Commercial financer expands service to Ohio and Indiana

Nonprofit

Dec 9

Photo courtesy of Great Lakes Commercial Finance

Grandville-based Great Lakes Commercial Finance (GLCF) has been approved by the U.S. Small Business Administration (SBA) to administer the 504 Loan Program in Ohio and Indiana through a Local Economic Area expansion. A nonprofit Certified Development Company (CDC), GLCF has been lending to Michigan businesses since 1981.

GLCF is now authorized to lend in Lake, Porter, La Porte, St. Joseph, Elkhart, LaGrange, and Steuben counties in Indiana, as well as Williams, Fulton, Lucas, Wood, and Ottawa counties in Ohio. According to GLCF President and CEO Julie Parker, the expansion represents a significant step in their continued growth and commitment to supporting small businesses throughout the region.

“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 Parker. “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 collaborating with GLCF to offer 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 SBA 504 Loan Program, offered by GLCF, provides small business owners with long-term, fixed-rate financing to purchase land, buildings, fund construction or renovation projects, and acquire equipment. The loan program offers a 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.

Since its inception, GLCF has funded more than 1,100 SBA 504 loans, totaling over $580 million and creating or retaining nearly 11,000 jobs. Learn more at https://glcf.org/.