Displaying items tagged: Bank of America

Michigan’s venture capital industry made modest strides in the last few years to create greater diversity within its ranks and in the number of startups run by women or minorities that receive investments.

GRAND RAPIDS — The West Michigan venture capital fund that intends to invest in growing, minority-owned businesses has garnered attention from interested parties who want to replicate the model elsewhere in the U.S.

GRAND RAPIDS — The venture capital fund formed a year ago in Grand Rapids to invest in minority-owned businesses has netted $8.5 million in commitments from investors and aims to hit $10 million this year.

The West Michigan Hispanic Chamber of Commerce will use a $100,000 grant from Bank of America to help businesses through the COVID-19 pandemic.

A Grand Rapids-based venture capital fund that will invest nationally in companies owned by minorities has secured commitments now totaling $6.25 million, with potentially millions more on the way.

GRAND RAPIDS — A new venture capital fund to invest in businesses owned by racial and ethnic minorities looks to secure financial backing locally before reaching out nationally for investors.

The projected slide in new vehicle sales globally and nationwide paints a grim picture for the industry, but local auto dealership executives say there’s a disparity between the numbers and what they’re seeing on their lots.

As much of the banking industry went in the opposite direction, Sparta-based ChoiceOne Bank opened branches starting in late 2018.

GRAND RAPIDS — The Right Place Inc.’s new venture capital fund plans to target investments toward an area of the economy where capital historically has flowed the least: startups and businesses owned by racial and ethnic minorities.

GRAND RAPIDS — Aiming to create greater ethnic and racial diversity in business ownership across the region, The Right Place Inc. teamed with Bank of America and the Consumers Energy Foundation to form a capital investment fund.

GRAND RAPIDS — CWD Real Estate Investment Inc. want to reshape a key downtown corridor with more retail users, including storefronts and restaurants.

Professionals expect a vibrant M&A market and strong deal flow this year amid easing U.S. economic growth and rising interest rates.

Bank of America’s West Michigan operations had a record year in 2018 in terms of the number of new business clients. The year came on top of similar results in 2017, when the bank consolidated local operations into a single office in downtown Grand Rapids, a move that better organized and generated greater collaboration among staff in pursuing new business. Echoing the sentiment of other local executives, Tabben said business clients are working to cope with the region’s tight labor market. 

Rising interest rates won’t lead to change in how banks underwrite credit, although business borrowers need to monitor their effects if they opt for a variable-rate commercial loan.

GRAND RAPIDS — The sign in the window at 250 Monroe Avenue that reads “A new way to bank: coming soon” teases passersby of the new digital branch that Bank of America soon plans to open downtown.

Bank of America’s planned move to a new regional office in downtown Grand Rapids comes as the bank seeks to grow its West Michigan presence.

Bank of America plans to lease 40,000 square feet of space at 250 Monroe NW in Grand Rapids as the bank looks to grow its market presence in the region.