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Inflation, Higher Fed Rate Could Trigger Tighter Credit
Advice: Check Out Lending Options Now Some economic forecasts are pointing to potential inflationary times, which could tighten lines of credit. In July, the Federal Reserve decided to hold rates steady and said the U.S. economy is recovering despite Covid-19 concerns. Fed Chair Jerome Powell said that the U.S. economy is still a good deal away from making “substantial further progress” toward stable prices and maximum employment, reports Bloomberg News. The current federal funds rate stands at 0.25%. But according...
With PPP Over, What’s Next for Business Borrowers?
Now that funds from the Paycheck Protection Program (PPP) were exhausted as of May, businesses that are still reeling from the economic impact of the pandemic will have to look for other sources of funding.  According to Forbes Magazine, credit unions increased their loan approval rate from 20.3% in April to 20.4% in May 2021. Other non-bank lenders inched up slightly. Institutional lenders approved 23.6% of funding requests in May, up from 23.5% in April. Meanwhile, alternative lenders approved 24.3%...
Truth in Lending: The Role of the Field Examiner
When applying and being considered for a commercial loan, one important step in the process is the research conducted by a member of the lender’s field examination team. The purpose of the field examination is to provide timely, on-site analysis of the collateral assigned to the lending institution. The field exam illustrates the quality and performance of the borrower’s collateral and potential liabilities that could off-set its collection. The field exam also allows the lender to have a first-hand observation...
Great Lakes Business Credit Streamlines Loan Closings
One of the most frequently asked questions posed by potential borrowers is: “How quickly can my loan be closed?” Fortunately, at Great Lakes Business Credit, it doesn’t have to be a drawn-out process. “For many business clients, alternative financing can be a stressful and time-sensitive issue, and our aim is to streamline loan approvals,” says CEO Rhett B. Rowe. “This is especially critical in cases where the loan applicant has stretched payments to vendors or is restructuring their business in...
GLBC’s Bowersox Earns Association Recognition
Terry Bowersox, senior business development specialist at Great Lakes Business Credit, is being honored as Member of the Month by the West Michigan Chapter – Turnaround Management Association. Terry has 49 years’ experience in the commercial banking/leasing field and has been formally part of the GLBC team since early 2019. Terry reports directly to Rhett B. Rowe, CEO.Prior to joining GLBC, Terry was CEO/President of his own company, TLB Financial, LLC, and served in business development leadership roles at Sterling...
Great Lakes Business Credit’s CEO Awarded Corp! Magazine MVP Award
TROY, Mich. (March 9, 2021) – Rhett B. Rowe, chief executive officer of Great Lakes Business Credit, has been named a Corp! Magazine “Most Valuable Professional” as part of the publication’s annual awards program honoring business leaders and entrepreneurs across Michigan. Rowe, who has served as the company’s CEO since September 2020, has overseen the recapitalization of Great Lakes Business Credit, significantly expanding its ability to offer asset-based lending to firms that need it the most. The award nomination also...