TAB Bank, a technology-driven, online bank serving small businesses, recently announced a $27.8 million credit facility for a southern California aluminium extrusion manufacturer as part of its commitment to providing business support during challenging times. The package, comprising a $20 million revolving line of credit and a $7.8 million term loan, is a lifeline for the company, which was reportedly facing headwinds with its previous lender.
The manufacturer, introduced to TAB Bank through a trusted referral, found a willing and innovative partner in the Utah-based bank. TAB Bank's tailored credit structure addresses the company's immediate financial needs and positions it for renewed growth and expansion.
This partnership marks a significant win for both parties. The aluminium manufacturer gains the financial flexibility and support necessary to compete in a challenging market. At the same time, TAB Bank reinforces its reputation as a lender that goes the extra mile for its clients. As the company expands its operations, it's likely to create jobs and contribute to the local economy.
TAB Bank's investment in this aluminium manufacturer is a testament to its belief in the power of strategic partnerships and its dedication to empowering businesses.
Brett Horwitz, Managing Director-Head of Originations-Western Region at TAB Bank, said, "TAB Bank is excited about the potential of this partnership because the leading aluminium manufacturer creates a far-reaching impact on the overall economy and infrastructure of our country,"
"This new credit structure provides opportunities for growth and supports more efficient operations. We look forward to supporting the company's management team in their efforts to continue scaling the business."
Established in 1991, this manufacturer has become a vertically integrated leader in the aluminium industry. The company offers a full spectrum of services, including cutting, fabrication, drilling, CNC machining, and in-house powder coating and anodizing, ensuring its clients' high-quality, efficient, and cost-effective solutions. A major advantage is its in-house foundry, which recycles billet scrap by melting it down, significantly reducing waste and costs.