Great Lakes Commercial Finance Welcomes Skylar Houchin as Credit Analyst

Great Lakes Commercial Finance (GLCF) is excited to announce that Skylar Houchin has joined the team full-time as a Credit Analyst. Skylar graduated from DePaul University with a degree in Honors Finance and a minor in Economics. He brings a diverse range of experience in wealth management and corporate banking, with expertise in investment research, commercial real estate, asset-backed lending, …

Great Lakes Commercial Finance Welcomes Charlie DeVries as Summer Intern

Great Lakes Commercial Finance (GLCF) has welcomed Charlie DeVries as an intern for the summer of 2025. Charlie is currently a sophomore at Hillsdale College, majoring in Economics and minoring in Financial Management. This internship will provide him with valuable exposure to lending and commercial banking. Throughout the next several months, Charlie will be assisting with application intake and risk ...

Changes Ahead: What the New SOP 50 10 8 Means for You

The U.S. Small Business Administration (SBA) released SOP 50 10 8 on April 22, 2025, with an effective date of June 1, 2025. It introduced new policy changes and signaled a return to more traditional, prudent lending practices, aligning with current executive orders and policy priorities. However, on May 29, 2025, the SBA issued an updated version—SOP 50 10 8 ...

7(a) Fees Are Back!

It's Time to Reevaluate the 504 Loan Advantage. There has never been a better time for businesses considering an SBA loan to choose the 504 loan program. Effective March 27, 2025, SBA reinstated fees on 7(a) loans for the remainder of FY 2025, making the 504 program even more cost-effective. The newly announced changes to 7(a) loan fees will increase ...

Important Updates From GLCF on Presidential Pause

UPDATE: 6:12 PM on Tuesday, January 28, 2025 A federal judge has temporarily halted the Presidential pause on grants, loans, and other financial assistance programs. The judge’s order indicates the courts need additional time to consider the implications of the pause. The order will expire on February 3, 2025, at 5:00 pm; however, the judge has scheduled a hearing for ...

GLCF is excited to welcome John Laman to our team as a Loan Officer supporting Southeast Michigan.

Great Lakes Commercial Finance (GLCF) is excited to welcome John Laman to our team full-time as a Loan Officer supporting Southeast Michigan. John has extensive commercial lending experience spanning 12 years, including work in commercial and industrial lending, SBA loans, and investment real estate. John also brings a rich educational background, holding a Bachelor’s degree in Sales and Business Marketing …

Great Lakes Commercial Finance Has Been Approved by the U.S. Small Business Administration to Administer the 504 Loan Program in Ohio and Indiana

Great Lakes Commercial Finance (GLCF), headquartered in Grandville, Michigan, is a nonprofit Certified Development Company (CDC) licensed by the U.S. Small Business Administration (SBA) and has been lending to businesses throughout the state of Michigan since 1981. They are excited to announce that they have been authorized to lend in Ohio and Indiana through a Local Economic Area (LEA) expansion. …

West Michigan Community Bank is GLCF’s Lender of the Year! 

Now that Fiscal Year 2024 has ended, we want to thank all of our partnering lenders for helping make it a successful one. Your trust and commitment are greatly appreciated. From October 1, 2023, to September 30, 2024, we had the pleasure of assisting 24 lending institutions, leading to 38 loan approvals.  Following the end of the fiscal year, we …

Introducing GLCF’s Closing & Servicing Team

Meet GLCF's Closing & Servicing Team- We are Here to Serve You! We’d like to introduce our expanded Closing and Servicing team, led by Laura Seromik. We’ve grown our team to better serve you, therefore you may hear from any of our designated experts regarding your SBA 504 loan servicing needs. You’re welcome to reach out to any team member ...