The State of Credit for Business

From 2008 through 2011 a common theme was “none of the banks are lending.” For many business owners in Michigan this was a true statement. Mega-banks, large regional banks, and many longtime community financial institutions tightened their purse strings, stopped lending, and in some cases...

TC Banking Market Growing, Hotly Competitive

Banks seem to hook up with new partners faster than Hollywood celebrities, changing their names and often confusing their customers who feel they’re already dealing with enough financial upheaval in their lives. But most of the major players in the local banking market have been around...

SBA Lending Eases as Economy Expands

Loan volume in the Small Business Administration’s (SBA) flagship loan guarantee program has tailed off locally in the past several years, but that’s not necessarily a bad thing. Lenders generated $13.6 million in U.S. SBA-guaranteed loans in Grand Traverse County in the fiscal year ending Sept....

Growing Title Company Sees Future on Front Street

One of the last – if not the last – locally-owned and family-operated title companies in Traverse City is on the move. Mid-American Title Co. is scheduled to relocate from its site at 522 E. Eighth St. to 424 E. Front St., next to Bubba’s Restaurant...

Commercial Loans: The battle between credit unions and banks heats up

A new front has opened in the long-standing war between banks and credit unions: commercial lending. An improving economy and booming demand for financing by businesses has attracted credit unions nationwide into commercial lending, a sector where banks have long dominated. Traverse City credit unions led the...

Overtime Overhaul: Does Your Business Have a Plan?

Many employers are still reeling from the impact of the many changes in employment law that we have seen over the past few years. Employers have experienced many impacts to the people-side of their business including the ACA, the NLRB’s joint-employer ruling and the new...