TAB Bank provided $9.5 million in trucking equipment loans for 20 transportation companies during the 4th 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.
“Trailer sales and Class 8 truck sales had a phenomenal year throughout the transportation industry. In 2014, we continually read reports of trailer and truck sales and orders eclipsing previous records. Our lending volume for financing trucking equipment mirrored these numbers. We booked $48.4 million in new trucking equipment loans for the year which represents a 55% increase from the $21.5 million in equipment we financed in 2013. We are extremely thrilled with this growth as it signifies a healthy and growing transportation sector of the economy. Many trucking companies and fleets upgraded their equipment throughout the year and we were poised and ready to meet their financing needs. It will be exciting to see if this momentum will carry over into 2015,” commented Jan Allen Ackley, Chief Lending Officer at 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 services and support to trucking companies. In addition to our trucking expertise, we specialize in providing financing for other industries such as manufacturing and distribution. We also provide funding and structure financing solutions in turnaround situations, leveraged buyouts, and many other difficult financing situations.”
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