Byline Bank secured financing for the construction of a new headquarters facility for Texas-based Advanced Rail Systems (ARS), a railroad and transit supplier that manufactures yard, high-speed, and mainline switch machines. The new 20-acre campus, located near Waco, Texas, will house the company’s administrative and manufacturing functions and employees, as well as a state-of-the-art training facility, offering the capacity to expand production and increase staffing.
The loan closed and construction began in December 2020 and culminated with a ribbon-cutting ceremony on October 15, 2021. Byline’s Greg Swett, vice president, joined ARS CEO Sam Lindsay, Texas Attorney General Ken Paxton, U.S. Representative Pete Sessions and other local business and civic officials to celebrate the company’s milestone.
“At a time when improving transportation and logistics efficiency is critical to bolstering the economy, we’re pleased to support this innovative and growing American company in their expansion efforts,” said Swett. “We were impressed with the strength of experience on the management team and their proprietary product development.”
ARS was founded in 2016 by Donald “Coy” Beaman, a second-generation railroader with more than 40 years in the business. The land parcel where the new headquarters is located was purchased in 2017 as a future headquarters site that would allow the company to develop and manufacture pioneering technologies. During the expansion construction period, Beaman was killed in a car accident in February 2021. Sam Lindsey, chief financial officer, succeeded him as CEO.
The company’s management team, including many of Beaman’s family members involved in the business, persevered through tragedy to see his vision brought to bear. Coy Beaman’s legacy was honored during the ribbon-cutting event, with fellowships presented by Texas Lions Camp and Lions Club International.
“Byline was attracted to our business story as a creator of disruptive technology that is changing the way railroads do things,” said Lindsey. “Our new technology and processes in our niche market of railyard automation allow railroads to operate faster, cheaper and safer.”
A national leader in SBA export loans, Byline Bank provided financing for the expansion through a Small Business Administration product targeting companies, such as ARS, that export internationally. The SBA International Trade Loan offers a combination of fixed asset, working capital financing and debt refinancing with the SBA’s maximum guaranty on the total loan amount.