Northwest Ottawa County is made up of 76.96 square miles of territory and a very diverse economy. We have a large number of retail and hospitality businesses as one might expect from a community that derives a significant amount of its annual revenue from tourism, but we also have over 200 manufacturers and a large number of service and institutional organizations.
SBA 504 Loan Financing
Is your business looking to buy or construct a building or add machinery and equipment? The Chamber can help connect you to the right resource. Small Businesses along the Lakeshore can access long-term low-interest financing called SBA 504 loans through Great Lakes Commercial Finance The SBA 504 loans, which Great Lakes Commercial Finance processes, closes and services, are made to small businesses for real estate acquisitions, construction and equipment purchases. 504 financing offers several advantages to the small business investor including longer terms, low down payments, attractive interest rates and lower lender risk.
For more information and a referral to an Great Lakes Commercial Finance staff member contact 616.846.3165.
Typical SBA 504 Financing Package
|Bank||50% Market Rate, 10 year on real estate/7 year on equipment – First Lien|
|SBA||40% Fixed Rate 20 year real estate/10 year on equipment – Second Lien|
|Owner||10% equity injection|