OGDEN, UT--(Marketwired - Jan 3, 2014) - TAB Bank is pleased to announce the closing of two transactions during the final week of December. Each funding represents TAB's lasting commitment in providing custom financial solutions to small and medium-sized businesses across the United States.
The first transaction was closed with an automotive parts manufacturer located in the upper Midwest. TAB has provided a $5 million asset-based credit facility to the company based on accounts receivable and inventory. The company produces aluminum die cast power train components used in various engine, transmission, and driveline-related applications, including covers, brackets, and manifolds. The new credit facility is made available through a multi-year agreement and was put in place to support the acquisition of the company under a leveraged buyout as well as provide for ongoing working capital needs.
The second transaction was closed with a transportation company located in California. TAB has provided a $1.5 million revolving credit facility to the company based on accounts receivable. The company has two entities specializing in milk and juice transportation and fuel transportation respectively. The revolving line of credit will be used for the company's general working capital needs.
TAB Bank provides custom working capital solutions to commercial businesses from many industries. These solutions are provided in all stages of business life cycles during any economic conditions. TAB Bank does this through Accounts Receivable Financing, Lines of Credit, Equipment Finance, Asset Based Loans, Business Accounts, and Treasury Management Services.
TAB's team of Business Development Officers have years of experience developing client relationships and structuring credit facilities to support the growth and working capital needs of small to medium-sized businesses across the United States.