OGDEN, UT--(Marketwired - May 16, 2014) - TAB Bank is pleased to announce the introduction of a new and innovative loan product called Flex ABL. This new product combines the flexibility of a factoring line of credit with the structure of an asset-based lending facility. As an industry leader in factoring and ABL transactions, this product demonstrates TAB's continued commitment in developing custom financial solutions for their customers.
The Flex ABL product offers an advance rate of up to 90% with the option of using a borrowing base to manage collateral. In addition, reviewed statements are not required for some transactions. The covenant package is light and ledgered facilities have no financial covenants. The customer is in control of the collection process as no Notice of Assignment is sent to the borrower's customers. Finally, TAB has the ability to provide the Flex ABL product to businesses from most industries (excluding medical and construction).
"The introduction of Flex ABL demonstrates TAB Bank's desire to lead the industry with flexible new products. We are committed to developing products that help our customers achieve their goals and solve their funding needs. Combined with our recent announcement of our Credit Services product (which is free to use for our customers), with the introduction of Flex ABL, TAB Bank will continue to be recognized as a leader in the service of our customers," stated Jan Allen Ackley, Chief Lending Officer at TAB Bank.
To learn more about TAB Bank's Flex ABL product and the other financing solutions TAB provides to businesses around the country, please contact a member of TAB Bank's Business Development team.
About TAB Bank
Founded in 1998, TAB Bank was originally established to provide financial products and services to the trucking industry. Today, TAB Bank offers 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 Asset Based Loans, Accounts Receivable Financing, Lines of Credit, Equipment Finance, Business Accounts, and Treasury Management Services.