TROY, Mich., (September 14, 2021) – Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $3,550,000 in ABL/factoring financial solutions for eight new clients; Crestmark Equipment Finance provided $6,484,462 in four new transactions; Crestmark Vendor Finance provided $4,413,415 in 43 new transactions; and the Government Guaranteed Lending group provided $9,250,000 in financing for four new clients in the second 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:
- $1,000,000 to a refrigerated carrier in California.
- $500,000 to a transportation company in Ohio.
- $500,000 to a refrigerated trucking company in California.
- $150,000 to a freight-all-kinds trucking company in Maryland.
- $150,000 to a trucking company in South Carolina.
- $150,000 to a refrigerated trucking company in Florida.
- $100,000 to a freight broker in Texas.
Ledgered Line of Credit facilities:
- $1,000,000 to a less than load (LTL) freight company in Wisconsin.
Equipment Finance transactions included, but were not limited to:
- A renewable energy producer in the western U.S. for alternative energy equipment.
Vendor Finance equipment finance transactions included, but were not limited to:
- A trucking company in the northwestern U.S. for operational equipment.
- A cleaning company in the southern U.S. for operational equipment.
- A transportation company in the southern U.S. for transportation equipment.
- A trucking company in the midwestern U.S. for transportation equipment.
Government Guaranteed Lending financial solutions, to be used for various purposes such as acquisition, working capital, and more included:
- $7,200,000 term loan to a solar company in California.
- $895,000 SBA 7(a) loan to a packaging manufacturer in Texas.
- $800,000 SBA 7(a) loan to an insurance agency in Georgia.
- $355,000 SBA 7(a) loan to a property management company in Alabama.