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TAB Bank Provides $11.3MM in Trucking Equipment Loans in Q3

October 10, 2014, 06:30 AM
Filed Under: Trucking
Related: TaB Bank, Trucking

TAB Bank announced it provided $11.3 million in trucking equipment loans for 22 transportation companies during the 3rd quarter of 2014.  Based in different regions of the country, these companies represent a broad spectrum of trucking entities including one-truck owner-operators and small and large fleets.  Year-to-date TAB has increased its trucking equipment lending by 56% from 2013 to 2014 through the end of the 3rd quarter.

“Trailer sales and Class 8 truck sales continue to build momentum as we enter the final quarter of 2014.  We see many reports that trucking equipment sales are seeing very high numbers as trucking companies nationwide replace their equipment and upgrade their fleets.  We are poised to meet the financing demand for the increase in sales and assist trucking companies of all sizes get the funding they need to purchase needed new equipment.  We have helped many companies get the equipment financing they need and we are very excited to help many more,” stated Jan Allen Ackley, Chief Lending Officer for TAB Bank.

Ackley continued, “In addition to providing financing for trucking equipment, we also offer customized working capital solutions through our Accounts Receivable Financing and Asset Based Lending programs.  Many times, our clients in the trucking industry utilize both our equipment financing and working capital funding due to our expertise and knowledge of the industry.  Our commercial finance and business banking teams are full of professionals with years of experience in providing financial service and support to trucking companies.”

While FDIC-insured TAB Bank provides working capital and other customized financial solutions to a variety of industries such as manufacturing, staffing, and technology, the bank’s first industry was trucking.  In addition to Equipment Finance, these financial solutions are provided in the form of Accounts Receivable Financing, Asset Based Loans, Lines of Credit, Business Accounts, and Treasury Management Services.

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