Part-Time CFOs: When to use them – and when to move on

Hiring a full-time, in-house CFO is an expensive proposition, especially for small or mid-sized businesses without a lot of capital to burn. Perhaps not surprisingly, accounting firms and other businesses are filling the void by offering a service that frees businesses from needing a full-time CFO. These...

Banking On It: Local deposits up 30% from 2009

Financial institutions have long competed for deposits using a variety of lures, including promotional interest rates, tote bags and toasters. Frankfort-based State Savings Bank, which entered the Traverse City market last year, even offers a free pie to anyone who switches a checking account from another...

The ‘New Normal’ in Mortgages

The numbers don’t lie: Unconventional mortgage loans are making a comeback. In 2018, unconventional mortgage lending hit its highest rate since before the subprime mortgage crisis and the ensuing Great Recession. Whether or not you’re involved in the financial industry, that statement may worry you, since...

Out on a Limb: Venture North helps budding entrepreneurs launch

[caption id="attachment_24619" align="alignleft" width="350"] Brothers Garret and Dakota Porter own 45th Parallel Lighting LLC, producer of ActionGlow LED sports kits.[/caption] Venture North isn't afraid of it. A quarter of its clients were under the age of 40 when they sought out financing help from Venture North or...

Federal Law Scaring Local Financial Institutions Away from Cannabis Banking

Some local bank and credit union officials say they’re anxious to cultivate the blossoming marijuana industry. There’s just one problem. Although Michigan voters approved the sale and use of medical and recreational marijuana, the drug is still an illegal controlled substance under federal law. “We’ve made the decision...

No Flood of New Money: Deposits flat at TC banks

Rising interest rates have been a boon to savers, who have seen little return on their savings accounts and certificates of deposits at banks and other financial institutions in recent years. “Rates were so low, you almost expected some banks to charge people to keep their...