Crestmark, the Commercial Finance Division of MetaBank®, Provides More Than $49.5 Million in Commercial Financing to 94 Businesses in May

TROY, Mich., (June 15, 2022) – Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $25,950,000 in ABL/factoring financial solutions for 23 new clients; Crestmark Equipment Finance provided $16,094,651 in 20 new large ticket transactions and $6,435,042 in 50 new small ticket vendor transactions; and the Structured Finance group provided $1,050,000 in financing for one new client in May.

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:

  • $1,000,000 to a freight-all-kinds trucking company in California.
  • $750,000 to a logistics management company in New Jersey.
  • $750,000 to a transportation company in Missouri.
  • $500,000 to a general freight company in Texas.
  • $350,000 to a freight-all-kinds trucking company in Utah.
  • $300,000 to a refrigerated transportation company in North Carolina.
  • $200,000 to a trucking company in Maryland.
  • $150,000 to a regional transport company in Mississippi.
  • $150,000 to a bulk hauling company in Tennessee.
  • $150,000 to a power-only trucking company in Tennessee.
  • $150,000 to a refrigerated trucking company in New York.
  • $150,000 to a hot shot trucking company in Texas.
  • $150,000 to a dry van transportation company in North Carolina.
  • $150,000 to a flatbed trucking company in Georgia.
  • $150,000 to a power-only trucking company in Georgia.
  • $150,000 to a power-only trucking company in Tennessee.
  • $150,000 to a flatbed trucking company in South Carolina.
  • $100,000 to a trucking company in California.

Asset-Based Lending facilities:

  • $6,500,000 to a meat processor in Texas.
  • $4,000,000 to a pre-form plastics manufacturer in California.
  • $3,500,000 to a diagnostic testing services provider in California.

Ledgered Line of Credit facilities:

  • $3,500,000 to a heavy hauling and rigging services provider in Texas.
  • $3,000,000 to an oil and gas transportation services provider in Texas.

Equipment Finance transactions included, but were not limited to:

  • $2,042,334 to a manufacturing company in the midwestern U.S. for capital equipment.

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

  • A logistics company in the western U.S. for transportation equipment.
  • A waste metal fabrication company in the eastern U.S. for operational equipment.
  • A freight shipping and trucking company in the northeastern U.S. for transportation equipment.
  • A recycling company in the southern U.S. for transportation equipment.
  • A production company in the southwestern U.S. for operational equipment.
  • A dental company in the midwestern U.S. for operational equipment.

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

  • $1,050,000 SBA 7(a) loan to an insurance agency in Florida.