TAB Bank has closed a $4 million asset-based lending facility and a $2.5 million equipment loan for HydroEdge Solutions, a fluid management and water transfer company serving the energy industry.
Ogden, Utah-based TAB Bank’s funding will support HydroEdge’s continued expansion, with a focus on operational efficiency, safety, and sustainability, according to an April 17 TAB Bank release.
Based in Canonsburg, Pa., HydroEdge Solutions provides services, such as water transfer, automation and trucking. The company ensures the safe and seamless movement of fluids.
The financing package was structured as an accounts receivable-only asset-based lending facility, with initial funding of $4.4 million from working capital and equipment lines.
TAB Bank, which provides tailored financial solutions to small and midsized businesses, specializes in asset-based lending, equipment financing and working capital, according to the release. The bank continues to support growth-focused companies like HydroEdge through flexible financing options designed to fuel scalable development.
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