Business Banking News
TRAVERSE CITY – The Small Business Administration's (SBA) 2011 fiscal report reports The Bank of Northern Michigan increased its SBA lending to the Grand Traverse region by 64 percent (compared to 2010 figures).
The Bank of Northern Michigan's Brad Dyksterhouse, SVP of business resource lending, says the news is a good sign not just for the bank but for the region.
"The Bank of Northern Michigan's 64 percent jump in SBA lending for this region is a clear indication of the positive business activity we have seen with our clients over the past year," he says.
The bank's success is rippling throughout the state as well. According to the report, The Bank of Northern Michigan and The Bank of Holland's combined SBA lending activity has jumped 202 percent statewide during the past year. The increase has made the combined banks the No. 1 Michigan-based SBA lending institution in the state.
"Our regional and statewide SBA lending numbers underscore the pride we take in our ability to provide businesses with timely funding for expansion, modernization, research/development and other growth opportunities," says Dyksterhouse. "As an SBA Preferred Lender, we are able to efficiently streamline the paperwork and approval process and greatly enhance access to capital for creditworthy businesses in our community."
REGION – Huntington Bank recently announced that it has made more than $800 million in loans to approximately 1,300 small and commercial businesses in the first seven months of a four-year program – almost two years ahead of schedule.
The bank's efforts are part of an economic gardening partnership between the state, the Michigan Economic Development Corp. and a broad range of businesses known as Pure Michigan Business Connect.
Says Michigan Gov. Rick Snyder: "Huntington has been an active participant in this innovative program. We are delighted with the initial results and the job creation they show across Michigan. These public-private partnerships will help Michigan businesses to grow here, attract more companies to our state and add to our employment rolls."
"Huntington is bullish on Michigan," says Dunlap, who also heads the company's commercial business in all of its markets. "Gov. Snyder is creating a business-friendly state. We want to be part of his vision for growth. We have assembled a team of bankers who have the expertise, knowledge and background to guide companies through the lending process so that they're able to obtain the capital they need to support Michigan's continued economic recovery."
One of the local loan recipients is Cherry Growers Inc., which leveraged the loan to expand the company and create an additional 93 jobs over the next five years. Cherry Growers is a co-op organized to process and market fruit for its 65 grower patrons, all of whom are located in Michigan. The main fruits are cherries, apples, and plums.
Want to learn about accessing lending through the Pure Michigan Business Connect Program? Call 1-888-509-1017 or visit huntington.com/mipartnership.
REGION – America's largest volume SBA lender for the second year in a row, Chase has announced that it has exceeded its small business lending commitment for 2011. Chase provided more than $12.6 billion in credit to over 300,000 small businesses in the first three quarters of 2011, a 71-percent increase over the same time last year.
In Michigan, Chase increased SBA lending volume by 176 percent over 2010 and ranks in the top two SBA lenders in the state.
"Small business owners invest in our neighborhoods by hiring employees, improving their property and buying supplies and services," said Robert Rummel, regional manager for Chase Business Banking. "We're very proud to be making more loans that help Michigan businesses succeed."
Chase remained the No. 1 SBA lender in the country with 5,363 approved SBA loans for fiscal 2011, which ended September 30, 2011. The bank ranks No. 1 in volume for 7(a) and Express loans.
Locally, one effect of Chase's lending can be seen on the corner of Third and Division, the new – and bigger and better – home to Jones Center for Pain Management. Thanks to the expanded location, the medical clinic added three staff members this year to help patients with chronic joint, nerve, ligament, and tendon or muscle pain. Next year, the center will add up to three more employees, including a second physician.
"We wanted to purchase this building for Dr. Jones' practice, and Chase had the best offer for us with the SBA loan," says office manager Jill Fenton-Jones.
Chase consistently increased its small businesses lending from $6 billion in 2009 to its $12 billion commitment this year. At year-end 2010, Chase had more than $30 billion in outstanding balances in loans, lines of credit, and credit card balances to businesses with annual sales under $20 million.
Chase operates a network of 307 branches and 540 ATMs in Michigan. It is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a global financial services firm with assets of $2.3 trillion and operations in more than 60 countries.