Finance

HealPay spikes in revenues and clients, looks to expand

By Newsroom

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November 11, 2015

HealPay is locking down clients from a broad variety of industries, and the Ann Arbor-based startup has plans to pursue the biggest ones next year. The tech startup's platform helps bill collectors increase their accounts receiving by enabling users to pay what they owe faster and more efficiently. It started off by helping creditors collect debts owed through its Settlement mobile app. Now it is expanding to a broader range of billing agencies, such as landlords. "We have widened our scope to include family law firms and bankruptcy attorneys," says Erick Bzovi, CEO of HealPay. "We have expanded more horizontally." Which has allowed it to spike its revenue and number of clients. HealPay currently does about $10 million in transactions a month, which is double its amount from last year. It is also enjoying a consistent 10 percent bump in transaction per month. That growth has allowed the company to hire two software engineers, expanding its staff to six employees and a couple of independent contractors. HealPay is also looking for an intern. Bzovi expects those numbers to spike even harder next year. HealPay is currently in talks with municipalities and utilities to handle billing for them as the startup continues to go after larger and larger clients. "We are slowly getting into new verticals," Bzovi says. "Anybody who does billing would fit." Source: Erick Bzovi, CEO of HealPay Writer: Jon Zemke

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Huron Valley Financial growth rapidly with new service offerings

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Economic Development

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September 23, 2015

Huron Valley Financial got its start selling mortgages to people in Washtenaw County in the mid 1990s. Today it's doing the same across the country and offering a whole lot more as it grows at its fastest clip to date. "We have had some of our best months ever in 2015," says Casey Daniels, vice president of business development for Huron Valley Financial. The Ann Arbor-based company can now sell mortgages in Michigan, Ohio, Indiana, Illinois, Tennessee, California, Florida, Texas, Georgia and North Carolina. It is also in the process of getting approval to sell mortgages in South Carolina. To accommodate that growth the firm has hired 18 people in sales and operations over the last year and is looking to hire another six now. It currently has a staff of 90 people. The bigger staff and geographic footprint helps with Huron Valley Financial's growth. But its biggest gains are coming from its larger portfolio of services it can offer. Huron Valley Financial has been approved to service loans (a function it formerly had to outsource to larger financial institutions) and sell loans to Fannie Mae. "Us getting our Fannie Mae approval was pretty big," Daniels says. "It allows us to streamline a lot of our processes." Huron Valley Financial also launched a wholesale division earlier this month. It can now sell its mortgages and other lending products, like construction loans, to community banks and credit unions. The mortgage lender is also planning to further broaden its product portfolio, but Daniels declined to elaborate on those plans. "We are always looking at additional products to add," Daniels says. Source: Casey Daniels, vice president of business development for Huron Valley Financial Writer: Jon Zemke Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.

U-M Credit Union acquires Flint credit union, adds commercial lending, jobs

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Economic Development

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June 3, 2015

University of Michigan Credit Union has spent the last year significantly expanding its membership, product offerings, and geographic reach. The downtown Ann Arbor-based credit union executed a merger with Family Community Credit Union in Flint last March, adding three more branches and 5,700 new members. U-M Credit Union had been expanding its presence at the University of Michigan-Flint last year when the opportunity to merge with Family Community Credit Union presented itself. It turned out to be just the right fit. "It all just worked out perfectly," says Tiffany Ford, CEO of the University of Michigan Credit Union. U-M Credit Union has also been growing organically, signing up new members in Ann Arbor, Ypsilanti, Washtenaw Community College, and U-M Dearborn and Flint. This focus on campus development has allowed U-M Credit Union to grow its membership by 11 percent to 70,910 people and its assets from $571 million to $633 million. "We have been able to build member awareness in the Ann Arbor area and increase the number of new accounts at Washtenaw Community College and U-M Flint," Ford says. Which has allowed U-M Credit to expand its product offerings. The credit union has long focused on expanding its membership’s usage of the credit union's credit cards that feature low-interest-rate or rewards programs. Twenty seven percent of the credit union's members now use one of those two credit cards, increasing its balances $2.9 million over the last year to $35 million. U-M Credit Union has also increased its auto loan balances by $18.6 million over the last year to $121 million. "We know we can increase that penetration significantly," Ford says. That success has opened the door to U-M Credit Union expanding its mortgage loans. It is also preparing for a soft launch of a new commercial lending program next week. That program will offer lending products to members in commercial real-estate development, and business lines of credit. U-M Credit Union now has 13 branches, including two virtual branches it recently opened at Washtenaw Community College and U-M Flint. The credit union is also in the process of replacing its credit union at Main Street and Eisenhower Road with a new branch at 2725 S State St on the south side of Ann Arbor. That growth has led to several new hires for the U-M Credit Union. The institution has hired 17 people over the last year, including professionals in customer service, marketing, and human resources. It currently has a staff of 142 employees and three interns. The credit union is currently looking to hire another 7 people right now. "We have been hiring in all areas of the credit union," Ford says. Source: Tiffany Ford, CEO of the University of Michigan Credit Union Writer: Jon Zemke Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.

Ann Arbor State Bank continues growth streak, adds new hires

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Economic Development

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February 11, 2015

Ann Arbor State Bank is making significant strides forward with its bottom line and is expanding its product offerings... and staff. The downtown Ann Arbor-based bank has made about 90 percent of its profits from commercial and mortgage lending. It is now adding private banking and leasing services to its portfolio. The leasing services would focus on commercial and equipment leases for businesses. "It's a small piece but we hope it will become a big piece," says Peter Schork, president & CEO of Ann Arbor State Bank. The 6-year-old bank has grown its staff, adding six new hires over the last year. It currently has a staff of 37 employees and one intern. Its new hires include professionals specializing in mortgage lending, private banking, and commercial leasing. Ann Arbor State Bank has grown quite a bit over the last year, going from $205 million in total assets to $230 million in total assets by the end of 2014. Schork expects the community bank to make similar gains this year. "We had a great year," Schork says. "A very profitable year." Source: Peter Schork, president & CEO of Ann Arbor State Bank Writer: Jon Zemke Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.

Lansing and Ann Arbor, economic rivals as well?

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Economic Development

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November 19, 2014

Oh, how the mighty might fall. Not only is U-M's football in decline, overshadowed by the green and white, Ann Arbor may soon see its economic dominance eclipsed by Lansing as well. Excerpt: "But if growth trends continue, perhaps Lansing is poised to take the lead here as well after trailing Ann Arbor for 13 years. In the Lansing region, which includes Clinton, Eaton and Ingham counties, GDP grew by 2.4 percent in 2013 over the previous year, with more growth expected from a series of recent plant investments by General Motors. But in the Ann Arbor region, which includes Washtenaw County, 2013 growth was an anemic .7 percent." Read the rest here.

The Bridge breaks down Ann Arbor’s economy

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Community Development

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November 12, 2014

Did you know we rank third among Michigan's economic regions but 241st among the nations top 382 metro areas? Check out The Bridge's thumbnail analysis of Ann Arbor's economy and enlighten yourself! Read it here.

DFCU eyes Carpenter Rd. location for new branch in 2015

By Natalie Burg

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Arts & Culture

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November 5, 2014

Ann Arbor is Dearborn-based DFCU Financial's fastest growing market. To keep up, the credit union is looking at Pittsfield Twp. site to replace an existing branch with a larger location that offers more amenities. "It’s a high-traffic intersection, and therefore current and potential members will pass by this corner every day," says DFCU Financial CEO Mark Shobe of the new Carpenter Rd. site. "Its proximity to our current branch is an added bonus for an easy transition for our membership." The proposed branch would be built in place of the now vacant Great Lake Chinese Seafood Restaurant on Carpenter. The one-acre property would include a new 4,600 square foot branch, drive up window and ATM, and include services "to fit our brand promise," says Shobe. DFCU Financial hopes to move forward with the multi-million dollar project in mid- to late-summer next year. Seven to nine full-time employees are expected to work in the new location. Source: Mark Shobe, DFCU Financial Writer: Natalie Burg

Collier Financial opens Ann Arbor office

By Natalie Burg

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Development News

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October 22, 2014

In January, Collier Financial will celebrate 25 years in business in Fort Wayne, but here in Ann Arbor, they'll be fresh off the heels of another celebration: establishing a new office. Though Caleb Collier has been living in Ann Arbor and serving clients of his family's business here for several years, the new, 1,200 square foot office on E. Eisenhower will give the growing financial services company a permanent presence in the area. "The office space is beautiful. The back offices have floor-to-ceiling windows," Collier says. "I was going back and forth between downtown and Eisenhower, but I ended up here, because for those clients in Chelsea, Dexter or even in Novi, this would be easier access for them." The new Collier Financial office opened on Sept. 22. Collier has already hired one new support staff member and plans to hire another financial adviser and two more support staff employees. "My goal is to become a recognizable name in the financial services industry here," says Collier. "What we do is unique to some of the national brokerage houses. We have a different approach, and for some folks, it's really what they're looking for." The Ann Arbor office comes at a time of growth in general for Collier Financial. The family business has recently purchased and extensively renovated a building in Fort Wayne and will soon be moving their headquarters into the much larger location. Source: Caleb Collier, Collier Financial Writer: Natalie Burg

Reconsider launches pilot for local biz investing awareness

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Economic Development

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October 15, 2014

Reconsider is starting a big to help channel more local investment dollars into local small businesses. The Ypsilanti-based firm is teaming up with the Washtenaw County Office of Community and Economic Development to launch the venture LOCAL, an initiative to raise awareness that people can invest in local companies and see comparable returns to more traditional investment vehicles, like stocks and bonds. "It's a local investing awareness and education campaign," says Angela Barbash, founder of Reconsider. "The idea is to get some companies to do some fundraising online." The venture LOCAL campaign aims to accelerate investment in Washtenaw County-based businesses by highlighting more of those opportunities. For instance, the effort by the Tecumseh Brewing Co to raise $120,000 in seed capital. "What would Ann Arbor look like in five years if there was an infusion of local capital?" Barbash says. Reconsider specializes in research and education about community capital and social entrepreneurship. Barbash, a veteran financial advisor, works with a team of six independent contractors. She is currently interviewing two Shifting Gears program participants as potential interns. Barbash is optimistic that the venture LOCAL campaign will be successful in Washtenaw County over the next few months, opening the door for its expansion across Michigan. "It could be a turnkey solution for other communities to use," Barbash says. Source: Angela Barbash, founder of Reconsider Writer: Jon Zemke Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.

Ann Arbor-based Stratos develops one card to bind them all

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Economic Development

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October 15, 2014

We've covered Stratos big investment scores in a recent issue of Concentrate but it looks like TechCrunch just caught wind of the A2 company developing an all-in-one, inter-connected credit card. Excerpt: "The startup raised $5.8 million from Midwest and West Coast investors. San Francisco-based Toba Capital led the round with Western Technology Investment, Hyde Park Venture Partners, and Michigan-based Resonant Venture Partners also participating. Stratos is one of the latest companies to come out of Ann Arbor. Olson was born in Michigan, and its CTO co-founded Detroit Labs. Stratos operates out of the same building that houses the hot security startup, Duo Security." Read the rest here.