February 2023

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The Benefits of the 504 Loan Program

for your Business

If you’re a lender or a small business owner, you’ve probably heard of the SBA 504 loan program. Great Lakes Commercial Finance (GLCF) is an accredited lender authorized by the U.S. Small Business Administration (SBA) to administer the 504 loan program. We partner with banks and credit unions all over the State, offering a unique 50/40/10 loan structure that benefits small businesses. GLCF is here to help you determine if the 504 loan is right for your business or customer by answering some basic questions.

WHY should I consider the SBA 504 loan program through GLCF?

Because of the unique 50/40/10 structure, SBA 504 borrowers can:

  • Finance up to 90% of their total project costs, which helps preserve working capital. Additionally, this improves cash flow with the 504’s 10, 20, or 25 year terms. 
  • Terms are longer than conventional financing options, allowing borrowers to spread out their payments and increase their cash flow for day-to-day operations. 
  • Unlike conventional loan programs, interest rates, which are typically below market, will remain fixed throughout the term of the loan, saving borrowers thousands of dollars.
  • The program also allows the borrower to finance their fees, so there are very few out-of-pocket costs. 
  • The 504 loan will allow real estate and equipment to be financed together to take advantage of the longer loan terms.

WHAT can the 504 loan help me finance?

The 504 loan can help for-profit companies finance fixed assets, including:

  • Real estate acquisition, construction, renovation, or expansion (including the purchase of land)
  • Eligible Soft Costs (appraisal, environmental, and other professional fees)
  • Land and site improvements
  • Purchase and installation of new equipment or machinery
  • Refinance of commercial real estate, eligible fixed assets, and allows for “cash out” for operating expenses

WHO should I contact?

GLCF partners with banks and credit unions all over Michigan to deliver small businesses the 504 loan. If you contact your commercial lender first, please tell them you are interested in the 504 loan program. You can also contact our office directly at (616) 459-4825, and we can help you find a lender if you don’t currently have one.

WHEN should I reach out?

The earlier, the better, so all parties are on board from the very beginning. This allows us to work together to ensure your project is eligible and that we are moving things along. Having everyone on the same page from the start will help the process go as smoothly as possible.

To learn more about the SBA 504 program, please call one of our loan officers below or our office at (616) 459-4825 or you can visit our website at glcf.org.

Bradd Pierce

Senior Loan Officer

Southwest Michigan


(616) 304-8881

Gary Witkowski

VP of Loan Operations

Northern MI


(616) 401-9433

Nik Hoezee

Loan Officer

Southeast MI


(616) 208-9849

March Madness - 2023!

In-Person Event:

March Madness is just around the corner, and we would love for you to join us between

1:00 and 4:30 pm on Friday, March 17th, to watch the games and network. Appetizers and drinks will be provided. This will be a great time to hang out with the GLCF team and other lenders.

To register, please click Here to email Abbey and let us know you will be joining us! The event will be held at the Grandville Uccello's located at:

Uccellos Ristorante 

3940 Rivertown Pkwy

Grandville, MI 49418

Friday, March 17th

1:00 to 4:30 pm


Bracket Challenge:

We would also love for you to join our Bracket Challenge! There is no cost to participate. Winner/winners of the challenge would receive a $200 Amazon gift if they also attended our March 17th event and a $100 gift card if they did not. On Monday, March 13th, we will send out a link to the brackets via an email to our newsletter mailing list. Complete the bracket before the start of the tournament, and you will be entered to win! Weekly updates will be sent throughout the tournament!

Lender Leader Board!

We want to thank all lenders that have had loans authorized since the beginning of our fiscal year. 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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