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First Business Bank Closes $4MM Floorplan Financing Line of Credit

June 21, 2021, 07:17 AM
Filed Under: Automotive

First Business Bank announced the closing of a $4 million inventory floorplan line of credit for an independent car dealer through its Floorplan Financing group.

Executives at a growing Texas dealership sought responsive, reliable service and competitive floorplan programs through First Business Bank. The Floorplan Finance team is quickly building a solid reputation in the used car industry for valued, long-term partnerships, which provide purchasing flexibility and opportunity to drive growth.

“We are delighted to work with this Texas dealership,” said John Goodyear, Vice President – Floorplan Financing at First Business Specialty Finance, LLC, a subsidiary of First Business Bank. “They have an infectious passion for the industry and growing their business in the years to come. We’re excited to help them achieve their goals.”

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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