Crestmark, the Commercial Finance Division of MetaBank®, Provides More Than $22.7 Million in Commercial Financing to 76 Businesses in the First Half of October

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.