Great Lakes Commercial Finance

What Great Lakes Commercial Finance does

Great Lakes Commercial Finance (GLCF) is a Michigan-based nonprofit Certified Development Company (CDC) founded in 1980 that administers the U.S. Small Business Administration's 504 Loan Program across Michigan, seven Indiana counties, and five Ohio counties. Its core product is the SBA 504 loan, a 50/40/10 financing structure pairing a third-party bank or credit union (50%) with an SBA-backed debenture administered by GLCF (40%) and a borrower down payment (10%), used by small businesses to acquire or refinance owner-occupied commercial real estate and equipment. GLCF also packages SBA 7(a) loans for lenders throughout Michigan, offers the 504 Refinance Program for debt restructuring, the VetLoan Advantage Program for veteran-owned businesses, and the FY 2025 Economic Development Incentive Program to drive lender-side origination volume.

GLCF's go-to-market is relationship-driven and exclusively channel-based: a team of territory-assigned loan officers (covering Lakeshore/Northern MI, West Michigan, Oakland County, Wayne/Mid-MI, Southeast Michigan, and Southeast Metro/Toledo) works directly with borrowers and partners with banks and credit unions to originate the third-party leg of each loan. GLCF is one of only three CDCs in Michigan and one of approximately 175 nationwide, and is among the few CDCs with SBA Accredited Lender Program (ALP) status, granting delegated authority for faster processing, closing, and servicing. Since inception through June 2024, GLCF has funded more than 1,100 504 loans totaling $580.1 million in debenture proceeds, creating or retaining approximately 10,900 jobs.

Revenue is generated through transaction-based fees on each 504 loan, an application deposit ($2,500 or 1% of debenture, whichever is less, refunded at funding), a $2,500 packaging fee for 7(a) services charged to lenders, and an ongoing servicing-fee annuity on the legacy portfolio per SBA fee schedules (FY2025: 0% upfront, 0.331% annual service; FY2026: 0.5% upfront, 0.209% annual service, with manufacturer waivers). Leadership is led by President & CEO Julie Parker, with VPs Gary Witkowski (Business Development & Underwriting) and Laura Seromik (Closing & Servicing), and a small 11-50 person expert team. In FY2024 GLCF approved 38 loans from 24 lending institutions, and through May 2025 YTD volume was up 27% and dollar volume up 47% year-over-year, culminating in SBA Michigan's CDC Lender of the Year recognition for FY2025.

Name

Great Lakes Commercial Finance

Legal name

Great Lakes Commercial Finance

Website

https://glcf.org

Company type

Private

Founded year

1980

Operating status

Operating

Headcount range

11–50 employees

Short description

Great Lakes Commercial Finance is a nonprofit SBA Certified Development Company founded in 1980 that administers SBA 504 and 7(a) loans for small businesses in Michigan, Indiana, and Ohio through bank and credit-union partnerships.

Ownership category

akta.pro rank

Product category

SBA 504 Lending Services

NAICS

Credit Intermediation and Related Activities (522), Mortgage and Nonmortgage Loan Brokers (52231)

SIC

Federal & Federally-Sponsored Credit Agencies (6111), Loan Brokers (6163)

akta.pro primary industry

SBA/Government-Backed & Development Finance Loans (FSAKAGAI)

akta.pro secondary industries

SBA/USDA Government-Backed Loan Intermediation (FSAEAEAI), Construction & Development (C&D) Lending — Commercial/Multifamily (FSALADAH)

Keywords

• SBA 504 loans
• Commercial real estate financing
• Small business lending
• CDC loan programs
• Equipment financing

Headquarters

HQ city

Grandville

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. SBA 504 Loan Program Administration: GLCF, as a nonprofit CDC, administers SBA 504 loans providing long-term fixed-rate financing for small businesses. Revenue is generated through fees associated with loan processing, servicing, and the difference between bond sale proceeds and loan amounts. The 504 loan structure involves 50% from third-party lenders, 40% from GLCF/SBA, and 10% from borrower.
2. 7(a) Loan Packaging Services: GLCF offers packaging services for SBA 7(a) loans to lenders throughout Michigan, preparing complete loan packages and submitting via E-Tran to SBA.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

Great Lakes Commercial Finance is a nonprofit Certified Development Company (CDC) that administers the SBA 504 Loan Program, providing long-term fixed-rate financing to small businesses for commercial real estate acquisition, construction, refinancing, and machinery/equipment purchases. The 504 loan is structured as a 50-40-10 split between a third-party lender, the SBA/GLCF, and the borrower, and is offered in partnership with banks and credit unions. GLCF also provides SBA 7(a) loan packaging services to lenders and offers specialized programs including the VetLoan Advantage Program for veteran-owned businesses.

Product overview

Great Lakes Commercial Finance operates as a Certified Development Company (CDC) providing SBA 504 Loan Programs as its core product offering. The portfolio consists of the SBA 504 Loan Program for financing commercial real estate and equipment, the SBA 504 Refinance Program for debt restructuring, and 7(a) Loan Packaging as a supplementary service. GLCF also offers specialized programs including the VetLoan Advantage Program for veteran-owned businesses and the FY 2025 Economic Development Incentive Program for lending partners. A Loan Calculator tool supports initial financing exploration. The company serves small businesses in Michigan, Indiana, and Ohio through partnerships with banks and credit unions.

Differentiator

Problem solved

Functional benefit

Products and services

• SBA 504 Loan Program The SBA 504 Loan Program is the primary offering of GLCF, providing long-term fixed-rate financing for small businesses to purchase owner-occupied commercial real estate, buildings, land, machinery, and equipment. Loan structure is 50% from a third-party bank/credit union, 40% from SBA/GLCF, and 10% from the borrower, with 10/20/25-year fixed interest rate terms at below-market rates backed by SBA debentures.
• SBA 504 Refinance Program The SBA 504 Refinance Program allows small businesses to refinance existing commercial real estate debt and equipment at below-market fixed interest rates through the SBA 504 structure. It is available with or without expansion and supports up to 90% financing of the project, helping borrowers restructure existing debt into longer-term fixed-rate financing.
• 7(a) Loan Packaging Services 7(a) Loan Packaging Services are provided by GLCF to lenders throughout Michigan, including eligibility assistance, loan structure consultation, package preparation, E-Tran submission to SBA, SBA response handling, and closing document preparation. The service carries a $2,500 packaging fee charged directly to the lender.
• VetLoan Advantage Program The VetLoan Advantage Program is a specialized incentive program for veteran-owned or active-duty military-owned businesses applying for SBA 504 or 7(a) loans. GLCF covers up to $1,000 of the Third-Party Lender Fee (0.5% of the lender loan amount) on funded 504 loans and waives 20% of the packaging fee (saving up to $500) on 7(a) loans for qualifying veteran and active-duty borrowers.
• FY 2025 Economic Development Incentive Program The FY 2025 Economic Development Incentive Program pays third-party lenders (banks and credit unions) an incentive equal to 50% of the Third-Party Lender Fee, up to a maximum of $5,000 per SBA 504 loan approved prior to September 30, 2025. The incentive can be applied as the lender sees fit, including waiving fees, covering professional costs, or applying toward loan-related expenses.

Quantifiable outcome

• 47% increase in dollar amount and 27% increase in loan volume year-over-year through May 2025
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered minor and core.

• Lakeshore AdvantageminorStrategic or Co-development Partner · 20 November 2024Economic development organization serving Ottawa and Allegan Counties. Serves primary employers at all stages from startups to global corporations. SURGE program focuses on helping product and technology entrepreneurs launch and grow businesses.
• Banks and Credit Unions (Third-Party Lenders)coreChannel Partner/ Reseller/ DistributorGLCF partners with banks and credit unions to deliver SBA 504 loans. Third-party lenders provide 50% of project financing while GLCF coordinates the SBA portion. Benefits include reduced risk through lower LTV ratios, no fee or interest rate restrictions, ability to serve more borrowers, labor cost savings from GLCF preparing loan packages, stronger customer relationships, and CRA compliance demonstration.
• U.S. Small Business Administration (SBA)coreStrategic or Co-development PartnerGLCF is a Certified Development Company (CDC) licensed by SBA to administer the 504 Loan Program. SBA backs bonds that enable below-market fixed rates. GLCF is one of few CDCs with Accredited Lender Program (ALP) status, providing increased authority for faster processing.
• NADCO (National Association of Development Companies)coreStrategic or Co-development PartnerNADCO is the national trade association representing CDCs and the SBA 504 Loan Program. GLCF stays connected to NADCO for Washington D.C. advocacy updates, policy guidance, and industry communications including SOP updates, fee changes, and legislative developments.
• Veteran and Active-Duty Military Business OwnersminorStrategic or Co-development PartnerGLCF offers VetLoan Advantage Program providing fee waivers for veteran-owned and active-duty military-owned businesses: up to $1,000 Third-Party Lender Fee waiver for 504 loans and 20% packaging fee waiver for 7(a) loans.
• West Michigan Community BankminorChannel Partner/ Reseller/ DistributorNamed GLCF's FY 2024 Lender of the Year with 3 loans approved totaling $4,099,000 in aggregate debenture. Represented one of four tied lenders but won on highest SBA loan amount.
• The Right Place, Inc.minorStrategic or Co-development PartnerGreater Grand Rapids region's leading economic development organization focused on People, Place, and Prosperity. Has facilitated $6.1 billion in investments and 50,000+ jobs created. Services include business expansion, retention and attraction, talent solutions, site selection, and community development.
• Michigan Manufacturing Technology Center-WestminorStrategic or Co-development PartnerProvides consulting services to small and medium-sized manufacturers across West Michigan, helping them innovate, improve operations, and grow. Over 30 years of service with hundreds of manufacturers assisted.

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Coastal Enterprises Inc (CEI): Maine-based nonprofit CDC and CDFI providing SBA 504 financing and small business loans. Comparable as a mission-driven, multi-program nonprofit lender serving underserved small business markets.
• Mountain West Small Business Finance: One of the largest SBA 504 CDCs in the U.S. operating across multiple western states. Comparable as a multi-state nonprofit CDC administering 504 loans at scale and competing for similar bank partnership relationships.
• Business & Community Lenders (BCL) of Texas: Texas-based nonprofit CDC administering SBA 504 loans for small businesses. Comparable as a regional nonprofit CDC with a mission-driven approach and bank partnership distribution model.
• Mercantile Capital Corporation: SBA 504 lender operating across multiple states with a similar small business financing focus. Comparable business model centered on SBA 504 program administration and bank/credit union partnerships.
• CDC Small Business Finance: California-based nonprofit CDC administering SBA 504 loans. Directly comparable as a CDC of similar scale and mission, providing small business commercial real estate and equipment financing through lender partnerships.
• Michigan Community Capital: Michigan-based nonprofit CDC administering SBA 504 loans across the state. Directly comparable as another Michigan CDC competing for the same bank referral relationships, lender partnerships, and small business borrowers that GLCF serves.

Others

• National Association of Development Companies (NADCO): National trade association representing all 504 CDCs nationwide. Not a peer but the central industry body GLCF is a member of — relevant context for SBA policy advocacy and industry benchmarking.
• West Michigan Community Bank: GLCF's FY 2024 Lender of the Year and a third-party lender partner. Not a peer but a key distribution partner providing the 50% bank leg of every 504 loan — illustrates the bank-side counterparties GLCF depends on.
• Michigan Economic Development Corporation (MEDC): Michigan's public-private economic development agency. Adjacent, not a competitor — but a key ecosystem partner and potential funding source for small business financing programs that complement GLCF's 504 work.

Emerging players

• Northern Initiatives: Michigan-based CDFI providing small business loans and economic development financing. Partial overlap with GLCF's mission of small business capital access, though primarily direct lending rather than 504 program administration.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCzmy5W-bhmQkZ_B_MelG0nw
• Facebookfacebook.com/GLCF504Loans
• LinkedInlinkedin.com/company/great-lakes-commercial-finance
• Xx.com/edf504

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Great Lakes Commercial Finance