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|Springs Valley Bank and Trust Company joins Credit Corp.
A little research was all it took for Springs Valley Bank & Trust Company to join the Indiana Community Business Credit Corp.
Kenneth Schnaus, Springs Valley Bank & Trust VP and commercial team leader, says a potential borrower mentioned the Credit Corp., and from there it was a quick decision for Springs Valley Bank & Trust to become a part of the Credit Corp. pool of mezzanine capital.
"Schnaus says, "Springs Valley Bank is fairly small, and the Credit Corp. is another tool to help us remain competitive with other banks."
Springs Valley Bank & Trust may be the only bank founded in a dome, in 1902 in the West Baden Springs Hotel as "West Baden National Bank." French Lick State Bank started in 1903. The two banks grew until they merged as Springs Valley National Bank in 1959. Springs Valley National Bank changed its charter to a state bank in 1979 and become Springs Valley Bank & Trust Company. Its influence now spreads throughout southern Indiana from three offices; one in French Lick and two in Jasper.
Schnaus says, "Springs Valley Bank is expanding our services to clients. The Credit Corp. fits in nicely with our projected growth pattern."
The Indiana Community Business Credit Corp. administers a statewide pool of loan capital for small businesses. Thirty Indiana banks contribute to and have access to the pool.
Jean Wojtowicz, executive director of the Indiana Community Business Credit Corp., says, "We refer to our capital pool as a 'mezzanine fund' because it falls between the equity in the company and the senior debt financing.. Our fund meets the need for growth capital that can supplement financing available from a senior lender. Our borrowers are promising firms that need more than conventional financing can provide."
Since 1986, the Indiana Community Business Credit Corp. has provided more than $57 million to 124 Indiana companies in partnership with the members of its capital pool.