April 2022
GLCF's Second Quarter Update
GLCF is halfway through FY 2022, and we are pleased to report that at the end of Q2, we have experienced record loan growth in terms of loan approvals and our average loan size. We have also had a record number of loan fundings, seen an increase in our 7(a) packaging volume, added additional team members, and streamlined our processes to keep up with demand. 

Record Loan Growth

Last fiscal year (FY 2021) was a record-setting year in terms of loan volume for GLCF. We obtained 89 loan authorizations totaling $54,043,000 in debentures (SBA's portion of the project). These loans have an average debenture size of $607,224 and are projected to create 867 jobs. FY 2022 has continued to set records of its own. Through March 31st, GLCF has obtained 48 SBA authorizations totaling $47,554,000 in debentures, which equals an average debenture size of $990,708. This is an increase of 37% in the number of loans authorized and a 139% increase in debenture growth compared to the first half of last year. Nationally, there are 194 Certified Development Companies (CDCs) like GLCF, and our organization is ranked 28th in terms of YTD volume. 

Record Amount of Loans Funded

A record number of loan approvals translates to a record number of loan fundings. Through the first half of FY 2022, our closing team has successfully funded 33 loans totaling $17,555,739. This is an increase of 65% in fundings and a 144% increase in debenture amount compared to the first half of last year. In anticipation of the increased volume, GLCF streamlined processes, added additional team members to our closing team, and added another closing attorney. 

Increased 7(a) Loan Volume

GLCF has assisted banks and credit unions in Michigan for over ten years with 7(a) loan packaging services. In FY 2021, overall 7(a) loan volume was down due to Paycheck Protection Program (PPP) loans, but we started to see an increase in requests during the last quarter of FY 2021. This year's volume has been strong as well.
If your bank or credit union is in need of 7(a) packaging services, please connect with Nik Hoezee to provide you with more information on how we can assist. Nik can be reached by phone at (616) 323-1270 or via email at Nik@glcf.org.
Staff and Loan Process Update

Along with adding team members to our closing department last fiscal year, we have added two other team members to our staff since the beginning of FY 2022. Sue LeBlanc was hired in October as an Underwriter, and Elmond Nolff joined our team in February as a Loan Officer covering the East side of the State. Both bring many years of commercial lending experience. We have seen immediate positive impacts from both that have allowed us to continue improving our goal of providing the best service to our lending partners and borrowers. Also, with the hiring of Elmond, we now have four very experienced Loan Officers positioned throughout Michigan to provide our lending partners with the best SBA 504 experience in the State.
Due to our continued process improvements, efficiencies, and the hiring of new staff, our statewide market share continues to rise, and we are on pace to increase our overall market share for the third year in a row. 

Thank You

We want to take this time to thank our lending partners, as this success would not be possible without your partnership. Now that COVID-19 restrictions are lifted, and everyone is getting used to going out again, please anticipate our Loan Officers reaching out for lunch. We look forward to seeing everyone soon!
Schedule a Teams or Zoom Call with One of Our Lenders to Learn More about the 504 or 7(a) Loan Program
West Michigan Market

(616) 323-1277
East Michigan Market

(810) 922-3110
Northern Michigan and Lansing Market

(734) 821-7280
Loan Officer & 7(a) Loan Specialist

(616) 323-1270
March Madness Bracket Winner
Thank you to everyone that participated in March Madness with GLCF. We had great participation at our in-person events and we also had a lot of people fill out a bracket and participate in our Bracket Challenge. We are pleased to announce that this year's winner of a $100 Amazon Gift Card is Doug Morgenstern. Doug lives in northern Michigan, he worked for Huntington Bank for many years, and officially retired last year. Doug continues to serve on one of GLCF's loan committees. Congrats, Doug!
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!