Crestmark, the Commercial Finance Division of MetaBank®, Provides More Than $200.9 Million in Commercial Financing to 179 Businesses in December

TROY, Mich., (Jan. 18, 2022) – Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $46,424,626 in ABL/factoring financial solutions for 22 new clients; Crestmark Equipment Finance provided $34,752,249 in 35 new transactions; Crestmark Vendor Finance provided $11,852,158 in 116 new transactions; and the Government Guaranteed Lending group provided $107,950,000 in financing for six new clients in the month of December.

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

Accounts Receivable facilities:

  • $5,000,000 to a refrigerated transportation company in Florida.
  • $4,000,000 to a refrigerated transportation company in Florida.
  • $3,000,000 to a Freight All Kinds trucking company in Oklahoma.
  • $1,000,000 to an intermodal transportation company in Georgia.
  • $750,000 to a Freight All Kinds trucking company in Michigan.
  • $750,000 to a Freight All Kinds trucking company in California.
  • $600,000 (CAD) and $150,000 (USD) to a Freight All Kinds trucking company in Nova Scotia.
  • $500,000 to a beverage distributor in California.
  • $400,000 to a transportation company in Texas.
  • $300,000 to a refrigerated transportation company in North Carolina.
  • $300,000 to a dry van transportation company in North Carolina.
  • $250,000 to a Freight All Kinds trucking company in Missouri.
  • $200,000 to a refrigerated trucking company in Illinois.
  • $200,000 to a regional trucking company in Illinois.
  • $150,000 to a dry van trucking company in Florida.
  • $150,000 to a refrigerated trucking company in Texas.
  • $150,000 to a trucking company in Texas.
  • $150,000 to a flatbed trucking company in Georgia.

Ledgered Line of Credit facilities:

  • $5,000,000 to a lighting management systems provider in Massachusetts.
  • $2,000,000 (CAD) to a lighting management systems provider in Ontario, Canada.
  • $2,200,000 (CAD) and $300,000 (USD) to a transportation company in Manitoba, Canada.

Term Loan facilities:

  • $20,000,000 participation in a $591,500,000 term loan to 52 affiliated skilled nursing facilities in four state

Equipment Finance transactions included, but were not limited to:

  • $19,750,000 to a renewable energy company in the western U.S. for alternative energy equipment.
  • $3,068,532 to a pharmaceutical company in the eastern U.S. for IT equipment.
  • $2,074,051 to a financial services company in the eastern U.S. for communications equipment.

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

  • A ranch in the western U.S. for operational equipment.
  • A transportation company in the western U.S. for transportation equipment.
  • A trucking company in the midwestern U.S. for transportation equipment.
  • A laboratory in the eastern U.S. for IT equipment.
  • A transportation company in the midwestern U.S. for operational equipment.
  • A medical company in the eastern U.S. for medical equipment.
  • A medical company in the western U.S. for medical equipment.
  • A restaurant services company in the western U.S. for operational equipment.

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

  • $50,000,000 term loan to a renewable natural gas company in West Virginia.
  • $50,000,000 USDA B&I loan to a renewable natural gas company in West Virginia.
  • $4,825,000 term loan to an investment advisory firm in Georgia.
  • $1,950,000 SBA 7(a) loan to an automotive parts distributor in California.
  • $835,000 term loan to a wealth advisory firm in Connecticut.
  • $340,000 SBA 7(a) loan to a waste management services company in California.