Crestmark, the Commercial Finance Division of MetaBank®, Provides More Than $83.2 Million in Commercial Financing to 124 Businesses in July

TROY, Mich., (August 18, 2021) – Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $34,350,000 in ABL/factoring financial solutions for 23 new clients; Crestmark Equipment Finance provided $22,208,198 in 12 new transactions; Crestmark Vendor Finance provided $9,029,229 in 84 new transactions; and the Government Guaranteed Lending group provided $17,624,500 in financing for five new clients in July.

Asset-Based Lending and Factoring financial solutions to be used for various purposes such as working capital and to pay off an existing lender included:

Accounts Receivable facilities:

  • $5,000,000 to an oilfield services transportation company in Texas.
  • $500,000 to a freight-all-kinds trucking company in Alabama.
  • $500,000 to a refrigerated transportation company in California.
  • $500,000 to a freight-all-kinds trucking company in North Carolina.
  • $500,000 to a refrigerated transportation company in California.
  • $450,000 to a freight-all-kinds trucking company in Georgia.
  • $350,000 to a dry van trucking company in Florida.
  • $300,000 to a freight-all-kinds trucking company in Texas.
  • $250,000 to a flatbed trucking company in Oklahoma.
  • $200,000 to a freight-all-kinds trucking company in Georgia.
  • $150,000 to a power-only trucking company in Texas.
  • $150,000 to a freight-all-kinds trucking company in Texas.
  • $150,000 to a freight-all-kinds trucking company in Texas.
  • $150,000 to a flatbed trucking company in Nebraska.
  • $150,000 to a freight-all-kinds trucking company in California.
  • $150,000 to a refrigerated transportation company in Michigan.
  • $150,000 to a flatbed trucking company in Oklahoma.
  • $150,000 to a freight-all-kinds trucking company in Georgia.

Asset-Based Loan facilities:

  • $7,500,000 to an apparel wholesaler in California.
  • $6,000,000 to a home decor manufacturer in Ohio.

Ledgered Line of Credit facilities:

  • $3,500,000, with an additional $3,100,000 term loan, to a metal components manufacturer in Michigan.
  • $3,000,000 to an oil & gas services company in Louisiana.
  • $1,500,000 to a construction staffing company in Florida.

 

Equipment Finance transactions included, but were not limited to:

  • An electrical contractor in the southern U.S. for construction equipment.
  • A transportation services provider in the northwestern U.S. for alternative energy equipment.
  • An infrastructure provider in the northeastern U.S. for construction equipment.
  • An energy solutions company in the eastern U.S. for construction equipment.

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

  • A medical company in the western U.S. for medical equipment.
  • A trucking company in the southern U.S. for transport equipment.
  • A trucking company in the midwestern U.S. for transportation equipment.
  • An equipment rental company in the midwestern U.S. for operational equipment.
  • A logistics company in the midwestern U.S. for transport equipment.
  • A furniture company in the eastern U.S. for operational equipment.
  • An agricultural company in the western U.S. for transport equipment.
  • A medical company in the southeastern U.S. for medical equipment.

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

  • $9,500,000 construction loan to a solar developer in California.
  • $4,600,000 construction loan to a solar developer in California.
  • $1,745,000 term loan to a wealth management advisory firm in New York.
  • $1,005,000 term loan to a wealth management advisory firm in New York.
  • $774,500 term loan to an investment advisory firm in Wisconsin.