Who is United Midwest Savings Bank and what product and/or service do they provide?
United Midwest is one of the 15 largest Small Business Administration (SBA) Lenders in the country, and lending to the death care industry has been a significant reason for this accomplishment. Since 1889, United Midwest Savings Bank has offered a range of financial services to our communities and businesses. Over time, the bank has evolved and today focuses its services into four main categories: Business Lending, Consumer Lending, Residential Loans, and Deposit Services. While United Midwest’s products, services, and expertise have the feel of a small community bank, our reach is of a national brand, especially with our business lending. For a bank our size, our top 15 ranking shows our dedication to providing business with SBA funding and the level of expertise we provide to our clients.
How did United Midwest get involved in the funeral industry?
Over 15 years ago, Chad Fondriest, our top death care industry lender, was introduced to the funeral industry through a mutual contact. As Chad began providing SBA loans for funeral home acquisitions, expansions and refinancing, he learned the intricacies of the business. Chad believes it takes someone special to be in the funeral business- a level of compassion and a desire to help others through one of the most difficult times in life. The funeral business is not just another small business; it’s a unique profession that a few are called to do.
Chad brought this belief and his lending experience with the death care industry with him when he joined United Midwest in 2016. Here he has built a team, including lender Blessing Wilhelmsen, that can effectively and efficiently guide a funeral home or other death care industry owner through the loan process from start to finish.
What makes United Midwest unique?
United Midwest exclusively provides SBA loans to businesses for variety of purposes. We concentrate on several key industries, death care being one of them. United Midwest has gathered some of the most experienced and successful people in the industry to help us grow our business and the businesses we help. Our team is personable, reliable, and available to help a funeral home or other death care business owners through every step of the loan process. While we are small bank, we also are a Preferred Lender Program (PLP) SBA lender which gives us the authority to approve loans in house and close loans faster. Add this to the expertise of a death care industry lending team, and you have a hands-on financing experience with approvals in a matter of days, not weeks, and closed in under 30 days. After the loan closes, United Midwest is also the loan servicer throughout the life of the loan, so anytime a borrower has a question or concern, they simply call us.
What are the benefits to funeral homes using United Midwest?/ How does United Midwest provide a solution for Funeral Homes?
A SBA loan from United Midwest is a great way to fund larger business investments such as acquisitions, refinancing, new-equipment purchases, and expansions. SBA loans provide the flexibility and terms that many other types of business loans do not. Owners can acquire a business for just 10% down, up to 25-year repayment terms, and interest rates similar to other commercial financing, allowing the business to grow while lessening financial burden. As a PLP SBA lender, United Midwest has the authority to approve and close loans on behalf of the SBA, saving valuable time and making the process easier. However, the most important benefit to funeral homes is United Midwest’s team of lenders, processors and closers. Our team consists of some of the most experienced and personable people in the SBA lending business; we’re with our clients every step of the way.
How would a funeral home contact United Midwest for more information on your products?
For more information about United Midwest’ SBA loans for funeral businesses, please contact: