SBA financing in Michigan, participating in projects impacting more than 64,000+ jobs and more than $3 Billion of economic investment. For more information, please feel free to call us at 833-4SBA-LOAN or 833-GET-7ALOANS or visit us at www.michigancdc.org
