TAB Bank closed an $11.5 million asset-based lending facility for Prometco Metals, including a $500,000 term loan. The funds will help the distributor and processor of stainless steel and aluminum coil products accelerate growth.
“Right from our first meeting, Prometco Metals had a very positive financing experience with the TAB Team. Obviously, we entertained multiple options, but TAB really dug in and easily differentiated themselves by putting in the effort to understand and work with a non-traditional metals business with unique cash flow and inventory requirements,” Jack Thompson, president of Prometco Metals, said. “We found TAB to be flexible in meeting our requirements, reasonable on terms, available for consultation, and extremely responsive throughout the process. From the underwriting lead on due diligence, to legal, to treasury, and the transition to account management, Prometco has found TAB to be a first-class team.”
