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 structured to provide between $500,000 to $6 million in liquidity for a period of around one year, according to the news release.
The firm has typically operated in the Great Lakes region and now seeks to expand to the broader area east of the Mississippi River.
“Our mission is to fill the important niche of an interim financial partner for companies with potential that are currently unable to obtain or maintain bank financing,” Rowe said in the release. “We are able to accept a wide variety of lendable collateral that cannot be considered in conventional finance.”
Prior to joining Great Lakes Business Credit, Rowe served as the CRO and COO at GMA Fund, an international family office, and held earlier C-level positions at Capital for Merchants of North American Bancard, KeyBank, First National Bank of Colorado, PMFCU, Arvest Bank, Comerica Bank, and others.
Rowe is active in the Association for Corporate Growth, Turnaround Management Association, Secured Finance Network and Risk Management Association.
He has a bachelor’s degree in economics from the University of Michigan and an MBA in finance from the University of Detroit Mercy.
Through a spokesperson the company declined to discuss revenue or number of recent deals in which it’s been involved, citing its standing as a privately held firm.