INDIANAPOLIS, IN – March 17, 2022 – First Business Bank announces the closing of a $7 million inventory floorplan line of credit for an independent car dealer in Miami, Florida, through First Business Bank’s Floorplan Financing group.
As First Business Bank’s Floorplan Financing team continues to build a reputation for valuing long-term partnerships with dealerships, its ultimate goal is to provide a partnership with purchasing flexibility and opportunities to drive growth.
“Our new Miami client is just the sort of elite independent car dealership that’s a great fit for First Business Bank,” said John Goodyear, Vice President – Floorplan Financing at First Business Specialty Finance, LLC, a subsidiary of First Business Bank. “They’re successful dealers who understand the value of a partnership with a floorplanning team that’s focused on providing a client experience they’ve earned over the years with a solid and growing business. We’re delighted to be part of their future success.”
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.