SOURCE: TAB Bank

TAB Bank

December 21, 2011 09:15 ET

Anchor Funding Services Chooses TAB Bank for a $10 Million Rediscount Facility

OGDEN, UT--(Marketwire - Dec 21, 2011) - Anchor Funding Services, LLC of Charlotte, NC has chosen TAB Bank for a $10 million rediscount facility. This new multi-year agreement provides Anchor Funding with a larger line of credit and lower cost of funds as compared to their previous facility, enabling them to continue offering their innovative funding programs to a variety of commercial clients representing a wide array of industries.

Anchor Funding Services, LLC was organized in 2004 and is a wholly owned subsidiary of Anchor Funding Services, Inc., a publicly traded company (AFNG). They are a financial services company dedicated to serving the financing needs of small and mid-size businesses across the United States. They provide accounts receivable funding, purchase order financing, inventory funding, and credit management services for their clients. Their funding programs are based upon the credit worthiness of accounts receivable, thereby providing rapid and flexible financing to support their clients' daily working capital needs.

"We are excited about our new credit facility with TAB Bank, which provides additional opportunities for growth and expansion. This new financing relationship will enable us to be more competitive in the marketplace and to fund larger transactions. We have always been focused on adding additional credit worthy clients to our national portfolio as well as seeking acquisition opportunities. It was also very important for us to secure a facility that would help us reduce our internal cost of funds. This new arrangement with TAB will give us the ability to do all of those things," commented Brad Bernstein, President and CFO of Anchor Funding Services.

Anchor Funding Services is a recipient of TAB's expanded offering, the Lender Solutions Suite. These products and services primarily provide funding for specialty finance companies that offer factoring, asset-based lending, inventory financing, purchase order funding, and the like. TAB focuses on companies with experienced management in need of facilities ranging from $3 million to $10 million.

TAB Bank (@TABBank) provides custom working capital solutions to companies in all stages of the business life cycle during all economic conditions.

Contact Information

  • Contact Information:
    Trevor Morris
    Marketing Manager
    801-624-4418
    trevor.morris@tabbank.com
    Twitter - @TABBank
    Facebook - facebook.com/TABbank