OGDEN, Utah, Aug. 30, 2022 (GLOBE NEWSWIRE) — TAB Bank is pleased to announce that it has provided an Arkansas wood products distribution company with a $5 million asset-based credit facility. The new facility is being extended under a multi-year agreement and will support the company’s ongoing working capital needs.
The company is a distributor of custom millwork and wood products, specializing in hardwoods, hinges, slides, adhesives and warehousing, primarily targeting the custom cabinet manufacturing industry. .
TAB Bank was able to help the client exit a banking relationship with unusually strict covenants, which proved costly and cumbersome. TAB Bank provided a larger credit facility, higher advance rates on accounts receivable and inventory, and less restrictive covenants – at roughly the same cost.
About TAB Bank
TAB Bank provides tailored working capital solutions to commercial enterprises across a wide range of industries. These solutions can be customized to meet business needs at all stages of the business lifecycle and under all economic conditions. TAB Bank does this through a variety of asset-based structures, including asset-based revolving loans, accounts receivable financing, lines of credit and equipment financing. TAB’s lending options can also be combined with a full suite of business banking solutions and cash management services.
Ryan Gabriel is the Vice President and Chief Business Development Officer of Seattle-based TAB Bank. He has over 20 years of experience in structuring asset-based facilities to meet client needs. He can be reached at 206.391.9886 or [email protected].
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