During uncertain times, when fear can lead to generalizations and assumptions can be made based on a single data point of a given trend, facts can be a steadying influence. In the face of pervasive beliefs to the contrary, local banks are indeed still lending money for working capital lines of credit and acquisitions.
Within the past 72 hours, we surveyed a dozen banks, including conventional middle market lenders, SBA lenders, and Asset based lenders. We asked the following question: is the bank still processing loan requests for acquisitions and related lines of credit? Many of the respondents referenced loans that have been processed this very week; banks are open for business, and lending has not stopped. With many bankers working from home, processes are not as fluid, but deals are getting done. This is an important piece of information that business owners should know.
Upon emergence from this crisis, the economy will continue to feed on goods and services from our existing business community. Those who plan for this emergence will be best positioned to grab market share and find stability in the marketplace. Cash and access to capital are the fuels that ignite business growth, so it is an advantage to consider this option.
Cincinnati has a vibrant business community, and our bankers are here to help. Below is a list of banks we surveyed. Each of these bankers provided confirmation to us that they are in fact still actively processing loan requests for acquisitions.
Included in our survey results are the following lenders:
- C Bank
- Celtic Capital
- Fifth Third Bank
- First Commonwealth Bank
- First Financial Bank
- Huntington Bank
- Key Bank
- PNC Bank
- Q2 Business Capital
- Stock Yards Bank & Trust
We have excellent relationships with each of these lenders and can assist you in choosing the right bank and direct you to the right person to meet your specific borrowing needs. Interested parties can contact Dino Lucarelli, CPA, or Lisa Benzinger, CPA, from Barnes Dennig’s Transaction Advisory Services Team by calling (859) 344-6400.