Crestmark, the Commercial Finance Division of MetaBank®, Provides More Than $41.4 Million in Commercial Financing to 51 Businesses in the Second Half of October

TROY, Mich., (November 15, 2021) – Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $18,247,152 in ABL/factoring financial solutions for 16 new clients; Crestmark Equipment Finance provided $5,439,199 in nine new transactions; Crestmark Vendor Finance provided $2,367,322 in 25 new transactions; and the Government Guaranteed Lending group provided $15,425,000 in financing for one new client in the second 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:

•            $3,000,000 to a Freight All Kinds trucking company in Texas.

•            $1,000,000 to a Freight All Kinds trucking company in Michigan.

•            $750,000 to a Freight All Kinds trucking company in California.

•            $600,000 to a flatbed and power only trucking company in Nebraska.

•            $300,000 to a refrigerated transport company in New York.

•            $150,000 to a dry van trucking company in Mississippi.

•            $150,000 to a general freight trucking company in Florida.

•            $150,000 to a dry van trucking company in Georgia.

•            $150,000 to a hot shot trucking company in Kansas.

•            $150,000 to a refrigerated transport company in Florida.

Ledgered Line of Credit facilities:

•            $5,000,000 to a specialty chemical distributor in Ontario, Canada.

•            $3,000,000 to a tree service company in California.

•            $2,000,000 to a parts stamping and assembly provider in Illinois.

•            $800,000 (CAD) and $200,000 (USD) to a transportation company in Ontario, Canada.

•            $500,000 to a temporary staffing company in California.

•            $500,000 to a temporary staffing company in California.

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

•            A food manufacturing company in the western U.S. for operational equipment.

•            A transportation company in the eastern U.S. for transportation equipment.

•            A medical company in the western U.S. for medical equipment.

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

•            Participation of $5,425,000 and $10,000,000 respectively in a combined $30,850,000 term and non-revolving line of credit funding to an investment advisory firm in Missouri.

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