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Mark Schoettmer loves his job at MainSource Bank. “I get to extend
credit to small and medium-sized businesses that many times would
not be able to do what they are wanting to do.” Those businesses might
not be able to do what they want to do because they don’t qualify for
a conventional loan.
That’s where the Small Business Administration (SBA) program
comes in. “It’s a national program that basically allows MainSource
Bank to expand our credit box,” Schoettmer says. As vice president
SBA manager, he and his team help customers use the program to
secure the capital they need to start, grow or expand their business.
“It allows us to make loans to folks who may have trouble otherwise
getting that loan.”
Bob Wehmeier, chief financial officer of Ferco Aerospace Group,
was one of those folks. Looking for financing to help the company
grow, Wehmeier sought a traditional loan for Ferco, which manufac-
tures tubes and sheet metal fabrications for aerospace and industrial
gas turbine engines. The company’s bank, however, was not willing
to work with him.
“They were a larger more traditional bank that did not see the
potential growth opportunities for our company within the grow-
ing aerospace sector,” says Wehmeier. “We found MainSource much
more willing to learn about us and share the vision we have for Ferco.”
With the SBA program, Schoettmer helps customers like Weh-
meier overcome obstacles to securing a conventional loan. “We
can many times go longer terms than we could conventionally,”
Schoettmer says. That means a business, which might only be able to
get a five-year term conventionally on equipment, could get a seven-
to 10-year term with the SBA program. “It allows us to make loans
that we may not otherwise be able to make.”
Because the bank must consider available collateral with com-
mercial lending, some customers come up short for conventional
loans. One reason might be specialized collateral, such as restau-
rant equipment or specialized types of commercial and industri-
al equipment, which has much less collateral value once installed,
Schoettmer says.
Or there may be an absence of collateral altogether, as with law
practices, accounting firms, insurance agents or consulting firms.
“The business may be a viable business, but because there’s not tangi-
ble collateral, some of these businesses may have problems obtaining
financing without an SBA guarantee.”
The SBA program can even benefit customers who qualify for a
conventional loan. With the SBA program, business owners can po-
tentially keep more capital than they would with a conventional loan.
For example, a conventional loan might require a company to put 20
percent down toward a project, while an SBA loan might only require
10 percent, saving the company valuable cash, Schoettmer says.
Good SBA candidates include businesses with intangibles, Schoett-
mer says. It could be a newer business or a start-up. The SBA program
also works well for service businesses, such as certified public accoun-
tants, insurance agents and attorneys. Companies with specialized
costs, as with specialized equipment, are also possible candidates for
the program.
Written by Teri McNulty . Photography by Daniel Smyth
Fulfilling Business
Dreams
“MainSource Bank specializes in
financing business and commercial
customers. We’ve done commercial
loans as small as $10,000 and as
high as $10 million-plus.”
– Mark Schoettmer
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2. VENUE #
In Greater Cincinnati, Schoettmer says MainSource has worked with manu-
facturing companies, extending lines of credit and working capital to expand, hire
additional employees, make building improvements or purchase equipment. “We
do SBA loans for all kinds of purposes.”
“MainSource Bank specializes in financing business and commercial customers,”
Schoettmer says. “We’ve done commercial loans as small as $10,000 and as high
as $10 million-plus.”
If a customer reaches out to MainSource, a banker will visit their business to
discuss their financial needs. When an SBA enhancement is needed, Schoettmer
and his team become involved. “We would meet with the customer and determine
their needs,” he says. “Then we would walk them through the process and get them
funding as quickly as we could.”
As a government preferred SBA lender, MainSource Bank has expanded author-
ity to expedite loan approvals.
Wehmeier appreciated MainSource taking the time to understand Ferco’s needs.
“The SBA department at MainSource was excellent to work with,” he says. “Their
people helped us understand the SBA process and maneuver through all the forms
and red tape all the way to approval by the SBA.”
That is exactly why Schoettmer loves working in the SBA department at
MainSource Bank. His department is able to help businesses do what they might not
be able to do without the program. “It’s really rewarding to be able to partner with
them in fulfilling their business dreams,” he says. “It’s a lot of fun.” v
MainSource Bank is located at 100 East Business Way,
Cincinnati,OH45241.Youcanreachthemat513.259.2623
or visit their website at www.MainSourcebank.com.
Bob Wehmeier
MainSource Bank team for the District Director Award in December of last year. Pictured from
left to right: Eric Armacost with SBA, Brian Ward, Stacey Poynter with SBA, Laura Taylor, Diana
Fleming, Kathy Pleasant, Mark Schoettmer.