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TROY, Mich., Jan. 26, 2022 – Great Lakes Business Credit, one of the nation’s fastest-growing asset-based commercial financing companies, has been named a “Best of MichBusiness” honoree. The Best of MichBusiness Awards celebrates the programs and companies that make Michigan a great place to live and work. The awards program honors the companies that made…

As the economy bounces back and the U.S. transitions out of the pandemic, business owners will continue to need access to capital to both recover and grow. Since federal relief from the Paycheck Protection Program ended on May 31, business owners need to be prepared to seek future financing and look for new options. With…

Advice: Check Out Lending Options Now Some economic forecasts are pointing to potential inflationary times, which could tighten lines of credit. In July, the Federal Reserve decided to hold rates steady and said the U.S. economy is recovering despite Covid-19 concerns. Fed Chair Jerome Powell said that the U.S. economy is still a good deal…

Now that funds from the Paycheck Protection Program (PPP) were exhausted as of May, businesses that are still reeling from the economic impact of the pandemic will have to look for other sources of funding.  According to Forbes Magazine, credit unions increased their loan approval rate from 20.3% in April to 20.4% in May 2021….

When applying and being considered for a commercial loan, one important step in the process is the research conducted by a member of the lender’s field examination team. The purpose of the field examination is to provide timely, on-site analysis of the collateral assigned to the lending institution. The field exam illustrates the quality and…

One of the most frequently asked questions posed by potential borrowers is: “How quickly can my loan be closed?” Fortunately, at Great Lakes Business Credit, it doesn’t have to be a drawn-out process. “For many business clients, alternative financing can be a stressful and time-sensitive issue, and our aim is to streamline loan approvals,” says…