For borrowers who operate in the Pacific Coastal waters, Peoples Bank provides lending services for various purposes, including acquiring, constructing, and refinancing commercial vessels and acquiring fishing rights, quotas, permits, and operating lines of credit. In addition, the Bank provides financial services to shipyards and equipment manufacturers Ipass Loans.
A particular knowledge base is required for lending to the marine industry. The commercial marine loan team of Peoples Bank is situated in Ballard, Washington, which is home to Fishermen’s Terminal and the North Pacific fishing fleet, among other things. The crew is a vital element of the nautical community on the docks, and they are there every day of the week.
The unpredictable and frequently cyclical nature of the marine business necessitates the provision of maritime loans to borrowers who satisfy the following criteria:
- A sufficient cash foundation, as well as accurate financial reporting
- Management abilities that have been shown; competence in anticipating and controlling undesirable cycles
- History of success in the sort of production/business in question
- The revenue and cash flow generated throughout regular production cycles serve as the source of repayment.
- As a supplementary source of compensation, there is sufficient collateral value available
Responding to the Specific Requirements of the Maritime Industry
Peoples Bank is a locally owned community bank operating for almost 100 years. Our origins are in agricultural financing, which has a lot in common with the marine business. We have established a deep and firsthand knowledge of their operations for many clients. We can deliver more customized service to our clients since we have a solid local presence.
- Loans for Boats
- Loans Subject to a Cap
- Loans for Permits
- Financing for the maritime industry includes equipment financing, shipyard financing, and operating lines of credit.
We provide a comprehensive range of services and loans tailored to this particular business’s requirements. Loan choices are decided at the local level, which means that borrowers have direct access to the people who determine their loans.
- Cash Flow Forecasting
- Treasury Management is a term used to refer to the management of money.
- Online Banking is a convenient way to do business.
- Merchant Services is a service that provides merchants with a variety of products and services.
Business checking and savings accounts are two types of businesses that may open.
