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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.
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.
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.
‘Back on track’: Backed by recap, improved economy, Community Shores Bank emerges from federal scrutinyWritten by Mark Sanchez
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.
BERRIEN SPRINGS — Two pending mergers with smaller credit unions would extend Honor Credit Union into the Battle Creek and Kalamazoo areas.
MIDLAND — For the third time in two years, Chemical Financial Corp. wants to have more shares on hand to as it pursues additional acquisitions.
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.
GRAND RAPIDS — Backed with capital from a Chicago private equity firm, Grand Rapids Ophthalmology PC plans to expand across Michigan and eventually into neighboring states.
EAST LANSING — Early-stage investment fund Quantum Medical Concepts plans to invest larger amounts in health care startups after spinning off from its founding organization and securing an additional investment partner.
GRAND RAPIDS — In seeking to raise up to $50 million for its first fund, Grand Ventures I LP could soon add to the availability and accessibility of venture capital in Michigan.
GRAND RAPIDS — Two acquisitions to start 2017 give Lake Michigan Insurance Agency a wider presence across the state to drive growth and pursue further deals in an era of industry consolidation.
LANSING — A group of Lansing-area investors wants to provide seed capital to one new company annually that’s just getting off the ground.
HOLLAND — A $555,000 investment gives a Holland-based sports-related mobile application developer the seed capital it needs to pursue additional clients and grow the business.
ADetroit-based nonprofit will manage a new statewide fund created to provide needed early-stage capital to startups in Michigan.
More of the same? Seller’s market largely unfazed by rising interest rates, politics as deal flow keeps paceWritten by Mark Sanchez
Professionals working in mergers and acquisitions in West Michigan expect strong deal flow to continue in 2017, maintaining a seller’s market.
Mergers and acquisitions within the banking industry are expected to maintain a steady pace in the new year.
MOUNT PLEASANT — Central Michigan University may launch a new graduate program later this year that would add to entrepreneurial education in the state.
Tim Parker wasn’t actively looking for a new opportunity when he came across a LinkedIn posting that intrigued him.
EAST LANSING — A new venture capital firm formed by Michigan State University’s research foundation targets a critical need for early-stage capital for startups in the state.
Fifth Third Bank’s $30 billion corporate commitment over the next four years for community development offers a massive pool of money for West Michigan organizations to potentially tap to fund projects and initiatives.
M&A professionals in Michigan feel a little more optimistic than their counterparts nationally about the prospects for stronger deal flow over the next year.
Of all the issues Greg Carmichael deals with each day, trust and reputation are the ones that concern him the most.
Kalamazoo-based First National Bank of Michigan plans to open a Holland office five years after moving into the Grand Rapids market.
A trio of initiatives from the Michigan Economic Development Corp. aims to increase the flow of capital to startups and early-stage companies in the state.
The restoration of an angel tax credit in Michigan looks doubtful before the present legislative term expires at the end of the year.
GRAND RAPIDS — Software development firm Blue Medora LLC raised nearly $7.5 million in capital in what one expert calls a “tough” but “good” environment for companies seeking investors.