Crestmark, the Commercial Finance Division of PathwardTM, Provides More Than $75.5 Million in Commercial Financing to 112 Businesses in June

TROY, MICH., (July 29, 2022) – Crestmark, the Commercial Finance Division of PathwardTM, N.A., secured a total of $33,772,677 in ABL/factoring financial solutions for 23 new clients; Crestmark Equipment Finance provided $18,865,360 in 17 new large ticket transactions and $7,174,032 in 67 new small ticket vendor transactions; and the Structured Finance group provided $15,689,940 in financing for five new clients in June.

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:

  • $2,000,000 to a freight-all-kinds trucking company in Illinois.
  • $1,000,000 to a wellsite services provider in Texas.
  • $500,000 to a hospitality staffing company in California.
  • $300,000 to a freight-all-kinds trucking company in New York.
  • $300,000 to a flatbed transportation company in Missouri.
  • $200,000 to a medical hardware supplier in Texas.
  • $150,000 to a hot shot trucking company in Alabama.
  • $150,000 to a refrigerated trucking company in Arkansas.
  • $150,000 to a freight-all-kinds trucking company in Texas.
  • $150,000 to a refrigerated trucking company in California.
  • $150,000 to a freight brokerage in Nebraska.
  • $150,000 to a refrigerated transportation company in Tennessee.
  • $150,000 to a flatbed trucking company in Georgia.
  • $150,000 to a freight-all-kinds trucking company in Mississippi.
  • $150,000 to a freight broker in Kansas.
  • $150,000 to a flatbed trucking company in Texas.
  • $150,000 freight-all-kinds trucking company in North Carolina.
  • $100,000 to a dry van trucking company in California.

Asset-Based Lending facilities:

  • $18,000,000 to an extrusions manufacturer in Michigan.
  • $5,000,000 to a petroleum products provider in Missouri.

Ledgered Line of Credit facilities:

  • $2,000,000 Canadian Dollars (CAD) and $500,000 U.S. Dollars to a transportation company in Ontario, Canada.
  • $1,500,000 (CAD) to an aggregate supplier in Alberta, Canada.
  • $1,500,000 to a contractor in North Carolina.

Equipment Finance transactions included, but were not limited to:

  • $6,256,663 to a sanitation products manufacturer in the southeastern U.S. for warehousing equipment.
  • $4,365,295 to an automotive manufacturer in the southeastern U.S. for alternative energy equipment.
  • $3,096,140 to a technologies manufacturer in the northwestern U.S. for operational 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 management company in the eastern U.S. for capital equipment.
  • A health and wellness company in the midwestern U.S. for medical equipment.
  • A transportation company in the southern U.S. for transportation equipment.

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

  • $7,495,000 term loan to an investment advisory firm in Michigan.
  • $6,645,000 U.S. Department of Agriculture Business and Industry loan to a hospitality company in Ohio.
  • $740,000 term loan to an independent insurance agency in Texas.
  • $679,940 term loan to a solar developer in California.
  • $130,000 Small Business Administration 7(a) loan to an independent insurance agency in Missouri.

About Crestmark

Crestmark is a commercial finance provider that, until a recent name change, was a division of MetaBank®. Crestmark is now a business line within Pathward™, N.A., a U.S.-based financial empowerment company driven by its purpose to power financial inclusion for all™. Pathward strives to increase financial availability, choice and opportunity across its Banking as a Service and Commercial Finance business lines. Pathward, formerly known as Crestmark, products include asset-based lending, accounts receivable financing, equipment leasing/financing and structured financing, which includes SBA and USDA lending. With representatives across the country and a Canadian foreign representative office, Pathward, fka Crestmark, helps industries nationwide including transportation, manufacturing, staffing, renewable energy, medical receivables, insurance agencies, and technology.  Learn more about Pathward at Pathward.com and Pathward, fka Crestmark, at Crestmark.com.