Inflationary Times: Businesses Must Define Next Financing Steps

Inflationary Times: Businesses Must Define Next Financing Steps

As we move into spring and the pandemic continues to wind down, businesses are returning to more normal operations. But now, with inflation a growing concern (7.9% in February), how can businesses best protect their financing costs? To deal with higher costs, more businesses have been taking out loans. In a survey by the U.S….

Be Prepared: Interest Rate Hikes Looking More Likely for 2022

Be Prepared: Interest Rate Hikes Looking More Likely for 2022

Get ready for a year of rising interest rates, precipitated by the Federal Reserve as a way of fighting off inflation, and bolstered by a bevy of financial press and investor reports. Goldman Sachs expects the Federal Reserve to enact four interest rate hikes this year but thinks more are possible due to the surge…

Great Lakes Business Credit Awarded ‘Best of MichBusiness’ Honors

Great Lakes Business Credit Awarded ‘Best of MichBusiness’ Honors

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…

Inflation, Higher Fed Rate Could Trigger Tighter Credit

Inflation, Higher Fed Rate Could Trigger Tighter Credit

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…

With PPP Over, What’s Next for Business Borrowers?

With PPP Over, What’s Next for Business Borrowers?

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….