First Business announced six recently closed and funded automotive dealer floorplan line of credit facilities totaling more than $16 million.

As reported in Equiment Finance Advisor last month, First Business launched Floorplan Financing services earlier in 2020. It offers independent car dealers the flexibility to finance their used car acquisitions, preserving cash flow and allowing dealers to buy preferred inventory.

Floorplan Financing services are offered through First Business Equipment Finance, LLC, a subsidiary of First Business Bank. The offices are in Indianapolis, IN

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’s business model, facilitates a smaller clientele than large competitors, empowering personalized concierge service.

The deals announced are:

• Independent Car Dealer, $2,000,000, Ohio, Floorplan Line of Credit
• Independent Car Dealer, $2,000,000, Indiana, Floorplan Line of Credit
• Independent Car Dealer, $4,300,000, Florida, Floorplan Line of Credit                
• Independent Car Dealer, $3,500,000, Indiana, Floorplan Line of Credit
• Independent Car Dealer, $3,500,000, Ohio, Floorplan Line of Credit
• Independent Car Dealer, $750,000, Ohio, Floorplan Line of Credit