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...

Venture North helps bridge funding gap for new businesses

A commercial driveway. A labeling conveyor for bottles. Fifty bridal gowns. Little things like these had the power to make or break a new business this year in the 10-county Grand Traverse region. That's where Venture North Funding and Development steps in. Since 2015, Venture North...

The ‘Sweet Spot’: GCA riding wave of mergers, acquisitions

Selling a home is fairly straightforward. Selling a business is anything but. Confidentiality marks the latter, says Curtis Kuttnauer, co-owner of Golden Circle Advisors (GCA), a Traverse City business brokerage that has helped several owners across Michigan sell their small- to-mid-sized businesses since GCA was founded...

Credit Unions Look to Serve Marijuana Businesses

This isn't your father's credit union. Credit unions, long known for loans to everyday Joes, are looking into a controversial new market: the cannabis industry. Since the state began licensing dispensaries, interest in marijuana-related businesses in Michigan is rising. This could allow credit unions and other financial institutions...