TAB Bank has structured a $3 million factoring line of credit for CNC Precision Machine Inc. to improve cash flow for inventory and working capital.
CNC Precision Machine is a leading manufacturer of world-class hydraulic fittings serving the aerospace, transportation and machinery industries. The company, headquartered in Parkman, Ohio, was founded in 2002, and manufactures high-quality hydraulic fittings in its state of the art 100,000 square feet of flexible manufacturing space. The company’s in-house experts assist customers with complex design challenges, offering custom orders to meet specific project needs.
“I’ve closed similar loans in the past, but my TAB Bank experience has been, by far, the best,” said Marc Karyo, CFO of CNC Precision Machine. “Natasha, our underwriter, was always available and kept the process rolling where others would have let it stall. Everyone on the TAB Bank team seemed to take a personal interest in our account and wanted to ensure that our transition went smoothly. Also, I love the small bank attention and service we’ve gotten from our Relationship Manager, LilyAnn. This is the banking team that we’ve been looking for!”
TAB Bank offers tailored financial solutions to small and mid-sized businesses across various industries, including manufacturing, specializing in asset-based lending, equipment financing and working capital solutions. Leveraging the right financial tools to match a company’s objective solves financial challenges and unlocks access to working capital for operations and growth.
“Our partnership with CNC Precision Machine is an example of how our pillar of hiring, developing and retaining ‘Extraordinary People’ builds value for our customers,” said Justin Hatch, Chief Lending Officer at TAB Bank. “We look forward to helping CNC Precision Machine use the right financial tools to grow its business to its 25th Anniversary and beyond.”
