Crestmark, the Commercial Finance Division of MetaBank®, Provides More Than $61.1 Million in Commercial Financing to 94 Businesses in January

TROY, Mich., (Feb. 16, 2022) – Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $23,050,000 in ABL/factoring financial solutions for 19 new clients; Crestmark Equipment Finance provided $21,489,603 in 17 new large ticket transactions and $5,329,571 in 50 new small ticket vendor transactions; and the Structured Finance group provided $11,266,000 in financing for eight new clients in the month of January.

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:

Asset-Based Loan facilities:

  • $15,000,000 to an industrial manufacturing company in Iowa.

Accounts Receivable facilities:

  • $750,000 to a dry van trucking company in California.
  • $500,000 to a flatbed trucking company in Oklahoma.
  • $250,000 to a refrigerated trucking company in Arizona.
  • $250,000 to a freight-all-kinds trucking company in Florida.
  • $150,000 to a dry van trucking company in California.
  • $150,000 to a refrigerated trucking company in California.
  • $150,000 to a regional trucking company in Missouri.
  • $150,000 to a power-only trucking company in Texas.
  • $150,000 to a trucking company in Florida.
  • $150,000 to a hot shot trucking company in Mississippi.
  • $150,000 to a dry van trucking company in Virginia.
  • $150,000 to a flatbed trucking company in Florida.
  • $150,000 to a flatbed trucking company in Montana.
  • $150,000 to a freight-all-kinds trucking company in Ohio.
  • $150,000 to a dry van trucking company in Texas.
  • $150,000 to a refrigerated trucking company in California.

Ledgered Line of Credit facilities:

  • $2,500,000 to a waste/recycling management company in Florida.
  • $2,000,000 to an equipment supplier in Florida.

Equipment Finance transactions included, but were not limited to:

  • $4,010,926 to a hospital in the eastern U.S. for medical equipment.
  • $3,848,886 to a manufacturer in the eastern U.S. for IT equipment.
  • $3,631,842 to a lumber wholesaler in the southeastern U.S. for transportation equipment.
  • $3,028,263 to a bank in the eastern U.S. for communication equipment.

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

  • A fitness company in the midwestern U.S. for operational equipment.
  • A delivery services company in the southern U.S. for transportation equipment.
  • A trucking company in the eastern U.S. for transportation equipment.
  • A chiropractic facility in the western U.S. for medical equipment.
  • A dance company in the western U.S. for operational equipment.
  • A transportation company in the southern U.S. for transportation equipment.
  • An excavating company in the southern U.S. for transportation equipment.
  • A freight carrier 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:

  • $2,615,000 term loan to a wealth management firm in Ohio.
  • $2,260,000 term loan to an investment advisory firm in Arizona.
  • $2,160,000 SBA 7(a) loan to a restaurant franchisee in Michigan.
  • $1,730,000 SBA 7(a) loan to a parts manufacturer in Michigan.
  • $1,250,000 SBA 7(a) loan to a pellets supplier in Connecticut.
  • $575,000 SBA 7(a) loan to an independent insurance agency in Indiana.
  • $416,000 SBA 7(a) loan to a landscaping company in California.
  • $260,000 term loan to a wealth management firm in South Carolina.