TAB Bank closed a $11.5 million asset-based lending facility for Prometco Metals Corporation, including a $500 thousand term loan. The funds will help the distributor and processor of stainless steel and aluminum coil products accelerate growth and maintain its position as a premier provider of metal products in North America.   

Prometco was founded in 1991 with the intent to process and distribute stainless steel and aluminum slit coil products. In addition, its founders have over 60 years combined experience in the metals industry and are dedicated to producing a quality product at a competitive price with exceptional customer service.  They are focused on shipping quality metal products throughout the United States, Canada, and Mexico from their processing facility in Naperville, IL.  They are constantly confronted by the challenges of a changing environment, but continue to invest millions into their inventory, equipment, and facilities.

“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,” stated Jack Thompson, President, Prometco Metals Corporation. 

“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.”