First Internet Bank Launches ABL Business Line
First Internet Bank of Indiana announced the expansion of its commercial lending capabilities through an asset-based lending line of business. Operating under the name First Internet Bank Business Capital, the new division will provide working capital to small- to medium-size companies.
The asset-based lending group provides revolving lines of credit backed by accounts receivable and inventory as well as term loans backed by real estate and equipment. To lead this new initiative, Gregg Corey and Jennifer Eller have joined First Internet Bank and will operate from a loan production office in Portland, Oregon.
“The combination of their depth of experience and an enthusiasm for helping their customers is considered the key to launching this initiative,” said David Becker, president and CEO of First Internet Bank.
Corey has more than 30 years of experience within asset-based lending, commercial & industrial, and income property financing at US Bank, Textron Financial Corp, Congress Financial Corp and GE Capital.
“Jennifer and I jumped at the chance to bring our experience to First Internet Bank,” said Corey. “The bank has a culture of entrepreneurship and profitable growth grounded in a foundation of strong asset quality. We are elated to have this opportunity to launch this new line of business for First Internet Bank and to continue to deliver creative financing solutions to lower middle market businesses.”
“We formed First Internet Bank Business Capital to complement our commercial loan efforts and to provide asset-based financing options in the amount of $2 million to $5 million,” said Becker. “This new line of business allows us to serve a greater base of businesses and accelerates our growth by generating additional high quality assets.”
First Internet Bank of Indiana opened for business in 1999 as the first state-chartered, FDIC-insured institution to operate solely via the Internet and today has customers in all 50 states.