Displaying items tagged: finance
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.”
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.