Crestmark, the Commercial Finance Division of MetaBank®, Provides More Than $22.7 Million in Commercial Financing to 76 Businesses in the First Half of October
October 27, 2021
Source: Crestmark
TROY, Mich., (October 27, 2021) – Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $11,700,000 in ABL/factoring financial solutions for 13 new clients; Crestmark Equipment Finance provided $6,086,672 in 23 new transactions; Crestmark Vendor Finance provided $4,050,096 in 39 new transactions; and the Government Guaranteed Lending group provided $910,000 in financing for one new client in the first half of October.
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:
• $300,000 to a Freight All Kinds trucking company in Tennessee.
• $300,000 to a refrigerated transport company in South Carolina.
• $250,000 to a Freight All Kinds trucking company in Michigan.
• $150,000 to a dry van trucking company in Virginia.
• $150,000 to a dry van trucking company in New Jersey.
• $150,000 to a flatbed trucking company in Oklahoma.
• $150,000 to a power-only transport company in Alabama.
• $150,000 to a regional transportation company in North Carolina.
• $100,000 to a refrigerated transport company in South Carolina.
Asset-Based Lending facilities:
• $2,000,000 to an industrial services contractor in Louisiana.
Ledgered Line of Credit facilities:
• $3,000,000 to a well servicing company in Michigan.
• $2,500,000 to a specialty chemicals provider in Texas.
• $2,500,000 to a ready-mix concrete supplier in Alabama.
Equipment Finance transactions included, but were not limited to:
• An HVAC contracting company in the midwestern U.S. for construction equipment.
Vendor Finance equipment finance transactions included, but were not limited to:
• A transportation company in the midwestern U.S. for transportation equipment.
• A fitness company in the southeastern U.S. for fitness equipment.
• A medical company in the southeastern U.S. for medical equipment.
• A recycling company in the southern U.S. for operational equipment.
Government Guaranteed Lending financial solutions, to be used for various purposes such as acquisition, working capital, and more included:
• $910,000 SBA 7(a) loan to an independent insurance agency in Florida.
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
