Crestmark, the Commercial Finance Division of MetaBank®, Provides More Than $57.5 Million in Commercial Financing to 132 Businesses in November

TROY, Mich., (December 13, 2021) – Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $13,600,000 in ABL/factoring financial solutions for 23 new clients; Crestmark Equipment Finance provided $24,804,003 in 29 new transactions; Crestmark Vendor Finance provided $9,938,833 in 76 new transactions; the Government Guaranteed Lending group provided $8,195,000 in financing for three new clients; and the Joint Ventures group provided $1,007,250 in one new transaction in the month of November.

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:

  • $2,000,000 to a refrigerated transport company in California.
  • $1,000,000 to a Freight All Kinds trucking company in Illinois.
  • $1,000,000 to an integrated solutions provider in Texas.
  • $750,000 to a Freight All Kinds trucking company in Nebraska.
  • $500,000 to a dry and refrigerated trucking company in Nova Scotia.
  • $500,000 to an automotive parts distributor in Michigan.
  • $300,000 to a materials transport company in Texas.
  • $300,000 to a transportation company in Ohio.
  • $250,000 to a refrigerated FAK trucking company in Massachusetts.
  • $250,000 to an intermodal transportation company in Georgia.
  • $200,000 to a dry van trucking company in Texas.
  • $200,000 to a Freight All Kinds trucking company in Texas.
  • $150,000 to a power-only trucking company in Alabama.
  • $150,000 to a dry van trucking company in Colorado.
  • $150,000 to a power-only trucking company in Washington DC.
  • $150,000 to a trucking company in Texas.
  • $150,000 to a dry van trucking company in Idaho.
  • $150,000 to a trucking company in Georgia.
  • $150,000 to a regional trucking company in South Carolina.
  • $150,000 flatbed trucking in Florida.
  • $150,000 to a trucking company in Maryland.

Ledgered Line of Credit facilities:

  • $3,000,000 to a lighting manufacturer in Texas.
  • $2,000,000 to a staffing services company California.

Equipment Finance transactions included, but were not limited to:

  • $2,776,526 to a government agency in the eastern U.S. for IT equipment.
  • $5,264,228 to a linen supply company in the eastern U.S. for transportation equipment.
  • $2,605,551 to a telecommunications company in the midwestern U.S. for networking equipment.
  • $2,654,902 to a financial services company in the eastern U.S. for communications equipment.

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

  • A fitness company in the southern U.S. for fitness equipment.
  • A laser company in the southern U.S. for operational equipment.
  • A millwork company in the southern central U.S. for machinery.
  • A trucking company in the southern central U.S. for transportation equipment.
  • A sod company in the southern U.S. for operational equipment.
  • A timber transport company in the southern U.S. for transportation equipment.
  • A medical company in the western central U.S. for operational equipment.
  • A trucking company in the southeastern central U.S. for transportation equipment.

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

  • $7,425,000 term loan to a solar company in California.
  • $420,000 SBA 7(a) loan to a welding and fabrication company in Arizona.
  • $350,000 SBA 7(a) loan to an independent insurance agency in Idaho.

Joint Ventures financial solutions included:

  • $1,007,250 operating lease to a solar developer in New York.