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Genisys Credit Union expands into Royal Oak with downtown branch

Genisys Credit Union is opening its 24-hour branch in downtown Royal Oak this week, bringing the Auburn Hills-based financial institutional closer to another part of its membership.

"We have wanted to be in Royal Oak for quite some time," says Tom Alter, CMO of Genisys Credit Union. "We have a lot of members who live in Royal Oak and the surrounding communities. We feel it is a thriving community."

The new branch is located at 530 N Main on the northern edge of downtown. Six new people will work at the branch.

The credit union has hired 78 people in 2014 and is currently looking to fill six open positions. It has just under 149,000 members, which is up 3.9 percent over the last year. It has made $300 million in consumer loans in 2014, which is also up 14 percent. The organization’s total assets are up 6 percent to $1.651 billion.

Genisys Credit Union doesn’t plan to open any new branches next year but is in the process of revamping some of its existing ones. It is upgrading its Oxford branch from a storefront to a free-standing building set to open in late January. It is also improving its Waterford branch.

"It's a small branch for us that we need to expand for our members and staff," Alter says.

Source: Tom Alter, CMO of Genisys Credit Union
Writer: Jon Zemke

Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.

Minority Business Access Fund aims to spread $100M across metro Detroit

The Michigan Minority Supplier Development Council is making $100 million in liquidity funding available to minority-owned businesses across Metro Detroit.

The Minority Business Access Fund is a loan vehicle for small- and medium-sized businesses in need of capital to get them through a revenue hiccup and set the stage for more growth. The $100 million is expected to have legs beyond its first year.

"If we're successful in getting $100 million out in the first year we will be able to get $100 million out there again in the second year," says Louis Green, president of the Michigan Minority Supplier Development Council.

The Minority Business Access Fund expects to make 75 to 100 loans in its first year. The recipients are expected to be all kinds of minority-owned companies, such as multi-million dollar automotive suppliers and family-owned businesses.

Liquidity financing often helps companies bridge the gap between filling and order and collecting the revenue if the customer can't pay on time. Liquidity financing often pays a critical role in enabling the borrower to pay its bills and make payroll. Minority-owned firms have long struggled with obtaining loans from traditional sources, such as banks.

Source: Louis Green, president of the Michigan Minority Supplier Development Council
Writer: Jon Zemke

Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.

Community Choice Credit Union creates 50 jobs, set to open new branch

Community Choice Credit Union is experiencing a significant bump in just about everything these days. The Farmington Hills financial institution is adding members, deposits, staff, and new branches.

"We're in the process of opening one right now," says Philip Cooper, COO of Community Choice Credit Union. "It should be ready in late November, early December."

The 79-year-old credit union likes to call its branches member centers. The newest one will open in Northville near Six Mile and Haggerty roads. It will employ seven full-time people.

Community Choice Credit Union is focused on serving the metro Detroit area. It has hired 30 people for a broad range of jobs over the last year, expanding its staff to 189 employees. It also has 20 open positions, some of which can be found here.

The credit union has also grown its assets, which now total $17.3 million, up 3.5 percent since the beginning of the year. Cooper credits the increase in assets to his organization's additional membership.

"It was growth in membership and what the members have brought to us in deposits," Cooper says.

Community Choice Credit Union has eight branches across metro Detroit. The new branch in Northville will be its ninth location. The credit union plans to open a handful of branches each year for the next five years to keep up with its expansion plans and better serve its membership in the region.

"Our growth is really centered on the tri-county area," Cooper says.

Source: Philip Cooper, COO of Community Choice Credit Union
Writer: Jon Zemke

Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.

Billhighway adds 10 jobs, focuses on staff development, culture

Every time Billhighway makes a new hire, a press release gets its wings and flies off into the world. More specifically, the Troy-based tech firm likes to announce each new hire with a press release. The company’s public relations team has been busy in 2014 sending out in excess of half a dozen new announcements about new hires.

The 14-year-old firm has hired 10 people over the last year and is looking to hire another three in project management and software development. The firm currently employs 50 people and seven interns. One of its former interns from earlier this year was also hired into a full-time position.

"Our turnover is really low, like 1-2 percent (quarterly)," says Brenda Gallick, director of team member success for Billhighway.

A big reason for that is Billhighway works to grow its employees. About 30 percent of its open positions are filled by candidates from within looking to take the next step up in their careers.

"We spend a lot of time on career development," Gallick says.

Billhighway launched as a software platform that helps people divvy up expenses, such as dues or dinner costs, in 1999. It has grown and evolved to the point that it specializes in helping non-profits and other organizations deal with their finances. It has experienced significantly higher demand for its software as it makes a bid to reach second-stage status, prompting the hiring spree. The company's leadership doesn’t expect that trend to lessen anytime soon.

"We have quite a bit of growth planned going forward," Gallick says.

Source: Brenda Gallick, director of team member success for Billhighway
Writer: Jon Zemke

Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.

GreenPath credit-counseling organization hires 55 in Michigan

GreenPath is expanding by opening up new credit-counseling offices across the U.S.

The Farmington Hills-based non-profit has opened five offices over the last year, including new offices in Escanaba and Canton. It now has 60 offices across 12 states.

"Our primary growth has been opening up the new offices," says Kurt Murphy, CFO of GreenPath.

The 53-year-old non-profit has been helping people regain control of their finances through counseling and strategic planning. That means helping clients avoid foreclosure or repairing their credit scores.

GreenPath has grown to the point where it employs 470 people. A majority of them are based in Michigan (385) with 310 employees at the organization’s Farmington Hills headquarters. It has hired 65 people over the last year, including 55 in Michigan. Those jobs ranged from IT professionals to customer service reps.

GreenPath's revenue growth has been flat over the last year. Murphy attributes that to the growing economy and how hard American consumers were hit at the last recession.

"People got hit pretty hard," Murphy says. "It makes you a bit more careful before you pull that credit card out."

Source: Kurt Murphy, CFO of GreenPath
Writer: Jon Zemke

Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.

401K GPS brings retirement planning services online

401K GPS, an online retirement planning service, received its first outside investment this summer when it landed five figures' worth of seed capital from the state of Michigan.

The Brighton-based tech startup landed $27,000 from the state's Business Accelerator Fund with the help of the Macomb-OU INCubator. That cash will go toward the company’s marketing efforts, building a new website, and licensing its technology.

"It was a pretty big deal for us," says John Eaton, general manager of 401K GPS. "It was the first time we got any external money. We were entirely self-funded before then."

401K GPS sells a software platform that helps take the guesswork out of managing retirement plan investments. It got its start as a service so consumers could manage their own 401Ks.

"It is a technology solution to an advisory problem," Eaton says.

401K GPS and its team of two employees and two interns changed up its business model earlier this year. It went from a consumer-facing platform to one that could be leveraged by financial advisors. The move allowed the startup to double its revenue.

"That was a significant change in the business model," Eaton says. "We went where there was no  competition."

Source: John Eaton, general manager of 401K GPS
Writer: Jon Zemke

Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.

Clarkston State Bank grows off increased commercial lending

The financial crisis wasn't a crisis for everyone. For Clarkston State Bank it was an opportunity.

The Clarkston-based bank filled in the vacuum of commercial lending in recent years while larger banks ran scared from the sector. That has allowed the local bank to grow its bottom line and a few other things.

"We've been a very active lender, specifically commercial lending," says Grant Smith, president & CEO of Clarkston State Bank. "It's why we have been hiring a few people this year."

The 15-year-old community bank has hired three people over the last year, including a vice president of credit administration and a treasurer. It now employs a staff of 44 people among four branches in Clarkston, Waterford, and Independence Township. It is currently building a replacement branch near McLaren Hospital.

Clarkston State Bank has watched its revenue grow by 20-30 percent for each of the last few years. Its net income is up 20 percent while retail deposits are up $15 million. The bank also booked $30 million in new lending last year while it reviewed nearly $60 million in deals during that time. It hopes to add a few million more in lending this year.

"That's quite a bit for a small bank," Smith says.

Source: Grant Smith, president & CEO of Clarkston State Bank
Writer: Jon Zemke

Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.

Telemus Capital makes transition to national financial management firm

Telemus Capital is working to turn itself into a national financial management firm, and it’s making a few key hires to pull that off.

The Southfield-based company recently hired Lloyd A. Perlmutter as the firm’s new COO. Perlmutter previously served for seven years as president of Gap, Inc. in Canada. The executive team at Telemus Capital created the COO role for Perlmutter so the experienced manager can oversee the firm's day-to-day management and execution of its strategic initiatives.

"We're evolving it from running it like a practice to running it like a business," Perlmutter says. "We want to make it to the $10 billion mark. It's going to need some more full-time managers doing what they do best."

For Telemus Capital that means letting the firm's partners focus on growing the clientele of high-net-worth individuals and expanding the firm's assets under management. The strategy is paying off. Assets under management are up 25 percent over the last year.

"We need someone to run the day-to-day of the business," says Lyle Wolberg, managing partner of Telemus Capital.

Telemus Capital has offices in Ann Arbor and Los Angeles. The latter is a result of Telemus Capital's acquistion of Concentratic Capital in Los Angeles earlier this year. The firm has hired six people over the last year, expanding its headcount to 38 people. It is currently looking to hire a director of marketing and communications and a high-potential advisor.

Source: Lloyd A. Perlmutter, COO of Telemus Capital, and Lyle Wolberg, managing partner of Telemus Capital
Writer: Jon Zemke

Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.

Dynamic Wealth Solutions opens in downtown Farmington

A couple of lifelong friends are opening up a registered investment advisory firm, Dynamic Wealth Solutions, in downtown Farmington this week.

Timothy Hooker and Brian Smith have been friends since their days of playing hockey in high school. The two friends participated in Wayne State University's Blackstone LaunchPad program, which gives students the basics to start a business. The pair were looking at opening a branch of a major investment advisory firm and then had second thoughts.

"We decided we could do something better ourselves and went forward as an independent firm," Hooker says.

That became Dynamic Wealth Solutions, which is opening in the historic Enterprise building at 23623 Farmington Road. The pair received $3,000 in seed capital last fall from the Blackstone LaunchPad’s Warrior Fund. That money went to pay for licensing fees for the firm and computers for the co-founders.

"It (Blackstone LaunchPad) provided us with the support and mentoring that we built our network with," Hooker says.

Hooker and Smith plan to spend their first year in business building a client base and establishing the firm. They hope to one day expand it to other Metro Detroit locations.

Source: Timothy Hooker, partner & managing member of Dynamic Wealth Solutions
Writer: Jon Zemke

Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.

Lotus Bank eyes 20% growth, plans to open new branch

Lotus Bank has its eyes on opening a new branch in Metro Detroit over the next year as it works to keep up with its recent growth.

It will be the third branch for the Novi-based bank, which also has branches in Novi and Farmington Hills. The location hasn’t been selected yet but is expected to become a reality in 2015. That would allow the 7-year-old financial institution to keep up with the growth it's been experiencing in recent years.

"2013 was an exceptional year for the bank," says Neal Searle, president & CEO of Lotus Bank. "We grew about 20 percent. We also surpassed $100 million in assets in April."

Lotus Bank is 80-percent owned by Indian-Americans and primarily serves that community in Metro Detroit. It grew by about 20 percent over the last year and is on track to repeat that number in 2014. Accordingly,  the bank has hired three people, including a credit administrator and client service professionals. It has a staff of 20 employees and one intern, and is looking to hire a commercial lender right now.

Searle points out that Lotus Bank's growth is entirely organic. He credits traditional community banking practices that stress customer service as the fuel for the bank's growth. It's why he is bullish on the bank’s expansion plans and hiring prospects.

"We intend to continue to grow our staff as the market demands," Searle says.

Source: Neal Searle, president & CEO of Lotus Bank
Writer: Jon Zemke

Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.

Level One Bank hires 18, grows assets 25 percent

Level One Bank is well on its way to the next level, thanks to a spike in its asset size and staff.

The Farmington Hills-based bank’s assets have grown 25 percent over the last year, topping out at $630 million. Its deposits also stand at $545 million. That has allowed the company to grow its staff to 145 people at its seven branches across the region. It has hired 18 people over the last year, mostly in lending. The bank currently has four open positions.

"Our primary businesses are focused on commercial loans," says Patrick Fehring, president & CEO of Level One Bank. "We're seeing a lot of action in our loans to entrepreneurs. We're also seeing an increase in our residential mortgage loans."

Fehring expects his bank to grow another 15 percent this year. He sees Level One Bank's status as a local bank as a key ingredient to its success at a time when an increasing number of people don’t trust large financial institutions.

"We think that gives us a distinct competitive advantage," Fehring says. "It's easier to connect with a decision maker at Level One Bank."

Source: Patrick Fehring, president & CEO of Level One Bank
Writer: Jon Zemke

Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.

CitrinGroup investment firm adds 4 new consultants

CitrinGroup made a name for itself in its early years as an investment firm with a track record for sizable returns.

The 10-year-old firm realized there was a sizable number of financial firms that could do the same thing. If it wanted to continued its growth streak it would need to find a way to separate itself from the pack.

"It's been an exciting year," says Jonathan Citrin, chairman of CitrinGroup. "We have intensified our focus as a portfolio manager."

CitrinGroup’s advantage is divorcing emotion from its decision-making process. Sounds simple, right, or just industry standard? Not necessarily. Citrin points out his firm relies solely on numbers and seizing opportunity. No gut calls. No more sticking only to what they feel comfortable with.

"We have been super focused on keeping emotion out of decisions," Citrin says.

That has allowed the downtown Birmingham-based firm to make its returns more consistent and increase its new business. CitrinGroup has also grown its staff, adding four consultants to its core team of four employees.

"We were just creating a way to give our clients some added value," Citrin says.

Source: Jonathan Citrin, chairman of CitrinGroup
Writer: Jon Zemke

Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.

Michigan First Credit Union aims to add 17 jobs

Michigan First Credit Union is in the process of hiring another 17 people right now, including a new spokester for its Young & Free Michigan program.

The Lathrup Village-based credit union currently employs 247 people across six stand-alone branches, plus three more in Meijer stores. It is replacing a branch on Gratiot Avenue, which is expected to open this fall. Michigan First Credit Union has hired 17 people over the last year. Its new positions range from IT professionals to branch operations. For information on those jobs, click here.

Among the new positions is the credit union’s spokester job for its Young & Free Michigan program. The 3-year-old program employs one college student for a year, making the person the credit union’s spokester. The spokester engages local college students through social media, community events, blog posts and online videos. The idea is to encourage smart financial behavior and help attract more young people to the credit union.

"The year goes by so fast," says Vicky Goldwater, young & free Michigan spokester for Michigan First Credit Union. She worked as a waitress and studied communications at Macomb Community College before taking the position. "The experience was awesome."

Michigan First Credit Union is taking applications for this year's spokester. The position comes with paid gas and insurance. Applicants are expected to make a video when applying. More info can be found here.

"Have fun with the video," Goldwater says. "Be yourself."

Michigan First Credit Union has about 94,300 members in Michigan, which is up more than 4,000 since the beginning of 2013. It has added $30 million in assets in the last year, totaling $674 million.

Source: Vicky Goldwater, young & free Michigan spokester for Michigan First Credit Union
Writer: Jon Zemke

Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.

Telemus Capital adds 4 positions, $100M in new clients

Telemus Capital isn't trying to make its clients rich. It's trying to keep them wealthy. That’s part of the reason why the Southfield-based financial management firm has been growing so much in the past year.

The 9-year-old firm has watched its revenue increase by 20 percent over the last year. That’s due in part to strong performances from stock markets. It also is due to an infusion of new customers.

"Our new clients that have come to us have exceeded our expectations," says Lyle Wolberg, partner & senior adviser at Telemus Capital. "We have brought in $100 million in new clients to the firm in the last year."

Telemus Capital acquired Concentratic Capital in Los Angeles earlier this year. The new acquisition will serve as Telemus Capital’s new LA office. Telemus Capital has also hired four new people, including a new partner and a few research analysts.

"We have done quite a bit of hiring," Wolberg says.

Source: Lyle Wolberg, partner & senior adviser at Telemus Capital
Writer: Jon Zemke

Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.

Complete Data Products makes 6 hires, expands customer base

Neal Doshi and his brother, Nyrav Doshi, purchased Complete Data Products two years ago with the idea of turning the software firm into something bigger. A few software product launches later, the Troy-based business is realizing that dream for its owners.

"From a numbers standpoint we expect our company to grow 20 percent, top-line, by the end of the year," Neal Doshi says.

Complete Data Products specializes in paperless document management software. If there is some sort of business function that requires using paper, Complete Data Products is coming up with ways to do it digitally.

For instance, the firm launched its financial receipt product last year, which allowed users to send sales receipts through email. It also recently launched an electronic signature application, and upgraded its financial receipt product to utilize text message technology.

"There were a lot of people who pushed that out," Neal Doshi says. "There was a lot of growth in that vertical."

The customer base of this technology has grown from credit unions to include banks and law firms. That has allowed Complete Data Products to hire six people, primarily in tech support and marketing, over the last year. It now employs 28 people.

Source: Neal Doshi, managing partner of Complete Data Products
Writer: Jon Zemke

Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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