Are cryptocurrencies a smart bet? Or are they a bubble about to burst? Many investors were trying to answer these questions in December, when Bitcoin wrapped up an incredible 2017 with a pre-Christmas peak of $19,783 per coin. The currency had started the year priced at...
Sweeping federal legislation that provides lucrative tax cuts to businesses also is helping to fatten the wallets of Traverse City State Bank’s employees. The bank announced in February that it was giving each of its 90 employees a one-time $750 bonus because of the federal tax...
In the more than two and a half years since its creation, Venture North Funding & Development has built a lending portfolio and name assisting small businesses. It’s now looking to go broader and deeper into the 10 counties it serves, tapping new partnerships and sources...
Americans are not saving enough for retirement. Behavioral finance attempts to answer why there is a lack of retirement savings and, more importantly, makes recommendations as to how to fix the deficit. Saving is not easy. There are competing demands in raising children and purchasing a...
Banks are stepping up the hunt for deposits in order to meet strong local demand for loans. “For the first time in seven years, I’m noticing a competitive pressure on deposits,” said Connie Deneweth, chief executive officer of Traverse City State Bank. “Banks are raising interest...
Opening three restaurants in six years is quick by anyone's standards. But with a little help from Northern Initiatives, Simon Joseph was able to do just that. “They’re more than just a lender,” said Joseph, owner and managing partner of Roaming Harvest food truck, Harvest, and Gaijin....
When it comes to love or money, millennials choose love. Financial advisor Robert Fenton says the scenario is more complicated than just being careless with cash. “I believe millennials today are a bit more balanced than maybe [baby boomers] were,” said Fenton, an advisor for Raymond James...
By Ross Boissoneau For Doyle Berg, the challenge was keeping pace with the well-drilling industry. For Hague Equipment’s Jerry Peal, it was maintaining cash flow, continuing to purchase equipment and meet payroll while awaiting payment on jobs the company had done. In both cases, they turned to...
On April 6, 2016, the Department of Labor (DOL) released its final rule that redefines who is considered a fiduciary of an employee benefit plan under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code. The final rule focuses on...
A local financial institution is among the winners of the U.S. Small Business Administration lenders awards for fiscal 2016. The SBA District Director’s Award was given to Northern Initiatives, a nonprofit Community Development Finance Institution that provides loans to small business owners and entrepreneurs in...
