Overview
What is Great Lakes Commercial Finance?
Great Lakes Commercial Finance, identified as Economic Development Foundation-CER in the information, is a nonprofit organization based in Grandville, Michigan. With a team of 15 employees, they are dedicated to stimulating economic development across the state by promoting and assisting the growth and development of business concerns. They accomplish this mission by offering fixed asset financing through the Small Business Administration's 504 loan program. In the recent fiscal year ending September 30, 2022, they provided funding for 72 SBA loans, totaling $52,521,000 in loan dollars.
Official website here: www.glcf.org
Is Great Lakes Commercial Finance legitimate?
Great Lakes Commercial Finance is a legitimate nonprofit organization registered as a 501(c)(4) entity. Great Lakes Commercial Finance submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $207,504
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,024,739
For more financial information, click here
Official website here: www.glcf.org
What is the mission statement of Great Lakes Commercial Finance?
Great Lakes Commercial Finance's mission is centered around stimulating economic development across a particular state, in this case, Michigan. They achieve this by promoting and aiding in the growth and development of business concerns. This is accomplished by offering financing for fixed assets through the Small Business Administration's 504 Loan Program. In the fiscal year ending September 30, 2022, an Economic Development Foundation provided funding for 72 of these loans, totalling 52,521,000 in loan dollars.
Official website here: www.glcf.org
Who is the CEO of Great Lakes Commercial Finance?
Julie Parker is the President of Great Lakes Commercial Finance.
Official website here: www.glcf.org
What is the revenue of Great Lakes Commercial Finance?
Great Lakes Commercial Finance's revenue in 2022 was $1,746,446.
Official website here: www.glcf.org
Who are the executives of Great Lakes Commercial Finance and what are their salaries?
The average compensation at Great Lakes Commercial Finance during 2022 was $82,150. There are 15 employees at Great Lakes Commercial Finance.
Here are 11 key members and their salaries:
- Compensation: $207,503
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Official website here: www.glcf.org
Where can I find the form 990 for Great Lakes Commercial Finance?
Great Lakes Commercial Finance's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.glcf.org
Learn more at the official website: www.glcf.org
Mission Statement of Great Lakes Commercial Finance
Great Lakes Commercial Finance, as a organization, is dedicated to stimulating economic development throughout the state of Michigan. They accomplish this by promoting and assisting in the growth and development of business concerns. They achieve this by offering fixed asset financing through the Small Business Administration's 504 loan program. This program provides essential financial support to businesses, enabling them to expand, modernize, and strengthen their operations, thereby contributing to the overall economic growth of the state. In fiscal year 9/30/2022, the Economic Development Foundation provided funding for 72 SBA loans totaling 52,521,000 in loan dollars, further underscoring Great Lakes Commercial Finance's mission to support and foster business growth in Michigan.
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Impact
October, 2024
Great Lakes Commercial Finance plays a vital role in stimulating economic development throughout Michigan by promoting and supporting the growth and development of businesses. By facilitating access to funding, they enabled the provision of 72 Small Business Administration (SBA) loans in the fiscal year ending September 30, 2022, totaling over $52 million. This funding not only helps businesses expand and improve their operations but also contributes to job creation and community betterment across the state. Through their commitment to fixed asset financing via the SBA's 504 Loan Program, Great Lakes Commercial Finance strengthens the local economy and fosters a landscape where businesses can thrive, thus enhancing overall community improvement.
This information is meant to be a general summary of Great Lakes Commercial Finance. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: -$181,641
- Program Service Revenue: $1,928,087
- Gross Receipts: $1,746,446
Assets and Liabilities:
- Total Assets: $3,934,233
- Total Liabilities: $351,629
- Net Assets: $3,582,604
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
SERVICING FEES
Revenue
$964,498
ORIGINATION FEES
Revenue
$912,923
FLOAT INCOME
Revenue
$50,666
Organization Details
Phone
(616) 459-4825Principal Officer
Julie Parker
Main Address
3980 CHICAGO DR SW SUITE 220, GRANDVILLE, MI, 49418
Website
www.glcf.orgNTEE Category
Code: S30 - Community improvement
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