December 2022

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Season's Greetings From

Our Team to Yours!

Year in Review and Current Updates!

As 2022 comes to an end, I have been reflecting on all of GLCF’s positive changes and achievements over the last year. FY 2022 ended on September 30, 2022, and GLCF significantly impacted small businesses around the State of Michigan. Our organization approved 73 loans totaling $59,391,146 in SBA 504 financing and funded 74 loans totaling $53,720,000. These loans, combined, are anticipated to create 1,514 jobs over the next two years. 

We are now approaching the end of the first quarter of FY 2023. Although loan approval volume is down nationwide, GLCF is experiencing a higher debenture amount average than last year and an increase in overall market share when compared to the previous year. Additionally, when ranked against our peers, the other 200 certified development companies (CDCs) in the country that administer the 504 loan program, GLCF is currently number 27th in the nation in terms of loan volume. This is a huge accomplishment for our organization and a testament to our outstanding team. 


The most significant change we made this year was in our closing department. At GLCF, we understand that funding the SBA portion of the loan as quickly and efficiently as possible is critical so our borrowers can lock in their interest rate. Additionally, since the nature of the program is for our lending partners to advance up to 90% of the loan proceeds before the 504 loan funds, it is of the utmost importance that we fund the 504 portion in a timely manner to ensure the interim loan is paid down. Once this happens, the bank or credit union can confidently be in a first lien position with typically a 50% loan to value. Therefore, we have made significant strides in streamlining our closing department over the past few years to expedite the overall process. We have a fantastic closing team that works hand in hand with our lenders to help achieve these goals. 


Additionally, GLCF has recently done what very few CDCs in the nation have done and what no other CDC in Michigan offers. We hired our own General Counsel, Lexi Woods. Having the expertise of an experienced real estate attorney on our team allows us to identify potential issues very early in the closing process, which in turn, helps us expedite the overall process. Lexi also has extensive data privacy and security knowledge and will be highly instrumental in helping our organization stay on top of this complicated and ever-changing landscape. Our goal is to make sure we continue to have the appropriate policies and protocols in place to ensure our data remains secure in the ever-changing world of cybersecurity.


Lastly, in addition to the work we do with the 504 loan program, we also worked with 16 different banks and credit unions around the state last fiscal year, packaging 24 7(a) loans on their behalf, and we are on track to experience record 7(a) volume this year with the current fee relief for 7(a) loans that are under $500,000. If you are interested in learning more about our 7(a) packaging services, please contact Nik Hoezee in our office.


Once again, these achievements are all a testament to our amazing team, along with our board of directors, loan committee members, and lending partners. We are truly grateful for your continued support and look forward to working with you all in 2023.

Merry Christmas and Happy Holidays!

Julie Parker


Lender Leader Board!

We want to thank all of the lenders that have had loans authorized so far through GLCF by the SBA in FY 2023. At the end of our current fiscal year (09/30/2023), the lending institution with the most loan approvals will receive GLCF's Lender of the Year Award!

Our Team

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