Crestmark, the Commercial Finance Division of MetaBank®, Provides More Than $102.5 Million in Commercial Financing to 55 Businesses in the First Half of August

TROY, Mich., (August 30, 2021) – Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $46,900,000 in ABL/factoring financial solutions for 16 new clients; Crestmark Equipment Finance provided $2,588,364 in four new transactions; Crestmark Vendor Finance provided $3,198,849 in 31 new transactions; the Government Guaranteed Lending group provided $35,816,000 in financing for three new clients; and the Joint Ventures group provided $14,050,000 in one new transaction in the first half of August.

Asset-Based Lending and Factoring financial solutions to be used for various purposes such as working capital and to pay off an existing lender included:

Accounts Receivable facilities:

  • $500,000 to a freight-all-kinds trucking company in Illinois.
  • $500,000 to a transportation company in North Carolina.
  • $500,000 to a freight-all-kinds trucking company in California.
  • $350,000 to a trucking company in South Carolina.
  • $250,000 to a general freight trucking company in Arkansas.
  • $150,000 to a flatbed trucking company in Ohio.
  • $150,000 to a trucking company in Texas.
  • $150,000 to a regional trucking company in Georgia.
  • $150,000 to a freight-all-kinds trucking company in Florida.
  • $150,000 to a flatbed trucking company in Wyoming.
  • $150,000 to a trucking company in Arkansas.
  • $150,000 to a dry van transportation company in Michigan.

Asset-Based Loan facilities:

  • $5,000,000 to a communications and networking equipment distributor in Missouri.

Ledgered Line of Credit facilities:

  • $750,000 to a staffing solutions company in California.

Term Loan facilities:

  • $20,000,000 participation in a $58,000,000 term loan to a skilled nursing healthcare facilities group in Florida.
  • $18,000,000 participation in an $85,000,000 term loan to a healthcare skilled nursing facilities group in Georgia.

 

Vendor Finance equipment finance transactions included, but were not limited to:

  • A drilling company in the western U.S. for operational equipment.
  • A transportation company in the southern U.S. for transport equipment.
  • A transportation company in the western U.S. for transportation equipment.
  • A trucking company in the southern U.S. for operational equipment.

Government Guaranteed Lending financial solutions, to be used for various purposes such as acquisition, working capital, and more included:

  • $26,000,000 term loan to a solar energy solutions company in North Carolina.
  • $9,700,000 term loan to a solar energy company in California.
  • $116,000 SBA 7(a) loan to an insurance agency in Connecticut.

 

Joint Ventures financial solutions included:

  • $14,050,000 operating lease to a solar developer in Maryland.