SunTrust Extends $16 Million Loan to Tribe Transportation
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SunTrust Banks Inc. will serve as the sole lender of a $16 million deal to support the growth of Tribe Transportation, a Native American, female-owned transportation enterprise in Gainesville, Ga.
In a Nov. 14 news release, the bank said it provided a $10 million revolving line of credit to expand working capital and a $6 million equipment line to finance refrigerated trailers and corresponding cooling units.
The working capital enabled Tribe to successfully launch two new companies, Cherokee National and Tomahawk Truck Sales, and provide flexibility for other strategic initiatives, SunTrust officials said.
The financing will support the continued buildout and underlying equipment of the new corporate headquarters, inclusive of a driver training school and maintenance facility, bank officials said.
Specifically structured to accommodate the recruiting, retaining and rewarding of top truck drivers, the funding will help Tribe create 220 jobs next year, including drivers, technicians, mechanics, internal dispatch support and diagnostic staff members, according to SunTrust’s Logistics and Supply Chain Industry department.
Tribe Transportation is a national truckload carrier providing temperature-controlled trucking services across the U.S. and Canada. Tribe Transportation hauls time-sensitive and temperature-sensitive products. — Transport Topics
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