Chemical Bank reviews

8.9

Overall

8.8/10

Funding Speed

8.5/10

Cost

9.1/10

Experience/Reputation

9.0/10

Service and Support

8.9/10

Pros

  • A/R advance rates up to 85%.
  • Can use non-traditional assets in credit facilities.
  • Veterans in equipment financing.
  • Wide range of funding options.
  • 112+ years in business!

Cons

  • Field audits required for accounts receivable financing.
  • ABL not a funding option for very small businesses.
  • • Invoice factoring not offered.

Chemical Bank Reviews

See the above info for Chemical Bank Reviews. If you’re a current or prior Chemical Bank customer, we’d love to hear from you. How was your experience?

Chemical Bank Spotlight

·       Headquarters: Midland, Michigan

·       In Business Since: 1917

·       Funding Category: Consumer and Business Financing

·       Primary Financing Method: Lines of Credit, Equipment Financing, ABL

Chemical Bank is a consumer and commercial bank headquartered in Midland, Michigan. In addition to over 200 branches throughout Michigan, they also have a number of locations in Ohio and Indiana.

What Type of Alternative Funding does Chemical Bank Provide?

Managing Director Raymond Temple leads Chemical Bank’s ABL Group out of Chicago, Illinois. He’s an industry veteran with former roles at PNC bank, HSBC and in Merrill Lynch’s equipment finance department, according to his LinkedIn profile.

The other ABL executives have similar backgrounds at related institutions including City National Bank, Huntington National Bank, General Motors Acceptance Corp., GE Capital and Key Bank. The combined expertise has resulted in a very strong and experienced ABL team at Chem Bank. They service customers in Michigan, Ohio, Illinois, Minnesota, Wisconsin, Missouri, Iowa and Western Pennsylvania and New York.

Chemical Bank Funding Options Include:

·       Revolving Lines of Credit

·       Term loans

·       SBA lending

·       Equipment Financing

·       Commercial Real Estate lending

·       Asset Based Lending

·       Turnarounds

·       Business Acquisition Loans

·       Franchise Financing

·       Refinancing of an Existing Lender.

·       Working Capital Business Loans or LOCs

 Chemical Bank can advance up to 85% of qualifying accounts receivable to borrowers. This provides a solid infusion of business capital for companies with cash flow shortfalls. Typical industries for Chem Bank are wholesalers, manufacturers (a key driver for the state) distributors and transportation.* Keep in mind, many transportation companies will work with full-service trucking factoring companies like OTR Capital, Apex Factoring or Fleetone. who can provide a number of ancillary services including load boards and fuel cards. But Chemical Bank has the capabilities to assist transportation companies nevertheless.

Unfortunately, the actual advance amount will be determined through a field exam, unlike you’d encounter from fintech names such as Bluevine or Fundbox.

According to their website, as long as the prospective borrower has adequate fixed assets, FIFO inventory or net working capital, Chemical can provide asset based lending with flexible covenants and competitive interest rates. In fact, fixed assets can provide up to half of the total commitment.

Unlike most other banks, Chemical provides value for intangible assets including trademarks, tooling and work-in-progress.

Some of the invoice finance opportunities from Chemical Bank might not be available for the smaller businesses-their typical ABL customer is in the middle market space, having roughly $10 million in annual revenues. The bank also does not offer invoice factoring, so a business customer will incur additional debt for the funding. Finally, we would like to see Chemical offer small business credit cards (they currently only offer a business debit card).

Chemical Bank Pros and Cons

In addition to the Chemical Bank reviews above, we reiterate these key pros and cons:

Main Pros:

·       A/R advance rates up to 85%.

·       Can use non-traditional assets in credit facilities.

·       Veterans in equipment financing.

·       Wide range of funding options

·       112+ years in business!

 

Main Cons

·       Field audits required for accounts receivable financing.

·       ABL not a funding option for very small businesses.

·       Invoice factoring not offered.

 

Similar Lenders to Chemical Bank:

·       Crestmark

·       Tab Bank

·       Independent Bank

·       Northwest Savings Bank

·       Union Savings Bank

 

https://www.michiganbusiness.org/industries/advanced-manufacturing/