OSB’s Flexible Financing Creates Opportunity for Small Businesses

Ted Schork, Vice President, Commercial Banking at OSB shares how our community banking philosophy has helped one local business succeed.

“A key benefit of community banking for small businesses is our willingness and ability to be flexible in the financing solutions we offer. I was recently reminded of this when OSB had the opportunity to serve one of our long-term, residential mortgage clients who also operates a small, family-owned business which has been part of our community for more than twenty years.

The business is co-owned by a father and his son and daughter-in-law. It provides excavating, logging and trucking services. Earlier this year, one of the company’s main customers indicated that two of its other subcontractors would no longer be providing trucking services due to their retirement. This customer needed to find another subcontractor to take on the additional work and contracts. They offered this opportunity to our client.

To be able to capitalize on this opportunity, the client needed to purchase another semi-truck, a trailer and logging equipment for their business. They approached our commercial lending team with their financing needs and the desire to keep as much of their current cash position as possible for working capital. Typically, a loan requires using a good portion of cash as equity or a down payment. Instead, OSB worked with this client to utilize the equity in their other vehicles and equipment to structure a loan that met their needs.

Creativity and flexibility in OSB’s approach to commercial lending helped to create a “win-win” situation and the ability to honor our commitment of serving our clients for the long haul.”

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