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August Rates
6.99% - 20 Year and 6.60% - 10 Year
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GLAC Receives Praise from Auditors
The U.S. Small Business Administration (SBA) conducted an on-site risk based audit of GLAC in June. The SBA reviews Certified Development Companies (CDC) to ensure that CDCs are managing 504 loans in accordance with SBA's loan requirements.
Three independent auditors spent four days with GLAC staff reviewing portfolio compliance, credit analysis policies, and management and administrative practices.
Now we hate to toot our own horn but it is worth mentioning that at the conclusion of the review, the lead auditor stated, "You're one of the best CDCs that we've reviewed", further noting the GLAC staff is doing a "superb job" adhering to SBA policies and procedures for the SBA 504 Loan Program.
Glac staff works extremely hard to ensure that the SBA 504 Loan Program works well for our customers and our lenders. We are very pleased to have received this positive feedback reqarding our operations.
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Charting the Course for
Small Business Success
for 26 Years!
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Who? Great Lakes Asset Corporation (GLAC) operates as a private, not-for-profit organization that works with the U.S. Small Business Administration (SBA) and local banks to provide SBA 504 Loans to small businesses. GLAC has financed over 70 million dollars in projects, resulting in the creation of over 2700 jobs for the people of Wisconsin.
What? The SBA 504 Loan Program offers fixed-rate, long term loans with low down payments to finance fixed assets including land, buildings, machinery and equipment. SBA 504 loans can be used for acquisition, construction, renovation or expansion of buildings, site improvements, acquisition of equipment, interest on interim financing, and soft costs essential to a project.
Where? Great Lakes Asset Corporation provides the 504 Loan Program throughout the entire state of Wisconsin.
When? If you are thinking about starting or expanding a business, GLAC can guide you through the entire process. The GLAC team will make every effort to locate the financing options that will best suit your needs.
Why? Your business is important to you; take the time to investigate the options available for future prosperity. GLAC is committed to helping you obtain the most cost- effective method of financing the growth stages of your business.
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