Crestmark, the Commercial Finance Division of MetaBank®, Provides More Than $47.6 Million in Commercial Financing to 75 Businesses in the Second Half of September

TROY, Mich., (October 15, 2021) – Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $21,807,000 in ABL/factoring financial solutions for nine new clients; Crestmark Equipment Finance provided $16,943,798 in 12 new transactions; Crestmark Vendor Finance provided $4,584,629 in 48 new transactions; and the Government Guaranteed Lending group provided $4,290,000 in financing for six new clients in the second half of September.

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:

  • $2,500,000 to a Freight All Kinds trucking company in Texas.
  • $500,000 to an integrated solutions company in Texas.
  • $300,000 to a power-only transport company in Illinois.
  • $150,000 to a regional trucking company in Maryland.
  • $150,000 to a power-only transport company in Massachusetts.
  • $150,000 to a dry van transport company in Virginia.

Ledgered Line of Credit facilities:

  • $10,000,000 to a telecommunications company in Arizona.
  • $5,000,000, with an additional $557,000 term loan, to a steel fabricator in Michigan.
  • $2,500,000 to a technologies manufacturer in California.

Equipment Finance transactions included, but were not limited to:

  • A trucking company in the southern U.S. for transportation equipment.
  • A telecommunications company in the western U.S. for capital equipment.

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

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

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

  • $1,600,000 USDA B & I loan to a solar company in California.
  • $1,600,000 USDA B & I loan to a solar company in California.
  • $360,000 SBA 7(a) loan to an insurance agency in Michigan.
  • $350,000 SBA 7(a) loan to a fresh foods franchisee in California.
  • $210,000 SBA 7(a) loan to a fresh food franchisee in Florida.
  • $170,000 SBA 7(a) loan to an independent insurance agency in Florida.