MAKING HAY: GROWTH THROUGH ACQUISITION

Custom Metal Supply of Manhattan, Kansas had found the perfect opportunity to execute their long-term growth strategy: Kosch Manufacturing, LLC, manufacturers of hydraulic sickle mowers and other related haying equipment for farmers, companies and municipal governments became available for purchase. But to make the acquisition practical, it would take the ideal loan – one with rates and terms that fit their bigger financial picture. As they have for so many businesses, once again it was First Internet Bank and the Small Business Administration (SBA) to the rescue.

According to Eric Figge of Custom Metal Supply, the search was extensive, “We evaluated the terms and conditions from a number of local, regional and national lenders. Our Small Business Development Center in Manhattan had worked with First Internet Bank’s SBA team previously, so there was already a degree of familiarity and comfort. The terms of their loan presented the best option by far for us and our situation.”

“The overall experience was fantastic,” Eric added, “Our Business Development Officer was extremely easy to get in touch with whenever we had questions or needed clarifications. Just as importantly, the First Internet Bank team assisted us every step of the way through the SBA loan process. I really did feel like this was a working partnership, and I greatly appreciated that.”

In a matter of months, the SBA loan Eric and his group procured from First Internet Bank had allowed them to complete the Kosch purchase, further complimenting their existing metal fabrication operation and extending their product offerings. Through researching other available lending options, they understood the terms and constraints placed on the company by other financial institutions would have created a much different outcome – and not for the better.

“I would absolutely recommend First Internet Bank to anyone seeking a business lender,” Eric added, “The entire SBA team was great to work with and the terms were the best available…both important things you need for business loans that can move your company forward.”