The U.S. Small Business Administration (SBA) Michigan District Office recognized Great Lakes Commercial Finance (GLCF) as the state’s CDC Lender of the Year for 2022. The award was presented to GLCF’s President, Julie Parker, at SBA’s Michigan Lender Awards Ceremony on April 11, 2023. Held at the Federal Reserve Bank in Detroit, the Awards Ceremony honored some of the most active SBA lenders across the state who provide capital to Michigan small businesses. Several other lending entities were recognized for their outstanding efforts in a variety of categories.
The CDC Lender of the Year is for the best overall performance by a certified development company in Michigan, taking into consideration volume, increased area coverage, and participation in SBA programs and community activities. Consideration is given to year-over-year loan volume increases. Additionally, the CDC must also be in good standing with the SBA. GLCF is extremely honored by the recognition.
Founded in 1981, GLCF is currently one of 195 Certified Development Companies (CDC) in the nation and one of three in the State of Michigan. As a CDC, they work with small businesses throughout Michigan to deliver the 504 Loan Program and help businesses lock in long-term fixed-rate loans for 10, 20, or 25 years. Over the past 40+ years, they have worked tirelessly to assist the growth of Michigan businesses by providing their expertise to their lending partners resulting in business expansions and growth all around the state.
“Receiving the CDC Lender of the Year award is such an honor and a testament to our experienced, hardworking team and their dedication to helping small businesses succeed.” shared Julie Parker, President. “This level of success would have never been achieved without the support of our board of directors and loan committee members. Most importantly, we share this award with the small businesses of Michigan and all the banks and credit unions we partner with to deliver this program throughout the state.”
Fiscal Year 2022 served as a high-volume year for GLCF, approving 73 new loans with a total project cost of $170,100,797 and a total 504 portion of $61,840,000 to small businesses across the state. These loans were used to buy, build, or refinance fixed assets for businesses such as buildings, machinery, or equipment. Additionally, these loans are anticipated to create 753 jobs over the next two years.
GLCF plans to continue its growth and dedication to its small business borrowers. To learn more about the 504 Loan Program or to contact one of their loan officers, visit www.glcf.org.
About Great Lakes Commercial Finance
Great Lakes Commercial Finance (GLCF), established in 1981, is in the business of directing loans that are critical to the growth of businesses. We are behind hundreds of projects for established businesses that have outgrown their space and expanded into new industries. GLCF is certified by the U.S. Small Business Administration to provide SBA 504 loans and partner with banks and credit unions on real estate and/or equipment projects. For more information regarding GLCF or its loan programs, visit their website at www.glcf.org.