Displaying items tagged: US Small Business Administration
Whitecaps pursue public, private support to make up for lost season
COMSTOCK PARK — While cautiously optimistic about the 2021 season, West Michigan Whitecaps CEO Joe Chamberlin and his front office must still contend with the giant deficit left when Minor League Baseball shut down the entire 2020 season because of COVID-19.
Federal agency issues guidance on PPP loans and M&A deals
The U.S. Small Business Administration’s guidance for companies that got Paycheck Protection Program loans and are now selling aims to keep deals flowing as borrowers await decisions on whether they’ll have debt forgiven.
Survey: Most small businesses expect further sales declines in months ahead
More than seven in 10 small businesses in Michigan expect further sales declines from the COVID-19 pandemic in the months ahead, according to new survey results from the Small Business Association of Michigan.
SBA officials discuss ‘growing pains,’ inequities with PPP loans
GRANDVILLE — U.S. Small Business Administration officials visiting Michigan this week say the federal agency has undergone a major transformation during the COVID-19 pandemic while recognizing inequities in a key relief program for small businesses.
Bracing for more economic fallout, West Michigan banks boost loan-loss reserves
Given how hard the economy fell in the second quarter, earnings for West Michigan-based banks held up relatively well, although they were primarily lower than a year earlier as banks set aside more in reserve to cover potential future loan losses.
Fed makes changes to Main Street Lending program to broaden appeal to businesses
Changes by the Federal Reserve Board should draw greater interest to the new $600 billion Main Street Lending Program for small and mid-sized businesses hurt financially by the COVID-19 pandemic.
PPP changes could spark ‘huge uptick’ in loan demand, officials say
Changes to a federal loan program that has helped small businesses weather the COVID-19 pandemic could generate a “huge uptick” in loan demand that has waned in the last few weeks, according to U.S. Small Business Administration officials.
PPP changes would extend timeline, increase flexibility for loan recipients
Changes approved by Congress to the federal Paycheck Protection Program would give millions of small businesses more time to use the money and adjust how much of the loan needs to go to payroll expenses to earn forgiveness.
SBA turns focus to PPP loan forgiveness
After approving more loans in six weeks than during the prior nearly 60 years combined, the U.S. Small Business Administration now looks to provide debt forgiveness to borrowers.
Reporter's Notebook: Banker beware
In a recent conference call, the president and CEO of Detroit-based TCF Financial Corp. — the parent company of what remains known in Michigan as Chemical Bank — voiced a simple ethic that all businesses, no matter their industry or their size, must keep in mind in the COVID-19 pandemic.
SBA: Second round of PPP lasts longer as average loan size shrinks
The second round of the U.S. Small Business Administration’s Paycheck Protection Program has seen more loans approved for lesser amounts, an indication that smaller businesses are getting assistance.
Short’s Brewing Co. lands $1M federal loan for COVID-19 relief
BELLAIRE — Short’s Brewing Co. has received a roughly $1 million loan through the U.S. Small Business Administration to help offset the impacts of the coronavirus, company officials told MiBiz today.
Michigan small businesses access more than $10 billion in SBA relief funding
The U.S. Small Business Administration approved relief loans totaling $10.38 billion for nearly 43,500 small companies in Michigan before running out of money.
Michigan’s top SBA lender temporarily halts applications for SBA’s COVID-19 relief program
Huntington Bank has temporarily stopped taking application from companies seeking a U.S. Small Business Administration loan to get them through the economic hardship caused by the COVID-19 pandemic.
Stimulus law directs $350B in support for small biz
The historic $2 trillion federal economic stimulus bill signed into law Friday contains $350 billion in loans for small businesses that could transition into grants.
State, federal policymakers take action to keep businesses and workers afloat
Gov. Gretchen Whitmer and federal lawmakers have taken a variety of steps to help businesses and employees navigate the short-term harm posed by the coronavirus.
SBA commits to quick action on disaster loans to small businesses, nonprofits
The U.S. Small Business Administration promises to decide as quickly as possible on loan applications from small businesses hurt by the coronavirus and COVID-19 pandemic.
Links for guidance and advice for employers coping with the coronavirus pandemic
Business organizations are offering plenty of advice and information to employers about the coronavirus pandemic and how to manage through the crisis.
Grant will help Northern Initiatives reach more Hispanic entrepreneurs in Michigan
A $500,000 grant from Wells Fargo Bank will enable Northern Initiatives to put a larger focus on diversifying its lending.
SBA lending, by the numbers
The U.S. Small Business Administration’s largest lending program wrote slightly more loans in Michigan through three quarters of the federal government’s fiscal year, although the value declined. Through June 30, the SBA backed 1,867 loans for $411.2 million in Michigan written under the 7(a) program, which compares to 1,847 loans for $500.8 million through the same period in the 2016 fiscal year.
Loans written under the SBA’s 504 lending program grew from year to year. Michigan had 160 loans for $115.3 million under the 504 program through June 30 of the current fiscal year, versus 127 loans for $83.8 million in the first three quarters of the 2016 fiscal year.
Here are 7(a) and 504 loan volumes in the state as of June 30, plus the top 20 banks and top 10 credit unions for 7(a) loans in Michigan.
Small business M&A requires patience and financial savvy
As Neil Brown and Wade Thompson considered acquiring Central Interconnect Inc. late last year, they found themselves interested in the opportunity the company presented.
New SBA director for Michigan to drive awareness of loan programs
The new head of the U.S. Small Business Administration’s Michigan office believes lending should continue to grow, even as volumes for the agency’s federally backed loans keep moving upward.
Lansing business accelerator gets $50K SBA grant
A business accelerator started by regional economic development organization Lansing Economic Area Partnership (LEAP) has been awarded a $50,000 grant from the U.S. Small Business Administration (SBA).
Commerce Bank eyes middle market customers with Grand Rapids office
GRAND RAPIDS — Commerce Bank has moved into West Michigan, seeking to carve out a role in the middle market.
West Michigan manufacturing executives acquire Ram Electronics
Two former office furniture executives hope to leverage their collective experience as they start on a new business venture in West Michigan.