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. This allows them to extend their services to contiguous counties where they have established strong ties and identified growth opportunities. They can now lend in Lake, Porter, La Porte, St. Joseph, Elkhart, LaGrange, and Steuben counties in Indiana and Williams, Fulton, Lucas, Wood, and Ottawa counties in Ohio. This expansion marks an important step in their continued growth and commitment to supporting small businesses across the region.
The SBA 504 Loan Program, offered by GLCF, provides small business owners access to long-term, fixed-rate financing options to purchase land, buildings, construction/renovation projects, and equipment. This loan program offers a more cost-effective financing plan, giving borrowers a lower down payment and out-of-pocket costs. It features a 50-40-10 structure: 50% funded by a lending institution of their choice, 40% by GLCF/SBA, and as little as 10% down by the borrower. Borrowers can choose from 10, 20, or 25-year payment terms.
“This expansion into select counties in Ohio and Indiana is a natural progression of our growth, and we are honored that the SBA has entrusted us with this opportunity,” said Julie Parker, President & CEO of Great Lakes Commercial Finance. “Many of the lending institutions we have partnered with over the years in Michigan also finance projects across state lines, and this new designation will allow them to continue to collaborate with GLCF in offering the SBA 504 loan program to small businesses in these regions. We’re excited to support our partners in this expanded capacity and to build new connections with lenders and small businesses we have not yet served.”
The expertise, streamlined processes, and client-centered focus offered by GLCF are unmatched. With this addition, our positive impact will continue to grow. Since its inception, GLCF has funded over 1,100 504 loans, totaling more than $580 million in loan proceeds and creating or retaining almost 11,000 jobs. GLCF is committed to supporting community growth and can now invest more broadly in the region’s economic development.
GLCF’s dedication extends from the application process to the closing and servicing of the loan. Our team of experts remains in constant communication with clients, ensuring a smooth process from beginning to end.
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About GLCF: Great Lakes Commercial Finance (GLCF) has been financing growing businesses in Michigan since 1981 and specializes in the SBA 504 loan program. The program offers many advantages for small businesses, including access to capital with a low down payment, a fixed interest rate, and a longer-term for purchasing or constructing a building, land, or equipment. GLCF’s staff is dedicated to making the process smooth and seamless with hands-on personal attention.
For more information about SBA 504 loans, visit www.glcf.org