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MONEY SOURCES

Angel Investors

Commercial Banks

Community Loans

Credit Cards

Credit Unions/Cooperatives

Factoring Companies

Federal Loans/Grants

Finance Companies

Internet Capital Sources

Leasing Companies

Private Lenders/Investors

Trade Credit

Venture Capital

State Loans/Grants

Government & Community Assistance to Obtain Money

Name

Offices

Telephone

Primary Web Site

American Budget Company

Coldwater, Kenton,Lima, New Bremen, St. Marys,Sidney, Wapakoneta,Versailes

www.americanbudgetcompany.com

CIT


 

www.cit.com

Financial Services Unlimited

Wilmington, Ohio

937-382-2992

www.financialservicesunlimitedinc.net

GE Capital

216-524-0780

www.gecapital.com

GE Corporate Finance

www.gecfo.com

Ally Commercial Finance

www.allycf.com

HSB Finance Corporation

Findlay

MidCap Financial, LLC

http://www.midcapfinancial.com/index.html

Springleaf Financial Services

Celina, Lima

www.springleaffinancial.com

Financial Resources For Northwest & West Central Ohio Entrepreneurs

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Commercial Finance Companies

Unlike banks, finance companies do not receive deposits but rather obtain financing from banks, institutions, and other money market sources. Generally, finance companies fall into three categories: (1) consumer finance companies, also known as small loan or direct loan companies, lend money to individuals under the small loan laws of the individual U.S. states; (2) sales finance companies, also called acceptance companies, purchase retail and wholesale paper from automobile and other consumer and capital goods dealers; (3) commercial finance companies, also called commercial credit companies, make loans to manufacturers and wholesalers; these loans are secured by accounts receivable, inventories, and equipment. Many finance companies also provide lease financing. The primary use of a commercial finance company is to lend money for the purchase of inventory and equipment. Sellers of transportation, office, and production equipment often provide financing for equipment they sell. Such plans are often provided through commercial finance companies that pay the seller and collect payments from the buyer.

Commercial finance companies are subject to less regulation than commercial banks and thus willing to make riskier loans, offer flexible lending terms, provide short and long term loans, and are a good source for asset-backed loans, especially if one cannot obtain additional debt from a traditional bank because a business is already highly leveraged. Typically they will make only highly collateralized loans. Moreover, the security for the loan is closely scrutinized for value and liquidity. Assets must be readily accessible and marketable. Typical collateral includes equipment, inventory, or accounts receivable. Because the loan may be riskier, commercial finance companies usually charge higher rates of interest than banks. Commercial finance companies may also have significant prepayment penalties to deter a borrower from refinancing with a conventional bank if the borrower improves his or her creditworthiness. Less-standard loan terms allow for flexibility, but also require careful review of the terms of the loan, including interest computation and payment method, prepayment rights, and default terms.

Listed below are finance companies that conduct business in this region. The commercial finance companies provide capital through dealers and retailers of high value items, and will provide capital directly to larger businesses. Retail finance companies will provide small personal loans that may be used for business activities.

Useful Information

Interest Rate Links

Business Management Links

Glossary of Important Financial Terms You Should Understand

How To Prepare A Business Plan to Obtain Money

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