Crestmark, the Commercial Finance Division of MetaBank®, Provides More Than $26.8 Million in Commercial Financing to 43 Businesses in the Second Half of April

TROY, Mich., (May 16, 2022) – Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $12,801,160 in ABL/factoring financial solutions for 11 new clients; Crestmark Equipment Finance provided $10,080,680 in 11 new large ticket transactions and $2,320,351 in 20 new small ticket vendor transactions; and the Structured Finance group provided $1,600,000 in financing for one new client in the second half of April.

Working Capital, Asset-Based Lending and Factoring financial solutions to be used for various purposes such as working capital and to pay off existing lenders were provided:

Accounts Receivable facilities:

  • $750,000 to a dry freight transportation company in California.
  • $700,000 to a dry freight transportation company in California.
  • $300,000 to a refrigerated trucking company in Texas.
  • $150,000 to a dry freight transportation company in California.
  • $150,000 to a power only trucking company in Georgia.
  • $150,000 to a power only trucking company in South Carolina.
  • $150,000 to a regional transportation company in Maryland.

Ledgered Line of Credit facilities:

  • $4,000,000 (CAD) to a chemical manufacturer in Alberta, Canada.
  • $3,250,000 to a machining shop and foundry in Illinois.
  • $3,000,000 to a bottling and distribution company in Florida.
  • $1,000,000 to an oil and gas staffing services company in California.

Equipment Finance transactions included, but were not limited to:

  • $5,779,874 to a freight transportation company in the southern U.S. for operational equipment.

Small Ticket Vendor Equipment Finance transactions included, but were not limited to:

  • A trucking company in the western U.S. for transportation equipment.
  • An oil and gas services company in the southern U.S. for transportation equipment.
  • A pool construction company in the western U.S. for transportation equipment.
  • A farming company in the southern U.S. for construction equipment.

Structured Finance solutions, to be used for various purposes such as acquisition, working capital, and more included:

  • $1,600,000 term loan to a solar developer in California.