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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. …
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 …
Great Lakes Commercial Finance (GLCF) is excited to welcome David Yepez to our team as a Closing and Servicing Specialist. David is a 2024 graduate of Hope College, where he earned a bachelor’s degree in business. He brings valuable experience from his internships in sports marketing and college athletics. In his new role, David will be responsible for organizing loan …
At the beginning of October, the Small Business Administration (SBA) announced changes to the Debt Refinance Program that will take effect on November 15, 2024. These changes will streamline the loan application process, expand eligibility criteria, and make it easier for small businesses to access the program. A Recap of the Two Refinancing Programs: What are the Key Changes? We …
Great Lakes Commercial Finance (GLCF) is pleased to welcome Katy Bosworth as our team’s newest Closing Specialist. Katy Bosworth studied business at Grand Valley State University, where she developed a solid foundation in business administration. She has accumulated over 7 years of experience working at a credit union, gaining a basic knowledge of commercial lending and banking. In this new …
Great Lakes Commercial Finance (GLCF) is thrilled to announce that Shannon Dwyer has joined our team full-time as a Loan Officer. Shannon Dwyer graduated from Western Michigan University with a Bachelor of Business Administration in Accounting. She brings over a decade of experience in commercial banking, having worked as a commercial credit analyst before transitioning into a commercial lending role. …
The SBA has announced its fee structure for Fiscal Year 2025 (starting October 1, 2024), and it’s time to get informed. 504 fees are reduced and 7(a) remain the same! SBA 504: The upfront SBA guarantee fee: Remains at 0% for both standard projects and refinance without expansion. Annual Service Fee (included in the fully effective rate): Will be 0.331% …
Great Lakes Commercial Finance (GLCF) proudly announces Laura Seromik’s promotion to Vice President of Closing and servicing. Laura, who recently celebrated her ninth anniversary with GLCF, brings an impressive 30 years of experience in commercial lending, closing, and servicing to her new role. She earned her Bachelor’s degree in Marketing Management from Olivet College. In her new position, Laura will …