First Business Bank Closes $7 Million Floorplan Financing Line of Credit
INDIANAPOLIS, IN – March 3, 2021 – First Business Bank announces the closing of a $7 million inventory floorplan line of credit for an independent car dealer through its Floorplan Financing group.
The dealership was seeking a bank relationship to replace its finance company floorplan provider. First Business Bank was able to structure a customized floorplan solution that will fuel the dealership’s anticipated growth for years to come.
“We are excited to work with this dealership as they serve a unique niche in the auto retail marketplace,” said Jeff Widholm, Managing Director – Floorplan Financing at First Business Specialty Finance, LLC, a subsidiary of First Business Bank. “We are always focused on helping dealerships grow through our floorplan programs.”
First Business Bank’s Floorplan Financing team offers independent car dealers the flexibility to finance their used car purchases, preserving cash flow and allowing them to buy preferred inventory. Floorplanning programs are available from $500,000 to $10 million for larger, well-established independent car dealers. This limited focus, a hallmark of First Business Bank’s business model, facilitates a smaller clientele than large competitors, empowering personalized concierge service.
About First Business Bank
First Business Bank specializes in Business Banking, including Commercial Banking and Specialty Finance, Private Wealth, and Bank Consulting services, and through its refined focus delivers unmatched expertise, accessibility, and responsiveness. Specialty Finance solutions are delivered through First Business Bank’s wholly owned subsidiary First Business Specialty Finance, LLC. First Business Bank is a wholly owned subsidiary of First Business Financial Services, Inc. (Nasdaq: FBIZ). For additional information, visit firstbusiness.bank.