By Tim Bridgers, Head of Funeral Home Financing, Live Oak Bank, Member FDIC
Providing a respectful and dignified service is paramount in the funeral home profession. However, the financial aspects of running such a business are equally crucial. Funeral homes require a reliable financial partner, from purchasing hearses and retorts to managing working capital. That’s where the Live Oak® Express program comes in.
While you may know Live Oak Bank as a funeral home financing expert who provides capital for acquisitions and expansions, that’s not all they do. Their new Live Oak® Express program offers powerful new financing tools to funeral home owners who may need smaller and faster loans.
Why Choose Live Oak® Express?
Working capital and equipment loans are often too small for traditional banks to be worth the hassle. However, Live Oak® Express loans are perfect for small business owners who need a loan between $10,000 and $500,000—the perfect price range for a new retort, hearse or working capital.
The Live Oak® Express loan process is streamlined, with fast closing and transparent costs and terms of up to 10 years. There are no prepayment penalties or hard credit inquiries, and documentation is simple. For loan approval, businesses must have been operational for at least two years, maintain an excellent credit history, and be current on all outstanding debt. Live Oak® Express is designed to provide quick and efficient financial solutions, making it an ideal choice for funeral homes.
Financing Hearses and Retorts
Live Oak® Express provides financial support to acquire essential equipment and manage working capital, allowing funeral homes to focus on their primary mission—providing respectful and dignified end-of-life services. Live Oak understands that funeral homes require specialized equipment to operate effectively. Whether you need to finance a new hearse or a state-of-the-art retort, the Live Oak® Express program offers quick and convenient loans to help you acquire the necessary equipment to serve your community.
While retorts are a significant initial investment, the future cost savings of an in-house retort can be substantial. This is especially true as we consider upward trends in cremations. An in-house retort allows you to save on outsourcing costs, control cremation scheduling and potentially provide faster turnaround times for grieving families. Access to Live Oak® Express financing can enable you to spread payments over ten years, making the monthly payments much more affordable than buying the retort outright.
Hearses and retorts are essential equipment for any funeral home. However, their high costs can pose a significant financial burden. The Live Oak® Express program offers quick and convenient loans, allowing funeral homes to acquire these crucial assets you need to serve your community without straining your finances.
Managing Working Capital
Running a funeral home involves various operational costs, from staff salaries to utility bills. Live Oak® Express can provide the necessary working capital to smoothly run these operations, ensuring that funeral homes can focus on providing compassionate care to their clients.
Live Oak Bank: Your Trusted Partner
Live Oak is dedicated to supporting funeral homes’ vital role in our communities. Their understanding of the funeral sector’s unique financial needs and commitment to fast and efficient service make them the perfect partner for your business.
With Live Oak’s competitive rates* and terms, you can expect a streamlined application process and personalized service. The Live Oak® Express loan program can help you take your business to the next level. For more information, please visit https://info.liveoakbank.com/express.
*Actual interest rate may differ based on your creditworthiness.
