Randall Haney joined Tech Capital, the asset-based finance subsidiary of Tech CU, as vice president of business development. Haney previously worked at CBC Business Credit, Far West Capital, Austin Financial Services, Crestmark Bank, Greystone Commercial Services and Wells Fargo Bank.
While there are many advantages to ABL lending, the biggest disadvantage is the cost involved in evaluating and monitoring the collateral. In the past, the paperwork required to process the loans was onerous for both borrower and lender. Hank Noon explains how cloud solutions can eliminate much of the paperwork involved, resulting in lower costs and happier customers.
Tech Capital, the asset-based finance company and wholly-owned subsidiary of Tech Credit Union, originated a $2 million asset-based loan for Gemini Duplication.
Tech Capital, the first asset-based finance company created by a credit union, originated six transactions in its first year of operation for a total of $6.1 million.