Displaying items tagged: Fifth Third Bank

Businesses that received a federal Paycheck Protection Program loan and are growing or intend to seek financing for an expansion should apply for loan forgiveness as soon as possible, according to bankers.

Through working with a number of banks and credit unions, Randy Brinks is fully aware of the giant target that the financial services industry has had for years concerning cybersecurity threats.

As clients began reaching out in recent weeks to gather documents and apply for forgiveness of their federal Paycheck Protection Program loans from last year, executives at Level One Bank urged them to wait. 

Michigan small businesses were approved for more than $1.5 billion in federal loans during the first two weeks of the new Paycheck Protection Program the U.S. Small Business Administration launched earlier this month.

Michigan’s economy could stand to benefit in the years ahead as manufacturers move to reshore work to the U.S. after dealing with severe disruptions in their foreign supply chains when the coronavirus first surfaced in China.

The U.S. economy that got hammered by the COVID-19 pandemic this spring heads toward 2021 on the rebound, although a surge in cases during the fall and renewal of restrictions in many states may limit economic growth nationally early in the new year.

GRAND RAPIDS — Planning now for the future development of an outdoor amphitheater, soccer stadium and expansion of the DeVos Place convention center positions Grand Rapids to proceed once the COVID-19 pandemic eventually ends.

GRAND RAPIDS — The business group that pushed several major developments over the past 25 years is now focused on a downtown convention center expansion, an amphitheater and a professional soccer stadium.

The COVID-19 pandemic that shut down much of the economy in March had all businesses scrambling to maintain operations — if they were allowed to stay open — and keep employees safe. Banks closed their branch lobbies and directed customers to use drive-thru lanes or digital banking to handle transactions. 

The Federal Reserve Bank’s $600 billion Main Street Lending Program promises to offer small and mid-sized businesses hurt financially by the COVID-19 pandemic with another option to access credit and operating capital. 

Bankers across the region have been focused on working with small business clients to secure loans from the federal Paycheck Protection Program, as well providing payment deferrals and adjusting loans for business borrowers hit hard by the COVID-19 pandemic. 

New grant funds by the state and in Kalamazoo, as well as a loan fund in Grand Haven, are the latest efforts to provide relief to small businesses hit hard by the COVID-19 pandemic.