Below you'll find a list of all posts that have been categorized as “SBA News”
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 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 …
GLCF Earns Prestigious ALP Designation Extension for Another Two Years GLCF has proudly been part of the SBA’s Accredited Lender Program (ALP) for years. Every two years, we reapply for this designation, and we are excited to announce that our ALP status has been extended through May 2026. This prestigious designation is awarded only to the nation’s highest-performing SBA 504 …
Are you a small business ready to expand? Look no further than the SBA 504 program! One of the biggest issues small businesses encounter have to do with proper financing. Starting a business is far more difficult than it may look from the surface. Once entrepreneurs are ready to start, grow, or expand their business, they must consider many financing …
As of March 21, 2024 Courtesy of our national association, NADCO. FY24 Government Funding Status: Congress has agreed on government funding and released the final six funding bills earlier on March 21, 2024, setting up a tight timeline for passage of the legislation. The House is expected to vote early on March 22, 2024, before sending the bill to the …
Great Lakes Commercial Finance (GLCF), a leading provider of SBA 504 loans in Michigan, is pleased to welcome Chazney Balmer to their team as a Closing Specialist. Chazney is part of the Closing and Servicing Team and will assist in closing approved 504 loans in compliance with SBA rules and regulations. Born and raised in the Grandville area, Balmer got …
Great Lakes Commercial Finance (GLCF), a leading provider of SBA 504 loans, is pleased to announce the appointment of Tom Sreckovic as the new Commercial Loan Officer responsible for serving Michigan’s Southeast side. He will be working to develop and foster relationships with lenders, small businesses, economic development professionals, and other partners, covering all of Southeast Michigan, including Oakland, Macomb, …