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First Business Bank Closes $7MM Floorplan Financing Line of Credit

March 04, 2021, 07:10 AM
Filed Under: Industry News

First Business Bank announced 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.

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