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.

Crestmark, the Commercial Finance division of MetaBank®, N.A., provides innovative financial solutions for businesses nationwide. The MetaBank mission is Financial Inclusion for All® and the company works to increase financial availability, choice, and opportunity for all. Crestmark’s financing solutions include asset-based lending, accounts receivable financing, lines of credit, term loans, factoring, government guaranteed lending, machinery/equipment financing and equipment leasing. Crestmark has extensive experience in helping many industries including transportation, manufacturing, staffing, petrochemical, renewable energy, medical receivables, government contractors, hospitality/hotels, insurance agencies, and technology hardware/software. The Crestmark division is headquartered in Michigan, with additional offices in California, Louisiana, Tennessee, and representatives nationwide; and a Canadian foreign representative office. www.crestmark.com