November 2021
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Everything You Need to Know About
Funding the 504 Loan
Sign up now to join GLCF virtually on Wednesday, January 12th from 3:00 pm to 4:30 pm for a complimentary webinar on how to close and fund the SBA 504 loan. During this presentation, you will learn how to explore the 504 loan authorization to successfully work with our organization to close a 504 loan for your customer and avoid common pitfalls that could possibly delay funding. 

The GLCF team will briefly walk you through 504 loan basics and how to structure a loan, then focus on the loan authorization and how it relates to common due diligence requirements for the various 504 loan scenarios. 

Space is limited so please register today! Click here to send an email to Michelle and she will send you the Zoom credentials for the meeting. Please feel free to share this great learning opportunity with others within your organization.
Consider Outsourcing your 7(a) Loan Needs to GLCF!

In addition to assisting lenders all over the state with the 504 loan program, GLCF is also an authorized 7(a) Loan Service Provider (LSP). Under an approved LSP agreement between GLCF and the bank or credit union, GLCF can assist the lender with their loan structuring, underwriting, and loan documentation needs pertaining to the 7(a) loan program. Many lending institutions do not have in-house SBA specialists, so they find outsourcing this service very beneficial.

The 7(a) Loan Program is a very popular SBA loan program that can help assist borrowers with eligible project costs as high as $5 million and can include project costs such as:

  • Purchase real estate including construction/improvements.
  • Purchase Equipment
  • Purchase furniture, fixtures, and supplies
  • Short and long-term working capital 
  • Refinance current business debt 

The benefit for the bank is a 75%-85% guaranty for the life of the loan, and the benefits to the borrower are a low down payment requirement and financing for projects with a collateral shortfall. As an added benefit, through 9/30/2022, the SBA has waived the borrower guaranty fee and lender on-going annual fee for loans $350,000 and less. 

To find out more about the 7(a) loan program and how to partner with GLCF on future projects, please call our 7(a) Loan Specialist, Nik Hoezee.
Nik Hoezee
7(a) Loan Specialist
(616) 208-9849
Lender Leader Board

We would like to thank all the lenders that have had loans authorized through GLCF by the SBA in FY 2022. At the end of our current fiscal year (09/30/2022), the lending institution with the most loan approvals will receive GLCF's Lender of the Year Award!