Tandy Leather Factory, Inc. Enters into A Credit Agreement with Jpmorgan Chase Bank, N.A
January 09, 2023 at 05:08 pm EST
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On January 3, 2023, Tandy Leather Factory, Inc. entered into a Credit Agreement with JPMorgan Chase Bank, N.A. Under the Credit Agreement, the Bank will provide the Company a credit facility of up to $5,000,000 on standard terms and conditions, including affirmative and negative covenants set forth in the Credit Agreement. As security for the credit facility, the Company has pledged as collateral to the Bank certain of its assets, including the Company's cash in deposit accounts, inventory and equipment. The Company had no long-term debt and no active credit facilities prior to entering into the Credit Agreement.
The Company has no current plan to draw on the credit facility but may borrow funds in the future for general corporate purposes, including seasonal inventory purchases or other working capital.
Tandy Leather Factory, Inc. is a specialty retailer of leather and leathercraft-related items. The Company's product line includes leather, leatherworking tools, buckles and adornments for belts, leather dyes and finishes, saddle and tack hardware, and do-it-yourself kits. The Company also offers production services to its business customers such as cutting (clicking) and splitting and some assembly. It distributes product under the Tandy Leather, Eco-Flo, Craftool, CraftoolPro and Dr. Jackson's brands, along with its premium TandyPro line of products. It operates a production facility in Fort Worth, Texas. The Company sells its products through Company-owned stores and through orders generated from its global websites, and through direct account representatives in its commercial division. The Company distributes its products through its approximately 101 North American stores located in 40 states in the United States and six Canadian provinces, and one store located in Spain.
TANDY LEATHER FACTORY, INC. 
