Clifton, N.J.-based Silipos Inc. has sealed a $1.5 million credit facility from TAB Bank, the company announced Friday. Silipos was formed in 1989, and manufactures mineral oil technologies that are the basis for products in the orthopedic, prosthetic, and skin care industries.
Silipos, Inc. of Clifton, NJ has chosen TAB Bank for a $1.5 million credit facility. The new facility is based on accounts receivable and has been extended through a renewable term.
TAB Bank (@TABBank) provides custom working capital solutions to commercial businesses from many industries. These solutions are provided in all stages of business life cycles during any economic conditions. TAB Bank does this through Accounts Receivable Financing, Lines of Credit, Equipment Loans, Asset Based Loans, Business Accounts, and Commercial Banking Services.
Silipos began operations in 1989 and is recognized as a leading manufacturer of mineral oil technologies that are the basis for products in the orthopedic, prosthetic, and skin care industries. The company currently manufactures over 200 proprietary products through three specific product lines under several private labels. Silipos manufactures and ships all products from a 60,000 square foot warehouse facility in Niagara Falls, NY. From this facility, products are shipped to over 60 countries worldwide.
TAB Bank is very excited to assist a quality company such as Silipos as they navigate today’s economy and grow their business.