SunTrust Banks, Inc. (NYSE: STI) announced today it served as sole lender of a $16 million deal to support the growth of Tribe Transportation, a Native American, female-owned transportation enterprise in Gainesville, Georgia. SunTrust 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. Additionally, the financing will support the continued buildout and underlying equipment of the new corporate headquarters, inclusive of a driver training school and maintenance facility.
“We’re continuing to see rapid changes in the transportation sector and SunTrust’s financing gives us the flexibility to adapt moving forward,” said Matt Handte, executive vice president of Tribe Transportation. “SunTrust’s guidance, understanding and commitment to the industry has made them an essential partner in supporting our business goals and long-term growth.”
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.
“As one of the fastest growing minority carriers in the country, Tribe Transportation is an industry disruptor and we’re honored to partner with them in promoting their success,” said Taylor Howerton, senior vice president of SunTrust’s Logistics & Supply Chain Industry vertical. “As the transportation and logistics sector evolves, we look forward to seeing the impact of this financing on the expansion of Tribe’s business.”
Tribe Transportation is a Gainesville, GA based national truckload carrier providing high-service temperature-controlled trucking services across the US and Canada. Tribe hauls time-sensitive and temp-sensitive products for fortune 500 companies and has become the fastest growing Native American Trucking Company in the US while being known for their advanced fleet, superior technology, GDP compliance, high security and the best equipment driven by the highest performing professional drivers on the road.
“Come to where quality and reliability meet value!” Learn more at tribetrans.com
SunTrust Banks, Inc. (NYSE: STI) is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Headquartered in Atlanta, the Company has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of September 30, 2019, SunTrust had total assets of $227 billion and total deposits of $168 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. Learn more at suntrust.com.
