Displaying items tagged: finance

Thursday, 30 April 2020 17:58

Independent Bank to close 8 branch offices this year, increases loan-loss provisions

GRAND RAPIDS — Independent Bank Corp. plans to close eight branch offices later this year as consumers increasingly use online and mobile banking, but could open new locations elsewhere in the state.

Published in Finance
Wednesday, 29 April 2020 10:59

Report: Michigan’s reliance on federal funding limits state spending options

Michigan has gradually grown more reliant on federal funding to support state operations, creating “limited discretion over budgetary choices” as it’s forced to make cuts during the coronavirus pandemic, according to analysts.

Published in Finance
Sunday, 26 April 2020 17:51

MSU Foundation to manage state-backed $5.5M pre-seed fund

The Michigan Economic Development Corp. plans to put $3 million into a capital fund that will invest in early-stage technology companies.

Published in Finance

Sunday, 26 April 2020 17:33

Michigan’s VC industry soars in 2019; pandemic cools outlook for 2020

The number of angel investors expanded again, the average size of Michigan-based venture capital funds increased, and even if you exclude major deals as one-time outliers, the amount invested last year still grew.

Published in Finance
Friday, 24 April 2020 04:50

Macatawa Bank reports lower first quarter earnings

HOLLAND — Earnings at Macatawa Bank Corp. declined for the first quarter, largely from higher a loan-loss provision because of the COVID-19 pandemic.

Published in Finance
Wednesday, 22 April 2020 08:25

Mercantile Bank in ‘extremely solid’ position to weather economic turbulence

GRAND RAPIDS — Mercantile Bank Corp. reported lower earnings to start 2020 and sits in an “extremely solid” condition for the economic downturn brought on by the COVID-19 pandemic.

Published in Finance

Tuesday, 14 April 2020 17:15

Northern Initiatives to increase small business lending with $2 million infusion from state

The state plans to provide up to $2 million to a Marquette-based small business lender to increase activity across the state.

Published in Finance
Monday, 13 April 2020 05:04

Venture capital pours record $2.06 billion into Michigan companies in 2019

Venture capital firms invested a record amount into Michigan-based companies in 2019, led by a Plymouth-based automotive technology company that accounted for three-quarters of the total.

Published in Finance
Sunday, 12 April 2020 18:41

VC, PE firms steer companies through crisis

The COVID-19 pandemic that dismantled daily routines and hammered the economy has forced investors to pivot along with the companies they back financially.

Published in Finance

Sunday, 12 April 2020 18:37

Reporter's Notebook: Sports training app developer soars during shutdown

Jason Mejeur sees his business as one of the outliers right now in the economic carnage from the COVID-19 pandemic.

Published in Finance
Thursday, 09 April 2020 05:39

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.

Published in Finance
Monday, 06 April 2020 05:40

Grand Power receives $700K investment to support growth

GRAND HAVEN — A new investment from private equity owner Blackford Capital gives Grand Haven-based portfolio company Grand Power Systems Inc. capital needed to support growth.

Published in Finance

Monday, 06 April 2020 04:45

GVSU economist: Coronavirus-caused recession will be bigger than 2008-09

The COVID-19 pandemic will take a fast bite of more than $3 billion out of West Michigan’s economic output, driving the region into recession along with the rest of the country.

Published in Finance
Sunday, 29 March 2020 17:15

Banks leverage new flexibility to help businesses get through pandemic

Small businesses that have been slammed by the coronavirus pandemic and expect to have difficulty making commercial loan payments should call their bankers now to work out possible adjustments.

Published in Finance
Sunday, 29 March 2020 17:00

Crisis could slow exits, but owners need to keep planning

The COVID-19 pandemic that’s swept the nation adds a new issue for business succession and transition planning.

Published in Finance

Sunday, 29 March 2020 16:33

Early financial planning smooths path for company succession

Experts say many business owners don’t plan for their eventual exit until they are ready to leave or have begun to see the day they depart.

Published in Finance
Thursday, 19 March 2020 09:53

Fifth Third Bank outlines plans to help businesses hit by pandemic

Fifth Third Bank plans a number of immediate moves to ease the financial burden on small business and consumers hit by the coronavirus pandemic.

Published in Finance
Thursday, 19 March 2020 08:21

Charter Growth Capital mezz fund invests in Traverse City Products

GRAND RAPIDS — Charter Growth Capital Fund co-invested along with Birmingham-based lead investor Colfax Creek Capital LLC in Traverse City Products LLC.

Published in Finance

Wednesday, 18 March 2020 10:14

Some West Michigan banks close lobbies in response to COVID-19

Two locally-based banks — Mercantile Bank and West Michigan Community Bank — plan to close the lobbies of bank branches to customers starting Wednesday.

Published in Finance
Tuesday, 17 March 2020 05:00

Michigan banking groups say financial institutions will remain open amid pandemic

The trade associations representing the banking industry across Michigan say banks intend to stay open during the crisis brought on by the coronavirus pandemic.

Published in Finance
Sunday, 15 March 2020 19:00

Virus concerns drive additional due diligence in M&A transactions

The coronavirus outbreak that’s battered Wall Street and caused supply chain disruptions for some manufacturers has yet to interrupt transactions, although more conversations are occurring as part of due diligence, according to M&A professionals.

Published in Finance

Sunday, 08 March 2020 18:00

Charter Capital forms fund to invest in craft distillery

GRAND RAPIDS — An interested investor led Charter Capital Partners to form a small fund for investors to put money into a craft distiller.

Published in Finance
Friday, 06 March 2020 05:00

Calder Capital expands into Chicago area markets

GRAND RAPIDS — Hiring an M&A adviser in the Chicago area expands business broker Calder Capital LLC into new markets in the Midwest.

Published in Finance
Saturday, 29 February 2020 18:50

Grand Rapids an outlier in bank branch openings

As much of the banking industry went in the opposite direction, Sparta-based ChoiceOne Bank opened branches starting in late 2018.

Published in Finance

Friday, 28 February 2020 04:42

Backed by $5 million investment, UV Angel advances new technology

GRAND HAVEN — A $5 million private equity investment supports UV Angel’s move toward the marketplace with a new product that cleans the air in hospitals and other facilities.

Published in Finance
Friday, 21 February 2020 05:00

Charter Capital advises UP bank in $42 million acquisition

GRAND RAPIDS — Charter Capital Partners represented Hancock-based Keweenaw Financial Corp., the parent company of Superior National Bank & Trust, in the $42 million acquisition of North Star Financial Holdings Inc.

Published in Finance
Sunday, 09 February 2020 19:15

Red Oak Capital plans fourth $50 million bridge loan fund

GRAND RAPIDS — Red Oak Capital Group LLC has formed another fund that seeks to raise $50 million through a public bond offering to make commercial real estate bridge loans.

Published in Finance

Friday, 07 February 2020 05:00

Survey indicates soft industrial economy continues in West Michigan

A monthly survey shows West Michigan’s manufacturing sector remained slow in January, although a couple of key indexes improved slightly from the prior month.

Published in Finance
Wednesday, 05 February 2020 09:23

ChoiceOne shares moving to Nasdaq exchange

SPARTA — Shares of ChoiceOne Financial Services Inc., the parent company of ChoiceOne Bank and Lakestone Bank & Trust, will begin trading Friday on The Nasdaq Capital Market under its present symbol “COFS.”

Published in Finance
Sunday, 02 February 2020 16:50

New Community Transformation Fund could serve as a national model for inclusion

Kwame Anku believes the New Community Transformation Fund forming in Grand Rapids could become a national model for driving greater economic inclusion in venture capital.

Published in Finance

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