Daily News: August 16, 2012

TAB Bank Provides $2 Million to Staffing Company

First Rate Staffing said it has chosen TAB Bank for a $2 million credit facility. The new facility is based on accounts receivable and has been extended through a multi-year agreement.

“We have experienced rapid growth since we were founded and began operations a few years ago. It has been exciting to be a part of. We fully anticipate this level of growth to continue as we move forward. Simply put, we had outgrown the credit facility our previous lender was providing us. They could no longer keep up with the expansion plans we were putting in place. We were also looking for a lender that could provide us with a lower cost of funds and who had more experience in the working capital financing industry. We soon realized that TAB Bank fit the description of the type of bank we were looking for. Their team was outstanding as we moved quickly to finalize our new lending relationship,” commented Joy Mautz, treasurer with First Rate Staffing.

Sante Fe Springs, CA-based First Rate Staffing is a privately owned company operating in California and Arizona. The company specializes in the placement of employees in the light industrial sector and packaging industries.