December 2008-Dave Wible has accepted the role of Chief Credit Officer at MBC. Dave is a veteran credit executive with diverse commercial lending and credit administration expertise including previously being the senior credit executive at two banks in Michigan. In the newly created Chief Credit Officer role at MBC Dave will work with loan originators and underwriters on incoming applications, develop risk policies and procedures, oversee credit quality and portfolio collection efforts. Bill Beardsley, president of Michigan Business Connection, notes “In these times, quality lending starts with expertise. This is a real milestone for MBC. For reasons including our historical growth rate, and both the challenges and opportunities facing us in this marketplace, we need and welcome the expertise of Dave. Dave will make an immediate impact with the financial institutions we serve, and will lead a first class credit risk management capability which is needed by community lenders in these economic times.”
September 2008-MBC has opened a new loan origination office in East Lansing, MI. Directed by MBC vice president Mark Terry, the office provides origination support to businesses seeking financing. “Our model has evolved to be more than the traditional back office operations of underwriting and loan servicing. Our ability to also directly assist our lenders in all aspects of loan origination, from application through close, provides a professional full service solution at a fraction of the cost of a dedicated staff position. It’s a shared competitive advantage” notes Bill Beardsley, president of MBC.
August 2008-MBC has completed the conversion of Credit Union One’s commercial loan servicing portfolio. Led by Brenda Bonner, the conversion project team successfully transferred all loans on to MBC’s servicing platform on time and without any payment management interruption. “In these economic times, disciplined and consistent loan management is critical. Expertise and economy of scale drive the decision process for self managing or partnering with specialists” notes Bill Beardsley, president.
June 2008-MBC has relocated within its current building into newly renovated and larger quarters. “The new space will accommodate our recent and expected growth and provides more functional work space for our team” states Bill Beardsley, president.
May 2008-Shannon Soupal has joined MBC as a Commercial Credit Manager. Shannon has seven years of underwriting and credit management experience and will be primarily responsible for credit underwriting at MBC. “Shannon has proven credit analytical skills and a great reputation for team leadership” notes Bill Beardsley, president.
January 2008-Richard McManamon and Melissa Marvel have joined MBC as Financial Analyst Interns, as part of the Eastern Michigan University internship program. Both are seniors at EMU majoring in Finance.
July 2007-Brenda A. Bonner has joined MBC’s operations team. Bonner’s experience includes more than 20 years in financial services, including lending operations management positions at small and large banks. “We are very fortunate to have Brenda join our team. Her exceptional lending operations experience is a great addition to our company which has grown to include professionals with more than 100 years of combined financial industry experience” notes Bill Beardsley, president.
February 2007-MBC and Eastern Michigan University’s College of Business have developed an Internship program. Known as a “Financial Analyst Intern”, the position provides financial statement analysis and underwriting support for MBC’s loan operations group. “This is an outstanding opportunity for both MBC and EMU students. EMU’s College of Business is a strong program and their students can step right in and provide value to our organization and the Michigan businesses we serve” notes Bill Beardsley, president of MBC. David Mielke, dean of the College of Business, stated that “MBC has developed a new niche in the financial services industry. Their entrepreneurial approach to business and their strong financial analysis fundamentals provide excellent learning opportunities for our students. Our applied approach to teaching in the classroom is the perfect compliment to an internship position. Both MBC and our students will benefit from our partnership.” Matt Partridge, a senior majoring in Finance, will be the first Intern.
February 2006-Due to continued commercial loan growth, Michigan Business Connection, LC has added Dana M. Lemke to its operations team. Ms. Lemke has nearly 16 years of financial services experience, including most recently acting as closing manager for a mortgage brokerage company where she had operational responsibility for coordinating the funding of more than 1,000 loans. "Dana's experiences and service attitude align perfectly to the needs of our borrowers. With 80% of our business being commercial mortgage financing, her expertise in both construction and end financing is ideal" noted Bill Beardsley, president and chief lending officer for Michigan Business Connection.
October 2005-Michigan Business Connection, LC reports that it has underwritten more than $100 Million in its first year. “There is a huge difference between underwriting and funding” notes Beardsley. “We are, however, very pleased at the loan opportunities we are seeing. Underwriting volume is the leading edge of our future business volume, but we also consider it to be validation of our lending brand and the effectiveness of our business development activities”. The average loan size was $425,000 for the period.
September 2005-Michigan Business Connection, LC announces that each of its Credit Unions has now completed the approval process to originate loans guarantied by the US Small Business Administration. Bill Beardsley, president of Michigan Business Connection, LC, notes “We are very pleased to receive the approval for each of our Credit Unions. The SBA reviewed each institution on its own merits, but also considered the qualifications of MBC staff and our processes in reaching their final conclusions. This enhanced capability will allow each of our Credit Unions to better serve their members and communities”. Formed in 1953, SBA programs annually assist more than 70,000 borrowers totaling more than $11 Billion in funding.
February 2005-Michigan Business Connection, LC announces that it has launched a unique accounts receivable financing solution for growth-oriented companies. "Depending on the industry, receivables can comprise as much as 70-80% of the asset base of small to medium-sized businesses, consuming cash flow and restricting growth. The ability to consistently and quickly convert these receivables into cash allows companies to pursue their growth objectives with peace of mind and confidence" noted Bill Beardsley, President of Michigan Business Connection.
