Specialty Finance Group Help
1st Source has provided Specialty Finance since its founding in 1863. Our Specialty Finance group has provided Specialty Finance services nationally since 1976.
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The 1st Source SFG Deposit team can open checking accounts, set up Electronic Banking, Remote Deposit, ACH, and wire services to make banking easy. We also offer capabilities to protect your business from fraud.
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1st Source selectively offers working capital, owner occupied real estate, and SBA (Small Business Administration) loans as a compliment to Specialty Finance Group.
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1st Source is a market leader in the financing of both new and pre-owned small to medium cabin corporate aircraft (Turbo Props, Jets, and Helicopters).
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1st Source regularly provides loans from $500,000 to $25,000,000 in size when it comes to Aircraft, Auto, Commercial Lessor, Construction Equipment, and Trucks.
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1st Source regularly provides loans from $25,000 to $25,000,000 in size when it comes to Funeral Cars, Buses, and Step Vans?
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1st Source offers both floating and fixed rate loan options. Loan and finance lease maturities are typically 1 – 5 years (or longer) with amortizations that can vary by equipment type. 1st Source relationship officers can tailor factors to meet your needs.
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1st Source has a demonstrated history of commitment to Specialty Finance thru both up and down cycles. 1st Source has experienced relationship officers who are backed by dedicated credit, operations, and accounting teams. 1st Source provides consistently prompt service, with a relationship approach that helps clients succeed.
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1st Source focuses on financing fleets of 25 units and up.
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The Rule applies to all qualifying accounts for legal entity customers, including, for example, checking, savings, CDs, loans and leases.
In order to facilitate law enforcement efforts to combat various illegal activities, including drug trafficking, organized crime and terrorism, certain laws have been passed and government initiatives established to inhibit or identify money laundering. Laws and directives requiring action by banks, credit unions and other financial institutions include the Bank Secrecy Act, The USA Patriot Act and directives issued by agencies of the U.S. Department of Treasury (specifically, the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC)). The Rule requires the disclosure of key individuals who own or control a legal entity (Beneficial Owners).
Beneficial Owners are defined in the Rule as individuals who meet the following “Ownership” or “Control” criteria:
Ownership: Each individual who owns, directly or indirectly, 25% or more of the equity interests of the legal entity.
Control: An individual with significant responsibility for managing the legal entity, such as an executive officer or senior manager (e.g. CEO, CFO, COO, managing member, General Partner, President, Vice-President or Treasurer) or any other individual who regularly performs similar functions. While many legal entities will have more than one individual with significant management responsibility, only one of those individuals is required to be disclosed under the Rule.
An authorized representative of the legal entity will be required to provide and certify the accuracy of the following information for each identified beneficial owner:
- Full legal name;
- Date of Birth;
- Residential or Business Street Address (cannot be a PO Box);
- Social Security Number or Passport Number and Country;
- Ownership Percentage (not required for control person); and
- Copy of driver's license, passport or other valid government-issued photo identification.
Yes, anytime a legal entity expands its relationship with 1st Source Bank and at certain other times required by the Rule.
The above information regarding the beneficial owners plus additional information regarding the legal entity and the person opening the applicable account (or otherwise completing the form) will be collected in a Certification of Beneficial Owner(s) Form. The form will need to be executed by an authorized representative of the legal entity and can be submitted via hard copy in a banking center or via a secured electronic form.
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