The Bancorp Bank, the wholly owned banking subsidiary of The Bancorp, Inc., announced its newly established Conventional Loan Program for the funeral industry, provided through its Commercial Lending business.
In partnership with Homesteaders Life Company, a leading provider of preneed and at-need funeral funding for consumers, the Conventional Loan Program offers financing specifically for the acquisition and refinancing of multi-unit funeral home businesses across the country.
“The Bancorp is excited to be working with such a great company like Homesteaders to bring new financing options to the funeral industry,” said Jeff Nager, Executive Vice President and Head of Commercial Lending at The Bancorp. “As a national SBA lender, for years we have worked directly with operators who are looking to strengthen their business through expansion, acquisition or debt refinancing. With our new Conventional Loan Program, we are able to offer significantly larger financing options tailored to the funeral industry through a streamlined process.”
With its seasoned lending specialists, The Bancorp has worked with funeral home operators to develop financial options for succession planning, refinance of existing debt and real estate, business acquisition and expansion, goodwill, and other growth-oriented needs. The new Conventional Loan Program combines the Bank’s expertise with that of Homesteaders to meet the current needs of multi-unit business owners in the funeral home industry.
“Homesteaders has worked closely with The Bancorp and funeral home owners to understand what is truly missing in the marketplace in terms of conventional lending. It was important for us to enter the space with a program that was competitive, different, and better than what is currently offered,” said Steve Shaffer, Board Chair and Chief Executive Officer for Homesteaders Life Company. “This is another meaningful way to commit our resources to support the long-term success of the funeral profession. I am confident that our partnership with The Bancorp has resulted in the most compelling funeral home business Conventional Loan Program available today.”