Crestmark, the Commercial Finance Division of MetaBank®, Provides More Than $41.4 Million in Commercial Financing to 51 Businesses in the Second Half of October

TROY, Mich., (November 15, 2021) – Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $18,247,152 in ABL/factoring financial solutions for 16 new clients; Crestmark Equipment Finance provided $5,439,199 in nine new transactions; Crestmark Vendor Finance provided $2,367,322 in 25 new transactions; and the Government Guaranteed Lending group provided $15,425,000 in financing for one new client in the second 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:

  • $3,000,000 to a Freight All Kinds trucking company in Texas.
  • $1,000,000 to a Freight All Kinds trucking company in Michigan.
  • $750,000 to a Freight All Kinds trucking company in California.
  • $600,000 to a flatbed and power only trucking company in Nebraska.
  • $300,000 to a refrigerated transport company in New York.
  • $150,000 to a dry van trucking company in Mississippi.
  • $150,000 to a general freight trucking company in Florida.
  • $150,000 to a dry van trucking company in Georgia.
  • $150,000 to a hot shot trucking company in Kansas.
  • $150,000 to a refrigerated transport company in Florida.

Ledgered Line of Credit facilities:

  • $5,000,000 to a specialty chemical distributor in Ontario, Canada.
  • $3,000,000 to a tree service company in California.
  • $2,000,000 to a parts stamping and assembly provider in Illinois.
  • $800,000 (CAD) and $200,000 (USD) to a transportation company in Ontario, Canada.
  • $500,000 to a temporary staffing company in California.
  • $500,000 to a temporary staffing company in California.

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

  • A food manufacturing company in the western U.S. for operational equipment.
  • A transportation company in the eastern U.S. for transportation equipment.
  • A medical company in the western U.S. for medical equipment.

 

Government Guaranteed Lending financial solutions, to be used for various purposes such as acquisition, working capital, and more included:

  • Participation of $5,425,000 and $10,000,000 respectively in a combined $30,850,000 term and non-revolving line of credit funding to an investment advisory firm in Missouri.