October 2025

New For FY 2026:

🏭 Manufacturing Rates (NAICS 31–33):

📌 25-year: 5.68%

📌 20-year: 5.73%

📌 10-year: 5.29%


SBA has waived both the upfront guaranty fee and the ongoing guaranty fee for manufacturers (NAICS 31–33). The purpose of GLCF's Manufacturing Rate is to demonstrate how waiving the ongoing guaranty fee impacts the overall SBA 504 effective rate.

Additionally, GLCF is upping the ante by covering 50% of the third-party lender fee (up to $5,000) for manufacturing projects approved through September 30, 2026, thereby providing our Manufacturers in Michigan, as well as those in Indiana and Ohio border counties, with even more benefits. You can read more about it below, or click here to learn more: https://buff.ly/qgucMEu.

Highlights from GLCF's 17th Annual Lenders Cup!

Left to right: Scott Ashurst, Dan Druskovich, Kim Von Kronenberger and Jeff Rademacher

The 17th annual GLCF Lenders Cup was truly one for the record books! With over 100 golfers, sold-out sponsorships, and a perfect day for golf, the event delivered a winning combination of sport, camaraderie, and fun.

Congratulations to this year’s Lenders Cup champions, State Savings Bank, who finished an impressive 17 under par. Their winning team included Dan Druskovich, Jeff Rademacher, Scott Ashurst, and Kim Von Kronenberger.

While State Savings Bank only needed 1 loan approval to qualify for the outing, completing 4 loans this fiscal year earned them 4 mulligans, helping them secure their well-deserved victory.

A big shout-out also goes to Shelby State Bank, winners on the traditional side of the outing, with a score of 10 under. Their team featured Jerad Hurd, James Stovall, John Raven, and Drew Maus.

It was a fantastic day filled with participation, competition, and great performances all around. We can’t wait to see everyone back next year!



Tip for next year's outing: It’s never too early to secure your spot. Have a project approved in FY 2026 (starting October 1), and you’re in! 🏌️

Finally, a special thank-you to our generous sponsors who made this event possible:

GLCF's FY 2025 Incentive Program a Huge Success

Over $110,000 Invested Into Our Lending Partners to Support Small Businesses!

Read All About It - Along With What We are Doing This Fiscal Year!

FY 2025 Incentive Program Results:

At Great Lakes Commercial Finance, partnerships drive everything we do. When we launched our FY 2025 Economic Development Incentive Program, our goal was to highlight the 504 program and provide an incentive to our lending partners. This incentive allowed them to waive fees, cover professional costs, or apply the funds toward other loan-related expenses that directly benefit borrowers, ultimately helping them win more deals.

The program was a huge success! Since its launch in December 2024, we have authorized 51 projects and committed over $110,000. Funds are dispersed once the loans fund, giving lenders the flexibility to use the incentives in ways that best support their borrowers and expand access to financing across Michigan, Indiana, and Ohio.

FY 2026 Incentive Program:

Building on that momentum, we are excited to launch our FY 2026 Economic Development Incentive Program. GLCF’s program is modeled after the SBA’s September 18, 2025, guidance and Information Notice 5000-871532, which waives 504 program fees for manufacturers with NAICS codes beginning with 31, 32, or 33 that have applications approved in Fiscal Year 2026.

In addition to this SBA fee waiver, GLCF will further support qualifying manufacturers by covering 50% of the third-party lender fee, up to $5,000, through our new incentive initiative. This is part of our ongoing commitment to promoting economic growth and supporting Michigan’s manufacturing community. 

Example of Combined Savings – $2,000,000 Total Project

Through the FY 2026 Manufacturer Incentive Program, a typical $2,000,000 project can generate $6,500 in upfront fee savings when combining GLCF’s lender fee incentive with the SBA guarantee fee waiver.

On top of that, the SBA waiver on the ongoing fee lowers the fully effective interest rate from 6.01% to 5.85%, providing manufacturers with additional long-term savings and freeing up capital to reinvest in their operations.

Example of Combined Savings – $4,000,000 Total Project

For a $4,000,000 project, the FY 2026 Manufacturer Incentive Program can provide $13,000 in upfront fee savings when combining GLCF’s lender fee incentive (capped at $5,000) with the SBA guarantee fee waiver.

Additionally, the SBA waiver on the ongoing fee lowers the fully effective interest rate from 6.01% to 5.85%, giving manufacturers significant long-term savings and freeing up capital to reinvest in their operations.

CLICK HERE to learn more about our FY 2026 Incentive Program and how your borrowers can benefit!

GLCF's Loan Officers

Lender Leaderboard: Announcing Our 2025 Lender of the Year!

FY 2025 was a standout year for Great Lakes Commercial Finance, marking the most diversified lender participation in our history. Loan approval growth climbed an impressive 53% over the prior year, as we partnered with 27 different lending institutions, an increase of more than 13%!

This surge in both volume and lender engagement made for an exciting race for our annual Lender of the Year recognition. Remarkably, five institutions each had four debentures approved, a first for GLCF! In those cases, we look to total debenture dollars approved to determine our winner.

We are proud to announce Oxford Bank as our 2025 Lender of the Year, with an outstanding $8,019,005 in approved debentures. Congratulations to Oxford Bank and all our valued lending partners for making FY 2025 a record year of collaboration and growth!

Oxford Bank has long been a champion of the SBA 504 Loan Program, helping small businesses secure the long-term financing needed to grow and thrive. As one of Michigan’s oldest community banks, Oxford has consistently demonstrated its commitment to supporting entrepreneurs, driving local investment, and strengthening communities, particularly through its leadership on the east side of the state. Their focus on relationship-driven community banking continues to make a lasting impact across Michigan.

We would also like to extend a special mention to First Merchants Bank, Consumers Credit Union, Community Choice Credit Union, and State Savings Bank, each of which approved four debentures and made significant contributions to the success of small businesses in our community.

Congratulations to all lenders for another year of outstanding support. Your dedication helps drive economic growth across our state!

Apply NOW!

CREW West Michigan Scholarship:

Supporting the Next Generation of Women Making an Impact in the Commercial Field

Great Lakes Commercial Finance (GLCF) is proud to support CREW WM's new local Scholarship with a $4,000 annual donation for FY 2026. This contribution gives CREW West Michigan the opportunity to shape the program in the years ahead!

Do you know a female college student pursuing a degree in business, finance, law, urban planning, or another field that could lead to a career in commercial real estate?

For 2026, a $2,500 scholarship has been established to help with education related expenses. The award also includes a complimentary student membership to CREW West Michigan for the year, providing access to valuable networking and professional development.

CREW West Michigan is now accepting applications for the 2026 scholarship.

Eligibility:

• U.S. citizen or legal resident
• Enrolled full- or part-time at a non-profit college or university
• Focused on one or more CREW Network-qualified commercial real estate fields

Apply today to be considered. Applications close December 1, 2025.

You can learn more about eligibility and apply today to take the next step toward your future in commercial real estate here.