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First Business Bank Closes $6MM Floorplan Financing Line of Credit

May 26, 2021, 07:15 AM
Filed Under: Industry News

First Business Bank announced the closing of a $6 million inventory floorplan line of credit for an independent car dealer through its Floorplan Financing group.

The leaders at this Illinois car dealership sought reliable bank financing with a reputation for responsive, personal service. The experienced floorplanning experts at First Business Bank structured a specialized floorplan solution to offer the dealership purchasing flexibility and drive growth for years to come.

“Working with this dealership has been our pleasure,” said Jeff Widholm, Managing Director – Floorplan Financing at First Business Specialty Finance, LLC, a subsidiary of First Business Bank. “They are doing a brisk business and we’re glad to help them continue to focus on what they’re doing best: car sales. It’s our goal that our clients are never encumbered by the financing process and we facilitate their success as much as possible.”

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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