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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…

Terry Bowersox, senior business development specialist at Great Lakes Business Credit, is being honored as Member of the Month by the West Michigan Chapter – Turnaround Management Association. Terry has 49 years’ experience in the commercial banking/leasing field and has been formally part of the GLBC team since early 2019. Terry reports directly to Rhett…

TROY, Mich. (March 9, 2021) – Rhett B. Rowe, chief executive officer of Great Lakes Business Credit, has been named a Corp! Magazine “Most Valuable Professional” as part of the publication’s annual awards program honoring business leaders and entrepreneurs across Michigan. Rowe, who has served as the company’s CEO since September 2020, has overseen the…

Business owners who default on a bank loan and/or fail to make timely payments may expect to receive a demand letter from their bank, requesting payment of the entire loan in full within a specified period — sometimes within a 10-day period. This is the traditional first step banks take to collect on a loan….