Nonprofit development lender expands regional impact

The Economic Development Foundation (EDF), a certified development company (CDC) located in Grandville, Michigan, is now doing business as Great Lakes Commercial Finance (GLCF). GLCF has also updated its logo and website.
 
Since 1980, GLCF has been authorized by the U.S. Small Business Administration (SBA) to administer the SBA 504 Loan Program in the state of Michigan. The 504 program allows small businesses to finance fixed assets, such as real estate, construction, and equipment.
 
The organization has strong roots along the Lakeshore. 

Merger and move

The brand refresh follows a 2017 merger with Lakeshore 504, which was managed by current GLCF President Julie Parker for 14 years. In December 2019, GLCF moved its office from Grand Rapids to Grandville. Lakeshore 504 was operated through a partnership with the Michigan West Coast Chamber of Commerce and the Chamber of Commerce Grand Haven, Spring Lake, Ferrysburg. 
 
“As we build upon our 40 years of service, recent merger and new office location, our refreshed brand identity brings many exciting and positive changes that ultimately help us serve our customers and partners better,” Parker says. 

In addition to 504 lending, GLCF began packaging 7(a) loans for banks and credit unions around the state in 2011.

Conveying trust, honoring history

The new GLCF logo is designed to convey trust, security, and economic development while also paying homage to the nonprofit’s history and to the Great Lakes region.

“Our new GLCF logo is a perfect blend of the EDF and Lakeshore 504 logo. It represents business growth and our commitment to helping small businesses secure the necessary financing they need to expand,” Parker says.

Since its inception, GLCF has worked with hundreds of lenders to help thousands of Michigan small businesses secure the financing they need through either the 504 program, the 7(a) loan program, or, most recently, the Paycheck Protection Program (PPP). 

Expanding regional impact

“Our GLCF team consists of 12 diversely experienced and highly trained industry professionals who are dedicated to helping small businesses grow and thrive in and around the state of Michigan,” Parker says. “After leading this team over the past five years, their talents and efforts have far exceeded my expectations, and the resulting impact on our partners and community as a whole is extremely rewarding. Our name change and rebranding is the next logical evolution in expanding our regional impact and ultimately continuing to help more businesses achieve their goals.”

Since its inception, the organization has approved 1,404 504 loan applications and
funded $410,402,534 in 504 loan proceeds, which in turn has created or retained 10,978 jobs in communities across Michigan.

For more information regarding Great Lakes Commercial Finance or the SBA 504 loan program, visit GLCF.org.

 

Read more articles by Shandra Martinez.

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