With a focus squarely on helping local small businesses, Plaza Bank recently closed two asset based lines of credit valued over $2.5 million combined. The deals closed in December 2009, when two temporary staffing companies sought assistance from Plaza Bank for loans to grow their businesses. The first business, located in Orange County and established in 1987, focuses on outsourcing security and staffing for concert venues. The second, in business since 2004, is based in downtown Los Angeles and specializes in medical staffing. Combined these two companies have hired thousands of part-time workers, helping the local economy during these adverse times.
To further enhance its small business lending services, Plaza Bank introduced its Asset Based Lending (ABL) program in August 2009. As a result, Scott Whitfield, manager of the Asset Based Lending Division at the bank, says the bank is in a great position to lend to small businesses in 2010. “Asset Based Lending is a good form of lending in the current banking climate,” says Whitfield. “We see asset based lending as an excellent opportunity for businesses to grow their organization and revenue.”
Plaza Bank qualifies ABL loans for small to medium-sized companies that can secure their loans by accounts receivable, inventory, machinery, equipment and real estate. While most banks do not offer ABL, Plaza Bank has an experienced team with a combined 50 years of expertise with a range of capital resources and financing options at their disposal including SBA Caplines and CalCap (California Capital Access Programs). Plaza Bank works with nearly every industry and offers flexible, value-added financial services that help community businesses overcome most financial challenges and focus instead on growth.