Our roundup of the latest news from metro Detroit and Michigan businesses as well as announcements from government agencies. To share a business or nonprofit story, please send us a message here.
According to Yahoo Finance, as of July 2023, the U.S. Small Business Administration has approved more than 40,000 SBA loans worth $19 billion for the year. To boost loans further, the SBA has introduced new funding rules that could benefit Michigan businesses.
For potential franchisees, FranNet, which has local offices in Bloomfield Township and Grosse Pointe, uses a proprietary profiling and consultative process to determine a business model unique to each client’s goals, skill sets, and interests, and has matched thousands of prospective business owners to small business franchise opportunities.
In Michigan, there are various options for small business loans. The Small Business Administration has several loan programs, such as the 7a, 504, and Express, that can be used for different reasons, including working capital, equipment, and real estate.
The SBA 7(a) loan program is the most popular. One reason being that the interest rate is typically less than those on conventional loans. Another is that loan terms are longer, which results in low monthly debt service costs.
The SBA 504 program is mainly for businesses that want to acquire heavy equipment or buy real estate. Loan terms are usually up to 10 years for equipment purchases and 20 years for real estate, and interest rates are lower than most conventional financing options.
SBA’s Express Loan program application has a turnaround time of just 36 hours. With this sped up process, interest rates tend to be higher — and the repayment time frame shorter, which increases the debt service cost.
“The SBA new rules are designed to open up lending to more small businesses than before, especially those in underserved communities,” says Carol Ward, consultant for FranNet of Michigan. “The true test that these new rules are working will be lending institutions using their own credit policies versus the SBAs so more small businesses, especially in underserved businesses, can get funding.”
Ward is hopeful that southeast Michigan lending institutions see this as an opportunity to fund worthy small businesses that may have been turned away before. She also is hopeful the new rules streamline and speed up the SBA lending process.
For more information, visit https://www.sba.gov/district/michigan?utm_source=google&utm_medium=organic&utm_campaign=gbp-listing&utm_content=detroit-mi-district
ACG Detroit to Highlight How Transitions in Auto Industry are Accelerating
ACG Detroit, a mergers and acquisition specialty company, is hosting a conference on Tuesday, Sept. 12, at the Edsel and Eleanor House in Grosse Pointe Shores to talk about the auto industry’s outlook for the remainder of 2023 and trends to watch out for in 2024.
The conference will also have a discussion on the broader challenges faced by the auto industry. Speakers include Steven Wybo, a senior managing director for Riveron, with expertise in distressed and underperforming companies.
Mike Wall, the executive director of automotive analysis for S&P Global Mobility, with a primary focus on assisting automakers, suppliers and financial firms in their evaluation and understanding of the auto industry, as well as in-depth analysis of vehicle markets and technology trends, will also speak.
The discussion will be moderated by Clay Vanderpool, senior vice president – native American gaming division for PNC Bank.
To learn more about the event and to sign up, visit https://www.acg.org/detroit/events/acg-detroit-automotive-update-transitions-accelerate
Crohn’s & Colitis Foundation Michigan Hosting 46th Annual Evening of Hope Masquerade Gala
The Michigan Chapter of the Crohn’s & Colitis Foundation will host its 46th Annual Evening of Hope Masquerade Gala on Sept. 30, 6:00-10:00 p.m. at the MotorCity Casino Hotel. This masquerade themed event will be filled with entertainment, special guests, silent auctions, and inspirational stories.
During the event, the foundation will honor Sandy Pierce, senior executive vice president, Huntington Bank, with the 2023 Champion of Hope Award for her commitment and dedication to the community and Dr. Ryan Stidham, University of Michigan with the Rosenthal Lifetime Achievement Award for an IBD professional.
The 46th Annual Evening of Hope Masquerade Gala will raise critical funds for the foundation. This event will help ensure that research and patient programs can continue.
Tickets will include an open bar, opportunity to bid on silent auction items, seated dinner, a live auction, and dueling pianos for live entertainment. More 300 guests will attend including high level donors, board members, top volunteers, patients, and medical professionals.
Tickets are $250, which includes cocktail hour, seated dinner, open bar, awards, and live entertainment. For more information on how to get involved with 46th Annual Evening of Hope Masquerade Gala please visit crohnscolitisfoundation.org/chapters/michigan/events or lmarschner@crohnscolitisfoundation.org or call 646-856-1295.
Lear Wins Four First-place J.D. Power 2023 Awards, Leans in Number of Top Three Finishes
Lear Corp. in Southfield, a global automotive technology provider in seating and E-systems, received four first-place J.D. Power 2023 U.S. Seat Quality and Satisfaction Study awards.
The company several first-place awards and the number of its seats finishing in the top three of the study’s categories. The overall results highlighted Lear’s quality and operational performance for its global customers. The categories and Lear’s results include:
First Place
- Mass Market Small / Compact SUV – Chevrolet Equinox
- Mass Market Midsize / Large SUV – Chevrolet Blazer (tie)
- Premium Car – Porsche 718
- Premium SUV – Land Rover Range Rover Sport
Second Place
- Mass Market Truck / Van – Hyundai Santa Cruz
Third Place
- Mass Market Small / Compact SUV – Ford Bronco
- Mass Market Truck / Van – GMC Sierra HD
- Premium Car – Audi A4 and Porsche 911
“This recognition speaks to the steps we have taken over the past decade to consistently invest in our talent, operational excellence, and innovation,” said Frank Orsini, executive vice president and president, seating. “At Lear, we will continue to work to ensure we have the best capabilities and technology to design and manufacture world-class quality seats.”
Conducted from February through May 2023, the Seat Quality and Satisfaction Study is based on responses from 93,380 purchasers and lessees of new 2023 model-year vehicles who were surveyed after 90 days of ownership. Seat quality is measured by the number of problems experienced per 100 vehicles (PP 100) during the first 90 days of ownership, with a lower score reflecting higher quality. Learn more about the study here.
Whirlpool to Pay $11.5M Civil Penalty for Failure to Immediately Report Glass Cooktop Hazards
The U.S. Consumer Product Safety Commission (CPSC) is announced that Whirlpool Corp., of Benton Harbor, has agreed to pay an $11.5 million civil penalty.
This action settles CPSC’s charges that Whirlpool knowingly failed to immediately report to CPSC, as required by law, that 17 models of its JennAir, KitchenAid, and Whirlpool brand electric radiant heat cooktops contained a defect that could create a substantial product hazard and created an unreasonable risk of serious injury to consumers.
Beginning in November 2017 and continuing into 2019, Whirlpool received numerous reports from consumers that cooktop surface elements turned on by themselves.
CPSC maintains that despite possessing information that reasonably supported the conclusion that the cooktops contained a defect that could create a substantial product hazard or created an unreasonable risk of serious injury or death, Whirlpool did not immediately report to the commission.
By the time Whirlpool filed an initial report with the Commission, Whirlpool had received at least 157 reports of the cooktops turning on by themselves, including 14 reports of property damage, four reports of objects igniting, and two reports of minor burns.
Whirlpool and the commission jointly announced a recall of the cooktops on Aug. 28, 2019.
The settlement agreement requires Whirlpool to maintain internal controls and procedures designed to ensure compliance with the Consumer Product Safety Act (CPSA), including enhancements to its compliance program.
Whirlpool has also agreed to submit, for a period of three years, annual reports regarding its compliance program, internal controls, and internal audits of the effectiveness of compliance policies, procedures, systems, and training. By a 4 to 0 vote, the commission provisionally accepted the settlement agreement.
Havenpark Communities Awards Academic Scholarships to Five Michigan Students
Havenpark Communities, an operator and developer of manufactured home communities in Michigan and across the country, awarded academic scholarships to five Michigan students.
The scholarships, worth up to $10,000 annually, are part of Havenpark’s annual scholarship fund for residents. In 2023, 38 residents from across the country were awarded scholarships to cover expenses for college, universities, trade, and vocational schools.
“Launching Havenpark’s Education Success Program has been nothing short of a complete success,” says J. Anthony Antonelli, chairman and co-founder of Havenpark Communities. “Seeing the passion and drive these students have for their futures is inspiring. We’re proud to support the residents living in our Michigan communities and across the nation.”
Havenpark’s Education Success Program dedicates $500,000 annually to distribute scholarships, provide mentoring, and increase higher education opportunities for residents living in its communities.
The following scholarship recipients who live in Havenpark’s Michigan communities will attend the following schools:
- Max Canfield – Saginaw Valley State University
- Sabrina Hildinger – Saginaw Valley State University
- Keira Moore – Eastern Michigan University
- Jacqueline Stasa – Douglas J Aveda Institute
- Haley Wallace – Jackson College
“This scholarship will significantly ease the financial burden that comes with pursuing higher education, and I can’t thank you enough for providing me with this opportunity,” said Max Canfield. “This investment in my education will have a lasting impact on my life, and I promise to work hard and strive for excellence in all that I do.”
Havenpark is committed to enriching the lives of its residents; to learn more about the scholarship program or eligibility, visit havenparkcommunities.com/education.
Inner Circle Acknowledges Elias Habib Kassab as Top Pinnacle Healthcare Professional
Dr. Elias Habib Kassab is acknowledged as a Top Pinnacle Healthcare Professional for his contributions to the field of cardiology by the Inner Circle, a specialist in-house and in-agency service comprised of health care and medical communications professionals.
Kassab pursued higher education at the American University in Beirut in Lebanon where he completed pre-medical coursework. He then earned a Doctor of Medicine degree from the Université Libre de Bruxelles in Brussels, Belgium; completed a residency and internship at Wayne State University in Detroit; and a fellowship in cardiology with William Beaumont Hospital in Royal Oak.
Kassab is the founder, chief executive officer, and president of Dearborn Cardiology. He holds numerous roles in other facilities, including the chief executive and chief marketing officer of the Michigan Outpatient Vascular Institute since 2012 and chief executive officer of the Michigan Outpatient Vascular Institute’s Ambulatory Surgery Center in 2023.
Board-certified in cardiovascular disease through the American Board of Internal Medicine (ABIM), he is an expert in interventional cardiology, and internal medicine. He is also board-certified in endovascular and vascular medicine by the American Board of Vascular Medicine and a registered physician in vascular interpretation.
Little Caesars Kicks Off Second Season as Official Pizza Sponsor of the NFL
After a successful rookie season as the Official Pizza Sponsor of the NFL, Little Caesars will honor its fans by making all deliveries totally fee-free. Starting Aug. 28 and running until Sept. 10, orders placed through the Little Caesars app or online at LittleCaesars.com will have no delivery fee, with no additional service or small order fees.
“Little Caesars is the industry leader in value,” says Greg Hamilton, chief marketing officer at Little Caesars. “We’re always looking for new ways for our guests to save, and since delivery and the NFL go hand-in-hand. This is the perfect deal for football fans and pizza lovers alike. We are so excited to offer free delivery that we are starting the week before the first kickoff to the 2023 Season – so fans get a great deal before the games even begin.”
Additionally, Little Caesars is bringing back a fan-favorite from last season – the Pizza!Pizza! Pregame. Those who order their gametime meal can eat like champions and win instant prizes or perks with any purchase and will be automatically entered into a grand prize drawing for a trip to Super Bowl LVIII in Las Vegas at Allegiant Stadium.
Guests can participate in the Pizza!Pizza! Pregame starting Sept. 7 by placing an order one hour before and up to three hours after the start of each game on Mondays and Thursdays, or at any time between restaurant open and close for games on Sundays.
Little Caesars is partnering with San Francisco 49ers tight end George Kittle, New Orleans Saints defensive end Cam Jordan, and NFL analyst Ryan Fitzpatrick to star in a series of commercials centering around activations through Little Caesars role as the Official Pizza Sponsor of the NFL.
Also, through Little Caesars longstanding partnership with Pepsi, Minnesota Vikings wide receiver Justin Jefferson will have a leading role in a primetime advertisement focused on the Pizza!Pizza! Pregame promotion.
Little Caesars is also partnering with nine NFL teams to feature specialized branding and in-game activations in their local markets throughout the season. Participating teams include the Detroit Lions, Kansas City Chiefs, Los Angeles Rams, Minnesota Vikings, New Orleans Saints, Philadelphia Eagles, Pittsburgh Steelers, San Francisco 49ers, and the Tampa Bay Buccaneers.
The Little Caesars Love Kitchen, a restaurant on wheels, will visit key NFL event cities throughout the year, working in tandem with the League to give back by serving pizza to communities in need.
The first serving will celebrate the kickoff to the 2023 season and will take place in Kansas City. Partnering with Downtown Council of Kansas City’s community services center “The Beehive” and NourishKC’s Kansas City Community Kitchen, pizza will be served to more than 600 people. The Little Caesars Love Kitchen has served nearly 4 million people in the 48 contiguous states and four Canadian provinces. Last season, theLove Kitchen and NFL together served more than 2,000 people throughout four servings.
University of Michigan Activated as Second Site for Clinical Trial in Severe Esophageal Disease
Harvard Apparatus Regenerative Technology in Massachusetts, a clinical-stage biotechnology company developing the technology to regenerate organs inside the body to treat severe diseases, announced that it chose the University of Michigan in Ann Arbor for its clinical trial as to severe esophageal disease, being its first clinical trial in the United States.
“Our primary focus continues to be accelerating the clinical development of our CEI platform as a potential treatment alternative for unmet needs,” says Jerry He, CEO of HRGN. “The entire HRGN team remains highly excited by the pace at which our clinical trial is being executed in the study.”
“This activation of the second clinical site demonstrates the ability of HRGN’s commitment to substantially accelerate the clinical development timelines for the company,” says Shunfu (Sean” Hu), vice president of HRGN. “We have worked diligently to recruit patients for the trial and are grateful for the tremendous support from our partners and the clinical staff and remain dedicated to driving patient enrollment as quickly and efficiently as possible.”
Harvard Apparatus Regenerative Technology conducted the world’s first successful regeneration of the esophagus in a patient with esophageal cancer in August 2017. This surgery was performed by Dr. Dennis Wigle, chair of thoracic surgery at the Mayo Clinic. The results were published in the Journal of Thoracic Oncology Clinical and Research Reports in August 2021.
The procedure demonstrated that our technology was able to successfully regenerate esophageal tissue, including the mucosal lining, to restore the integrity, continuity, and functionality of the esophageal tube.
