Cole Taylor Business Capital
In 2008, as the real estate and stock market crashed and major U.S. automakers like General Motors and Chrysler teetered toward bankruptcy, not a lot of banks were willing to lend money. But Cole Taylor Business Capital (CTBC), the asset-based lending (ABL) division of Cole Taylor Bank, was just getting started making loans to mid-sized companies.
“We made a lot of loans when no one else was lending money,” says Michael Sharkey, executive vice president of asset-based lending for Cole Taylor Bank and president of Cole Taylor Business Capital. “We got started providing liquidity to the market when nobody else was. If you think about what was going on in 2008 and 2009, we had fresh capital, we had no legacy portfolio distracting us and we were out there lending.”