Crestmark, the Commercial Finance Division of MetaBank®, Provides More Than $41.2 Million in Commercial Financing to 61 Businesses in the Second Half of February

TROY, Mich., (March 16, 2022) – Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $2,650,000 in ABL/factoring financial solutions for eight new clients; Crestmark Equipment Finance provided $27,844,322 in 26 new transactions; Crestmark Vendor Finance provided $2,624,820 in 25 new small ticket vendor transactions; and the Structured Finance group provided $8,115,000 in financing for two new clients in the second half of February.

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:

  • $500,000 to a staffing company in California.
  • $400,000 to a freight-all-kinds transport company in Massachusetts.
  • $150,000 to a refrigerated trucking company in California.
  • $150,000 to a refrigerated trucking company in South Carolina.
  • $150,000 to a freight-all-kinds transport company in Tennessee.
  • $150,000 to a refrigerated trucking company in
  • $150,000 to a freight broker in Idaho.

Ledgered Line of Credit facilities:

  • $1,000,000 to a transportation services provider in California.

Equipment Finance transactions included, but were not limited to:

  • $9,404,762 to a navigational services company in the southern U.S. for capital equipment.
  • $6,368,726 to a bank in the eastern U.S. for telecommunications equipment.
  • $4,041,931 to an automotive manufacturing company in the midwestern U.S. for Information Technology equipment.
  • $2,838,747 to a machinery manufacturing company in the eastern U.S. for operational equipment.

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

  • A telecom company in the southern U.S. for operational equipment.
  • A waste management company in the eastern U.S. for transportation
  • A fitness company in the eastern U.S. for fitness equipment.
  • A transportation company in the western U.S. for transportation equipment.

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

  • $7,700,000 term loan to a dairy farm in Idaho.
  • $415,000 term loan to an insurance agency in Washington.