Lenders › Great Lakes Commercial Finance
504 CDCGrandville, Michigancertified development company32nd of 182 by approvals
Great Lakes Commercial Finance
SBA 504 loan approvals by fiscal year, where they went, how large they were, and how loans from earlier years turned out.
SBA approvals by fiscal year. The federal fiscal year runs 1 October to 30 September, so FY2025 is 1 October 2024 to 30 September 2025. *FY2026 is open: approvals to 30 Jun 2026 only.
In FY2021 to FY2025 SBA approved 307 504 loans, worth $260M, through Great Lakes Commercial Finance of Grandville, Michigan, a certified development company (CDC) that makes SBA 504 loans. By number of approvals that is 32nd among 182 active CDCs.
In FY2025, the latest complete fiscal year, it had 58 approvals totalling $61.5M, up 53% on FY2024 (38). FY2026 to 30 Jun 2026 adds 37 more.
The median approval was $515K, against $657K for the 504 program as a whole; 6.8% of its approvals were for $150,000 or less (program: 4.6%).
Its loans went to businesses in 4 states and territories and 47 counties, led by Michigan (98.7%), Ohio (0.7%) and Colorado (0.3%). The largest industry group was accommodation and food services at 16.6% of approvals, and 7.5% of approvals were to franchise businesses.
Of 635 disbursed loans approved in FY2010 to FY2021, SBA records 9 as charged off (1.4%), 336 as paid in full and 290 still outstanding; the 504 program figure for the same approval years is 1.2%, so the rate here is close to it.
Loan status is as recorded by SBA at the data date; charge-off rates are computed on loans approved at least five fiscal years ago. Jobs supported are self-reported estimates from the SBA loan application, which SBA does not review, audit or validate. Loans appear under the lender they are assigned to today, so a lender's figures include loans it took over. Data through 30 Jun 2026.
Approvals by fiscal year
| Fiscal year | Approvals | Dollars approved | Median approval | Average approval | Jobs supported, as reported |
|---|---|---|---|---|---|
| FY2026* | 37 | $31.0M | $556K | $837K | 475 |
| FY2025 | 58 | $61.5M | $593K | $1.1M | 750 |
| FY2024 | 38 | $36.7M | $644K | $965K | 387 |
| FY2023 | 49 | $45.9M | $588K | $937K | 409 |
| FY2022 | 73 | $61.8M | $630K | $846K | 752 |
| FY2021 | 89 | $54.3M | $378K | $610K | 867 |
| FY2020 | 54 | $30.7M | $383K | $568K | 507 |
| FY2019 | 37 | $25.7M | $538K | $694K | 360 |
| FY2018 | 62 | $29.9M | $353K | $483K | 453 |
| FY2017 | 58 | $33.3M | $459K | $574K | 627 |
| FY2016 | 49 | $36.7M | $413K | $750K | 472 |
Approvals are counted in the year SBA approved them and include approvals later cancelled. In the five fiscal years before the current window (FY2016–FY2020) the lender had 260 approvals. First approval on file: FY2010.
How earlier loans turned out
Only loans approved at least five fiscal years ago (FY2010–FY2021) are counted, because newer loans have had little time to be paid in full or charged off. "Charged off" is SBA's status for a loan on which it has written off the remaining balance.
| Loans approved FY2010–FY2021 | This lender | Michigan | 504 program |
|---|---|---|---|
| Approvals in these years | 732 | 2,551 | 85,591 |
| Cancelled or never disbursed | 97 | 379 | 12,514 |
| Disbursed loans | 635 | 2,172 | 73,077 |
| Paid in full | 336 | 1,118 | 35,491 |
| Charged off | 9 | 21 | 905 |
| Still outstanding (status exempt from disclosure) | 290 | 1,033 | 36,681 |
| Charged off, share of disbursed loans | 1.4% | 1.0% | 1.2% |
| Dollars charged off, share of disbursed dollars | 1.5% | 0.7% | 0.9% |
| Dollars charged off | $4.9M | $8.3M | $499M |
By approval year
| Approved in | Disbursed | Paid in full | Charged off | Charged off, share | 504 program, same year |
|---|---|---|---|---|---|
| FY2021 | 71 | 8 | 0 | 0.0% | 0.1% |
| FY2020 | 46 | 6 | 0 | 0.0% | 0.1% |
| FY2019 | 34 | 7 | 1 | 2.9% | 0.3% |
| FY2018 | 46 | 16 | 0 | 0.0% | 0.4% |
| FY2017 | 53 | 21 | 1 | 1.9% | 0.8% |
| FY2016 | 42 | 22 | 0 | 0.0% | 1.0% |
| FY2015 | 46 | 31 | 1 | 2.2% | 1.2% |
| FY2014 | 54 | 32 | 0 | 0.0% | 1.3% |
| FY2013 | 63 | 44 | 1 | 1.6% | 1.4% |
| FY2012 | 83 | 66 | 4 | 4.8% | 2.0% |
| FY2011 | 51 | 45 | 0 | 0.0% | 2.1% |
| FY2010 | 46 | 38 | 1 | 2.2% | 3.4% |
A share is shown only where at least 30 loans from that year were disbursed.
Against the 504 program
| FY2021–FY2025 | This lender | 504 program |
|---|---|---|
| Median approval | $515K | $657K |
| Average approval | $847K | $1.0M |
| Approvals of $150,000 or less | 6.8% | 4.6% |
| Approvals to startups and businesses 2 years old or less | 17.3% | 14.4% |
| Approvals to franchise businesses | 7.5% | 9.0% |
| Jobs supported per approval, as reported | 10.3 | 10.1 |
| Charged off, loans approved FY2010–FY2021 | 1.4% | 1.2% |
States served
| # | State of the business (4 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Michigan | 303 | $255M | 98.7% | |
| 2 | Ohio | 2 | — | 0.7% | |
| 3 | Colorado | 1 | — | 0.3% | |
| 4 | Illinois | 1 | — | 0.3% |
In Michigan the lender accounts for 35.5% of all 504 approvals in FY2021–FY2025.
Counties served
| # | County of the business (47 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Kent County, MI | 66 | $51.4M | 21.5% | |
| 2 | Oakland County, MI | 38 | $60.7M | 12.4% | |
| 3 | Grand Traverse County, MI | 36 | $15.8M | 11.7% | |
| 4 | Ottawa County, MI | 31 | $30.3M | 10.1% | |
| 5 | Allegan County, MI | 14 | $7.6M | 4.6% | |
| 6 | Wayne County, MI | 12 | $17.3M | 3.9% | |
| 7 | Leelanau County, MI | 11 | $5.0M | 3.6% | |
| 8 | Kalamazoo County, MI | 11 | $4.8M | 3.6% | |
| 9 | Washtenaw County, MI | 7 | $7.1M | 2.3% | |
| 10 | Emmet County, MI | 6 | $8.1M | 2.0% | |
| 11 | Muskegon County, MI | 6 | $4.9M | 2.0% | |
| 12 | Monroe County, MI | 5 | $2.2M | 1.6% |
Industry mix
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Accommodation and Food Services | 51 | 16.6% | |
| 2 | Health Care and Social Assistance | 46 | 15.0% | |
| 3 | Manufacturing | 35 | 11.4% | |
| 4 | Retail Trade | 30 | 9.8% | |
| 5 | Other Services (except Public Administration) | 27 | 8.8% | |
| 6 | Construction | 22 | 7.2% | |
| 7 | Professional, Scientific, and Technical Services | 21 | 6.8% | |
| 8 | Arts, Entertainment, and Recreation | 17 | 5.5% |
| # | Industry group | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 28 | 9.1% | |
| 2 | Offices of Other Health PractitionersNAICS 6213 | 17 | 5.5% | |
| 3 | Traveler AccommodationNAICS 7211 | 16 | 5.2% | |
| 4 | Other Amusement and Recreation IndustriesNAICS 7139 | 15 | 4.9% | |
| 5 | Automotive Repair and MaintenanceNAICS 8111 | 12 | 3.9% | |
| 6 | Personal Care ServicesNAICS 8121 | 10 | 3.3% | |
| 7 | Building Equipment ContractorsNAICS 2382 | 7 | 2.3% | |
| 8 | Continuing Care Retirement Communities and Assisted Living Facilities for the ElderlyNAICS 6233 | 7 | 2.3% | |
| 9 | Services to Buildings and DwellingsNAICS 5617 | 7 | 2.3% | |
| 10 | Other Fabricated Metal Product ManufacturingNAICS 3329 | 6 | 2.0% |
Approval sizes
- $50,001 to $150,0006.8%21
- $150,001 to $350,00028.3%87
- $350,001 to $1 million38.1%117
- $1 million to $2 million16.9%52
- Over $2 million9.8%30
Loan terms
- Over 5 to 10 years6.5%20
- Over 10 to 20 years36.2%111
- Over 20 years57.3%176
Age of the businesses
- Existing, more than 2 years old79.2%243
- New business, 2 years or less2.3%7
- Startup, loan funds will open the business15.0%46
- Change of ownership3.6%11
SBA processing method
| # | Method | Approvals | Share | |
|---|---|---|---|---|
| 1 | Accredited Lenders Program | 251 | 81.8% | |
| 2 | ALP Express | 35 | 11.4% | |
| 3 | 504 Refinancing Program | 18 | 5.9% | |
| 4 | 504 Basic | 2 | 0.7% | |
| 5 | ALP Express Debt Refi | 1 | 0.3% |
Franchise share
23 of 307 approvals in FY2021–FY2025 (7.5%) carried an SBA franchise code; across the 504 program the share is 9.0%.
| # | Franchise brand | Approvals | Share | |
|---|---|---|---|---|
| 1 | Culver's ButterBurgers & Frozen Custard | 3 | 1.0% | |
| 2 | Tommy's Express Car Wash | 2 | 0.7% | |
| 3 | Save-A-Lot Food Stores- License & Supply Agreement | 2 | 0.7% | |
| 4 | Crdn | 2 | 0.7% | |
| 5 | Two Men and a Truck | 2 | 0.7% | |
| 6 | Courtyard by Marriott | 1 | 0.3% | |
| 7 | Ramada | 1 | 0.3% | |
| 8 | Candlewood Suites | 1 | 0.3% |
Third-party lenders in its 504 projects
A 504 project pairs the CDC's loan with a larger loan from a bank or other lender. Banks and credit unions named on five or more of this CDC's projects in FY2021–FY2025:
| # | Third-party lender | Projects | Share | |
|---|---|---|---|---|
| 1 | State Savings Bank | 29 | 9.4% | |
| 2 | Consumers Credit Union | 24 | 7.8% | |
| 3 | Oxford Bank | 21 | 6.8% | |
| 4 | Grand River Bank | 21 | 6.8% | |
| 5 | West Michigan Community Bank | 20 | 6.5% | |
| 6 | First Merchants Bank | 15 | 4.9% | |
| 7 | Mercantile Bank | 12 | 3.9% | |
| 8 | Fifth Third Bank | 11 | 3.6% | |
| 9 | First Community Bank | 10 | 3.3% | |
| 10 | Honor Bank | 10 | 3.3% |
Questions and answers
How many SBA loans does Great Lakes Commercial Finance make?
SBA approved 58 504 loans through Great Lakes Commercial Finance in FY2025, worth $61.5M, and 307 over FY2021 to FY2025. That ranks 32nd of 182 active CDCs by number of approvals.
How large are Great Lakes Commercial Finance's typical SBA loans?
The median 504 approval in FY2021 to FY2025 was $515K and the average $847K. The program-wide median was $657K.
What is Great Lakes Commercial Finance's charge-off rate?
Of 635 disbursed loans approved in FY2010 to FY2021, SBA records 9 as charged off (1.4%), 336 as paid in full and 290 still outstanding; the 504 program figure for the same approval years is 1.2%, so the rate here is close to it. Loans are listed under the lender that holds them today, so the figure includes loans taken over from other lenders. Status is as recorded by SBA on 30 Jun 2026.
Which industries does Great Lakes Commercial Finance lend to most?
By number of approvals in FY2021 to FY2025: restaurants and other eating places (28); offices of other health practitioners (17); traveler accommodation (16); other amusement and recreation industries (15).
Where does Great Lakes Commercial Finance make SBA loans?
In 4 states and territories. Michigan 303, Ohio 2, Colorado 1, Illinois 1. In Michigan it accounts for 35.5% of all 504 approvals.
Is Great Lakes Commercial Finance's SBA lending rising?
Approvals in the three latest complete fiscal years total 145, against 216 in the three before: falling (-33%).
Where does this data come from?
From the Small Business Administration's 7(a) and 504 FOIA loan files, as of 30 Jun 2026. Borrower names and addresses in those files are discarded when the files are read and appear nowhere on this site.
About these figures
Figures are totals of the Small Business Administration's 7(a) and 504 FOIA loan files, data through 30 Jun 2026. SBA updates the files quarterly. Counts are loan approvals, including approvals later cancelled; the five-year window is FY2021–FY2025, the five latest complete fiscal years. Charge-off rates use only loans approved in FY2010–FY2021, at least five fiscal years ago, and count disbursed loans SBA records as charged off. Loans are listed under the lender they are assigned to today. Dollar figures behind fewer than three approvals are not shown, and no borrower is named anywhere on this site.Methodology · Report an error