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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….

The U.S. Treasury and the Small Business Administration (SBA) opened the door on $284 billion in new Paycheck Protection Program (PPP) loans for small businesses struggling during the pandemic, and the race to apply has already begun. Does Great Lakes Business Credit offer PPP loans? It does not. However, community-based banks and other lending institutions…

Troy-based non-bank lender Great Lakes Business Credit LLC has named Rhett Rowe as its new chief executive, according to a news release. A veteran financial executive, Rowe, 56, previously served as the 18-year old firm’s senior managing director. The company serves as an interim lender for companies unable to secure traditional financing. Deals are typically…

Sept. 15, 2020 — In a move certain to alter the asset-based lending landscape, Great Lakes Business Credit has a new CEO with expansive plans for the lender. Business finance pioneer Rhett B. Rowe, whose record as the company’s Senior Managing Director attracted investment group interest, has now assumed overall responsibilities as the CEO of…