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GRAND RAPIDS — Horizon Bank’s move into the West Michigan market provided an opportunity to launch a private banking service based in Grand Rapids that will eventually extend across the corporation.

HOLLAND — A West Michigan firm that invests in medical device companies has completed a capital raise of more than $1.1 million.

Higher interest rates during 2017 haven’t acted as a damper on commercial lending in West Michigan, although some lenders are seeing borrowers moving to fixed-rate business loans.

Among the commercial and industrial borrowers at Lake Michigan Credit Union, about one-third are expanding or buying new equipment that’s needed to grow their businesses.

SBA lending, by the numbers

Written by | Sunday, 06 August 2017 15:57 |

The U.S. Small Business Administration’s largest lending program wrote slightly more loans in Michigan through three quarters of the federal government’s fiscal year, although the value declined. Through June 30, the SBA backed 1,867 loans for $411.2 million in Michigan written under the 7(a) program, which compares to 1,847 loans for $500.8 million through the same period in the 2016 fiscal year.

Loans written under the SBA’s 504 lending program grew from year to year. Michigan had 160 loans for $115.3 million under the 504 program through June 30 of the current fiscal year, versus 127 loans for $83.8 million in the first three quarters of the 2016 fiscal year.

Here are 7(a) and 504 loan volumes in the state as of June 30, plus the top 20 banks and top 10 credit unions for 7(a) loans in Michigan.

GRAND RAPIDS — Agility Health Inc. expects to complete a debt restructuring by this fall that would deleverage the company so it can get back to growing again and achieve profitability.

Bankers in West Michigan and nationwide could get some regulatory relief this year.

Private equity investments in Michigan grew in 2016 with an increase in both deals and the amount of capital invested.

More bank branches closed in Michigan than in 45 other states in the years following the most recent financial crisis.

GRANDVILLE — Grand River Bank’s parent company has raised $14.4 million in new investor capital to support the firm’s continued growth, MiBiz has learned.

In securing a $40 million investment, Cirius Therapeutics Inc. illustrates a fundamental change that occurred in Michigan’s venture capital sector over the last decade.

KALAMAZOO — A $40 million venture capital investment in a company spun out of a Kalamazoo-based drug development firm comes with a new executive management team based across the country.

MUSKEGON — After more than six years of operating under increased regulatory scrutiny, CEO Heather Brolick wants people to know that Community Shores Bank Corp. is “back on track” and growing again.

GRAND RAPIDS — Michigan State University Federal Credit Union’s plan for a downtown office brings another player into the market as Michigan credit unions enjoy a period of strong growth.

BERRIEN SPRINGS — Two pending mergers with smaller credit unions would extend Honor Credit Union into the Battle Creek and Kalamazoo areas.

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