Media

Testimonials

Blogs

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...
How to Handle a Business Loan Demand Letter
First, Do Not Ignore It
Business owners who default on a bank loan and/or fail to make timely payments may expect to receive a demand letter from their bank, requesting payment of the entire loan in full within a specified period -- sometimes within a 10-day period. This is the traditional first step banks take to collect on a loan. Does this spell the immediate closure of business? Protracted legal action? Instead of panicking, there are some important steps the borrower should take: “First of...
Great Lakes Business Credit Has Advice On New Round of Treasury, SBA Loans
The U.S. Treasury and the Small Business Administration (SBA) opened the door on $284 billion in new Paycheck Protection Program (PPP) loans for small businesses struggling during the pandemic, and the race to apply has already begun. Does Great Lakes Business Credit offer PPP loans? It does not. However, community-based banks and other lending institutions will be processing loan applications. The first round of PPP loans, which had $522 billion in funding behind it, evaporated in just months, so it’s...
Non-bank lender Great Lakes Business Credit in Troy names Rhett Rowe as CEO
Troy-based non-bank lender Great Lakes Business Credit LLC has named Rhett Rowe as its new chief executive, according to a news release. A veteran financial executive, Rowe, 56, previously served as the 18-year old firm's senior managing director. The company serves as an interim lender for companies unable to secure traditional financing. Deals are typically structured to provide between $500,000 to $6 million in liquidity for a period of around one year, according to the news release. The firm has...