Is TAB Bank the right factoring company for you?
Established as an Industrial Loan Corporation in 1998, TAB Bank first provided factoring services strictly to the transportation industry. Since that time, however, TAB Bank has expanded their financial programs to a variety of other business sectors including temporary staffing, IT consultants, government contractors, manufacturers, distributors, wholesalers, and service providers. Additionally, they now offer asset-based loans, lines of credit, and equipment financing as alternative solutions to their clients needing working capital to grow and operate their businesses.
TAB Bank offers an array of services including credit and collection monitoring, invoice creation, mailing and accounts receivable maintenance. Their 24/7 online system allows for reports and check viewing at any time. For their trucking customers, they also offer a TAB Fast Fuel Card that can be used at thousands of diesel pumps and retail stores across the United States with additional fuel discounts at all Pilot and Flying J locations. TAB Bank provides funding to companies in all 50 states and specializes in small to medium-sized businesses that are recently formed. Clients’ average monthly sales range from $100,000 to $15,000,000.
About TAB Bank’s Factoring Program
TAB Bank’s factoring program boasts a 70% – 90% advance rate for all approved client invoices with a competitive administration fee that is deducted from the reserve once full payment has been remitted. There are no processing fees or monthly minimums and their contracts are generally negotiated on a 24 month term. Approval and fees are based on the customer’s concentration risk (no more than 20%-25% business with one client), the credit worthiness of the client, and the average dilution percentage of collections.
About TAB Bank’s Asset-Based Loans and Equipment Financing Programs
Another finance tool that TAB Bank offers to improve working capital is an asset-based loan. Using corporate collateral, such as accounts receivable, equipment or inventory, TAB Bank issues a line of credit at competitive rates to be used for any number of operational costs or expansion needs.
Equipment financing is also available for purchases such as trucks and trailers. Fees are based on a simple interest rate calculation on the principal of the loan. There rates are competitive with no hidden fees and no additional mark ups to fund commissions for dealers.