News

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.

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.

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.

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.

June 2006-As part of its continuing effort to provide a broad array of financing options for Michigan businesses, MBC has launched an equipment leasing component to its product set. "Almost every business leases something, and they would rather do it from someone they know and trust" notes president Bill Beardsley.