Crestmark, the Commercial Finance Division of MetaBank®, Provides More Than $34.1 Million in Commercial Financing to 72 Businesses in the First Half of March

TROY, Mich., (March 28, 2022) – Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $12,363,696 in ABL/factoring financial solutions for nine new clients; Crestmark Equipment Finance provided $4,702,737 in 13 new large ticket transactions and $5,738,197 in 45 new small ticket vendor transactions; and the Structured Finance group provided $11,337,372 in financing for five new clients in the first half of March.

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:

  • $400,000 to a regional freight-all-kinds transport company in Maryland.
  • $200,000 to a freight-all-kinds transport company in Wyoming.
  • $150,000 to an intermodal transportation company in South Carolina.
  • $150,000 to a regional auto hauling company in Maryland.
  • $150,000 to a flatbed trucking company in Louisiana.
  • $150,000 to a hot shot trucking company in California.

Asset-Based Lending facilities:

  • $6,000,000 with an additional $1,575,380 term loan to an aluminum pole manufacturer in Ohio.

Ledgered Line of Credit facilities:

  • $2,000,000 (CAD) to an ice road transport company in the Northwest Territories.
  • $2,000,000 to a security consulting company located in California, with parent company in British Columbia.

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

  • A transportation company in the southern U.S. for operational
  • A trucking company in the western U.S. for operational equipment.
  • A construction company in the western U.S. for operational equipment.
  • A transportation company in the southern U.S. for transportation equipment.

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

  • $3,500,000 participation in a $7,000,000 construction-to-USDA perm loan for a landfill biogas project in Alabama.
  • A combined $7,542,372 in construction loans to three solar farms in Texas.
  • $295,000 SBA 7(a) loan to a tax preparation service company in California.