Written by LendXP | October 11, 2018
Oct. 5 is National Manufacturing Day, and what better time for community lenders to re-evaluate how they serve this important C&I market.
Just this past Wednesday, I spoke to a group of advanced manufacturers in Iowa. One of the key challenges they face is funding the growth of their companies. Due to trends in banking that place a preference on real estate collateral, even established, successful manufacturers experience significant challenges obtaining conventional loans.
But these are the commercial lending customers you want. Manufacturers have high, ongoing credit needs that include loans, lines of credit, deposit services, credit cards, treasury management and insurance. Many of them greatly value a banking relationship with a local lender in their community.
Not all community banks are comfortable making C&I loans, but when you work with LendXP, you get a partner with specific expertise in financing C&I businesses and mitigating risk with SBA and USDA guarantees.
In honor of National Manufacturing Day, we're sharing a recent success story of helping an OEM manufacturer through a complex business acquisition. Read to the bottom to learn how the solution that greatly helped this manufacturer also generated $300,000 in fee income for the lender.
Read the case study.