TSL Express Daily News
The Secured Lender
SFNet's 80th Annual Convention Issue
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Top 5 Apps for Organizing
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SFNet's 40 Under 40 Award Winners Panel Recap
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SFNet's Inaugural YoPro Leadership Summit
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It’s a Marathon, Not a Sprint
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It’s Not Too Late – Five Member Benefits to Cash In On Now
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It’s Time To Break Up With Your Phone
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Lien Management – What You Need to Know
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Potential Impacts of Blockchain on Commercial Lending
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How to be a Good Leader
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Fintech and Due Diligence – Disruptors and Established Firms Evolve
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A Commercial Banker’s Tickler Transition Plan
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Selecting a Technology Vendor: 3 Questions to Ask
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Why Back-Office Lending Automation Enhances Customer Satisfaction
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The Lost Art of the Loan Purchase
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Audit Prep: Why a Paperless Approach Makes Sense
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Back Office Support Services: Helping you approve more clients
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“All Assets” is the Key When Drafting UCC-1 Financing Statement Collateral Descriptions
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Paper Loan Files: Does Your Bank Know the True Cost?
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October 15, 2024
Source: Wintrust Business Credit
Wintrust Business Credit closed an asset-based lending (ABL) line of credit for SmithFoods, a Midwest-based manufacturer of dairy products. After a divestiture that reshaped the company’s focus, SmithFoods was looking for the right banking partner as it faces meaningful growth in some of its core product lines. Wintrust Business Credit was introduced to the company by another bank and worked collaboratively with the management team to provide a structure that maximized access to capital and minimized borrowing costs.
“We are proud of our reputation of partnering with our clients, and the SmithFoods relationship is another great example of Wintrust’s commitment to providing value to an industry-leading organization,” Joseph Panico stated. “We’re grateful to have earned the trust of the fantastic management team at SmithFoods and look forward to supporting them into the future. Receiving this referral from another bank is a testament to how we treat our customers.”
“Wintrust worked with us for more than seven months to build a solution that allowed us to capitalize on growth opportunities in our business,” noted Scott Smith, CFO at SmithFoods. “Working with bankers who are open, honest, and realistic allowed for a very smooth closing process.”
Banking products provided by Wintrust Financial Corp. banks.
About Wintrust Business Credit
Wintrust Business Credit (WBC) is a division of Wintrust Bank, N.A. WBC provides asset-based, working capital lines of credit, and term loans from $5,000,000 to $100,000,000, for middle-market companies around the country who want to maximize their borrowing capacity to meet current and future liquidity needs with a flexible and cost-effective structure.
About Wintrust
Wintrust is a financial holding company with approximately $62 billion in assets whose common stock is traded on the NASDAQ Global Select Market. Guided by its “Different Approach, Better Results®” philosophy, Wintrust offers the sophisticated resources of a large bank while providing a community banking experience to each customer. Wintrust operates more than 200 retail banking locations through 16 community bank subsidiaries in the greater Chicago, southern Wisconsin, west Michigan, northwest Indiana, and southwest Florida market areas. In addition, Wintrust operates various non-bank business units, providing residential mortgage origination, wealth management, commercial and life insurance premium financing, short-term accounts receivable financing/outsourced administrative services to the temporary staffing services industry, and qualified intermediary services for tax-deferred exchanges. For more information, please visit wintrust.com.