TROY, Mich., (October 27, 2021) – Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $11,700,000 in ABL/factoring financial solutions for 13 new clients; Crestmark Equipment Finance provided $6,086,672 in 23 new transactions; Crestmark Vendor Finance provided $4,050,096 in 39 new transactions; and the Government Guaranteed Lending group provided $910,000 in financing for one new client in the first half of October.
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:
- $300,000 to a Freight All Kinds trucking company in Tennessee.
- $300,000 to a refrigerated transport company in South Carolina.
- $250,000 to a Freight All Kinds trucking company in Michigan.
- $150,000 to a dry van trucking company in Virginia.
- $150,000 to a dry van trucking company in New Jersey.
- $150,000 to a flatbed trucking company in Oklahoma.
- $150,000 to a power-only transport company in Alabama.
- $150,000 to a regional transportation company in North Carolina.
- $100,000 to a refrigerated transport company in South Carolina.
Asset-Based Lending facilities:
- $2,000,000 to an industrial services contractor in Louisiana.
Ledgered Line of Credit facilities:
- $3,000,000 to a well servicing company in Michigan.
- $2,500,000 to a specialty chemicals provider in Texas.
- $2,500,000 to a ready-mix concrete supplier in Alabama.
Equipment Finance transactions included, but were not limited to:
- An HVAC contracting company in the midwestern U.S. for construction equipment.
Vendor Finance equipment finance transactions included, but were not limited to:
- A transportation company in the midwestern U.S. for transportation equipment.
- A fitness company in the southeastern U.S. for fitness equipment.
- A medical company in the southeastern U.S. for medical equipment.
- A recycling 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:
- $910,000 SBA 7(a) loan to an independent insurance agency in Florida.