At the signing of this Agreement, the Borrower agrees to make a deposit payable to Great Lakes Commercial Finance in the amount of $2,500, or 1% of the net debenture proceeds, whichever is less. Underwriting of the loan application cannot begin until this deposit is received. The deposit will be held in escrow until the loan has funded.

During the application process, Great Lakes Commercial Finance will estimate the Borrower’s out-of-pocket costs. These costs will be included in the loan and financed as part of the transaction.

Once the loan has funded, Great Lakes Commercial Finance will receive the amount of financed out-of-pocket costs and combine them with the deposit.  These funds will be used to pay eligible project expenses on the Borrower’s behalf. After all payments are made, the account will be reconciled, and any remaining balance will be refunded to the Borrower.

Because final invoices and project costs may take time to be received and processed, this review and reconciliation process can take approximately 3 to 6 months after funding.

Withdrawal of Application Before SBA Approval:

If the Borrower withdraws the loan application before the SBA issues the Terms and Conditions (SBA's loan approval), Great Lakes Commercial Finance will deduct the reasonable costs incurred in preparing and processing the loan application. These costs will be documented in the file and made available to the Borrower.

These costs may include third-party expenses paid by Great Lakes Commercial Finance, such as title fees, overnight delivery, postage, filing fees, environmental reports, and certification fees, as well as internal processing time based on the work performed.

After these costs are deducted, any remaining balance of the deposit will be returned to the Borrower.

Withdrawal of Application After SBA Approval:

If the Borrower withdraws the loan application after the SBA issues the Terms and Conditions (SBA's loan approval), or if the SBA Terms and Conditions are withdrawn, canceled, or terminated for any reason, the deposit will be forfeited in full. This applies regardless of the reason for withdrawal or termination.

Please use the link below for ACH or Credit Card payments totaling $2,500 only.  If your loan is under $250,000, please check the proper box above and a customized invoice will be emailed to you with options to pay via credit card, ACH, or check.

Pay Via Credit Card or ACH

*Please note that any fees associated with an ACH Transfer or Credit Card payment will be added as an administrative cost and deducted from the application deposit.  Credit Card fees are 3.5% of the deposit amount.  The standard ACH fee is $15.00, and subject to any additional fees your bank may charge.