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The Bancorp Commercial Lending Announces National Loan Program for the Funeral Home Industry
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In partnership with Homesteaders Life Company, The Bancorp will offer a new lending program specified for funeral businesses
WILMINGTON, Del.--(BUSINESS WIRE)--
The Bancorp Bank, the wholly-owned banking subsidiary of The Bancorp, Inc. (NASDAQ: TBBK), is pleased to announce its newly established Conventional Loan Program for the funeral industry, provided through its Commercial Lending business. In partnership with Homesteaders Life Company, a leading provider of preneed and at-need funeral funding for consumers, the Conventional Loan Program offers financing specifically for the acquisition and refinancing of multi-unit funeral home businesses across the country
“The Bancorp is excited to be working with such a great company like Homesteaders to bring new financing options to the funeral industry,” said Jeff Nager, Executive Vice President and Head of Commercial Lending at The Bancorp. “As a national SBA lender, for years we have worked directly with operators who are looking to strengthen their business through expansion, acquisition, or debt refinancing. With our new Conventional Loan Program, we are able to offer significantly larger financing options tailored to the funeral industry through a streamlined process.”
With its seasoned lending specialists, The Bancorp has worked with funeral home operators to develop financial options for succession planning, refinance of existing debt and real estate, business acquisition and expansion, goodwill, and other growth-oriented needs. The new Conventional Loan Program combines the Bank’s expertise with that of Homesteaders to truly meet the current needs of multi-unit business owners in the funeral home industry.
“Homesteaders has worked closely with The Bancorp and funeral home owners to understand what is truly missing in the marketplace in terms of conventional lending. It was important for us to enter the space with a program that was competitive, different, and better than what is currently offered,” said Steve Shaffer, Board Chair and Chief Executive Officer for Homesteaders Life Company. “This is another meaningful way to commit our resources to support the long-term success of the funeral profession. I am confident that our partnership with The Bancorp has resulted in the most compelling funeral home business Conventional Loan Program available today.”
The Bancorp, Inc. (NASDAQ: TBBK), headquartered in Wilmington, Delaware, through its subsidiary, The Bancorp Bank, provides non-bank financial companies with the people, processes, and technology to meet their unique banking needs. Through its Fintech Solutions, Institutional Banking, Commercial Lending, and Real Estate Bridge Lending businesses, The Bancorp provides partner-focused solutions paired with cutting-edge technology for companies that range from entrepreneurial startups to Fortune 500 companies. With over 20 years of experience, The Bancorp has become a leader in the financial services industry, earning recognition as the #1 issuer of prepaid cards in the U.S., a nationwide provider of bridge financing for real estate capital improvement plans, an SBA National Preferred Lender, a leading provider of securities-backed lines of credit, with one of the few bank-owned commercial vehicle leasing groups. By its company-wide commitment to excellence, The Bancorp has also been ranked as one of the 100 Fastest-Growing Companies by Fortune, a Top 50 Employer by Equal Opportunity Magazine, and was selected to be included in the S&P Small Cap 600. For more about The Bancorp, visit https://thebancorp.com/.
About Homesteaders Life Company
Homesteaders Life Company, a mutual company owned by its policy holders, is a national leader providing products and services to help people design a better farewell, benefiting those they love.
the bancorp, inc. (nasdaq: tbbk) is dedicated to serving the unique needs of non-bank financial service companies, ranging from entrepreneurial start-ups to those on the fortune 500. the company’s subsidiary, the bancorp bank (member fdic, equal housing lender), has been repeatedly recognized in the payments industry as the top issuer of prepaid cards (us), a top merchant sponsor bank and a top ach originator. specialized lending distinctions include national preferred sba lender, a leading provider of securities-backed lines of credit, and one of the few bank-owned commercial vehicle leasing groups in the nation. for more information please visit www.thebancorp.com
