Crestmark, the Commercial Finance Division of MetaBank®, Provides More Than $101.7 Million in Commercial Financing to 142 Businesses in Late March and Early April

TROY, Mich., (April 28, 2022) – Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $56,450,000 in ABL/factoring financial solutions for 26 new clients; Crestmark Equipment Finance provided $25,043,991 in 21 new large ticket transactions and $11,837,288 in 93 new small ticket vendor transactions; and the Structured Finance group provided $8,369,000 in financing for two new clients in the second half of March and first half of April.

Working Capital, Asset-Based Lending and Factoring financial solutions to be used for various purposes such as working capital and to pay off existing lenders were provided:

Accounts Receivable facilities:

  • $2,000,000 to a freight-all-kinds transportation company in Illinois.
  • $2,000,000 to a general freight transportation company in Illinois.
  • $300,000 to a flatbed trucking company in Georgia.
  • $200,000 to a dry van transport company in Florida.
  • $200,000 to a power only trucking company in California.
  • $150,000 to a refrigerated transport company in Minnesota.
  • $150,000 to a freight-all-kinds trucking company in North Carolina.
  • $150,000 to a dry van trucking company in Connecticut.
  • $150,000 to a flatbed trucking company in California.
  • $150,000 to a power only trucking company in North Carolina.
  • $150,000 to a refrigerated transportation company in Arizona.
  • $150,000 to a freight-all-kinds transportation company in Florida.
  • $150,000 to a flatbed trucking company in Texas.
  • $150,000 to a freight-all-kinds transportation company in Texas.
  • $150,000 to a power only trucking company in New Jersey.
  • $150,000 to a power only trucking company in Texas.
  • $150,000 to a freight-all-kinds transportation company in Texas.
  • $150,000 to a waste transport company in Maryland.
  • $150,000 to a dry van trucking company in New Jersey.
  • $150,000 to a freight-all-kinds transportation company in Texas.

Asset-Based Lending facilities:

  • $22,500,000 to a solid surface wholesale distributor in Pennsylvania.
  • $8,500,000 to an automotive aftermarket supplier in Illinois.
  • $7,000,000 to a flooring distributor in California.
  • $3,500,000 to a furniture manufacturer in Michigan.
  • $3,000,000 to a solar mounting systems manufacturer in Washington.

Ledgered Line of Credit facilities:

  • $5,000,000 to a solar battery pack provider in California.

Equipment Finance transactions included, but were not limited to:

  • $7,837,378 to an oil and gas field services company in the southern U.S. for construction equipment.
  • $3,577,738 to a food products provider in the southern U.S. for capital equipment.
  • $2,265,092 to a commercial services company in the eastern U.S. for operational equipment.

 

 

Small Ticket Vendor Equipment Finance transactions included, but were not limited to:

  • A trucking company in the midwestern U.S. for transportation equipment.
  • A window covering company in the western U.S. for capital equipment.
  • A transportation company in the midwestern U.S. for transportation equipment.
  • A pharmaceutical company in the southern U.S. for operational equipment.
  • A printing company in the southern U.S. for operational equipment.
  • A transportation company in the southern U.S. for transportation equipment.
  • A medical company in the southern U.S. for operational equipment.
  • A container company in the western U.S. for transportation equipment.

Structured Finance solutions, to be used for various purposes such as acquisition, working capital, and more included:

  • $8,098,000 term loan to an investment advisor in California.
  • $271,000 SBA 7(a) loan to an insurance agency in New York.