Crestmark, the Commercial Finance Division of MetaBank®, Provides More Than $200.9 Million in Commercial Financing to 179 Businesses in December

TROY, Mich., (Jan. 18, 2022) – Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $46,424,626 in ABL/factoring financial solutions for 22 new clients; Crestmark Equipment Finance provided $34,752,249 in 35 new transactions; Crestmark Vendor Finance provided $11,852,158 in 116 new transactions; and the Government Guaranteed Lending group provided $107,950,000 in financing for six new clients in the month of December.

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:

•            $5,000,000 to a refrigerated transportation company in Florida.

•            $4,000,000 to a refrigerated transportation company in Florida.

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

•            $1,000,000 to an intermodal transportation company in Georgia.

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

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

•            $600,000 (CAD) and $150,000 (USD) to a Freight All Kinds trucking company in Nova Scotia.

•            $500,000 to a beverage distributor in California.

•            $400,000 to a transportation company in Texas.

•            $300,000 to a refrigerated transportation company in North Carolina.

•            $300,000 to a dry van transportation company in North Carolina.

•            $250,000 to a Freight All Kinds trucking company in Missouri.

•            $200,000 to a refrigerated trucking company in Illinois.

•            $200,000 to a regional trucking company in Illinois.

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

•            $150,000 to a refrigerated trucking company in Texas.

•            $150,000 to a trucking company in Texas.

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

Ledgered Line of Credit facilities:

•            $5,000,000 to a lighting management systems provider in Massachusetts. 

•            $2,000,000 (CAD) to a lighting management systems provider in Ontario, Canada. 

•            $2,200,000 (CAD) and $300,000 (USD) to a transportation company in Manitoba, Canada.

Term Loan facilities:

•            $20,000,000 participation in a $591,500,000 term loan to 52 affiliated skilled nursing facilities in four states.

Equipment Finance transactions included, but were not limited to:

•            $19,750,000 to a renewable energy company in the western U.S. for alternative energy equipment.

•            $3,068,532 to a pharmaceutical company in the eastern U.S. for IT equipment.

•            $2,074,051 to a financial services company in the eastern U.S. for communications equipment.

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

•            A ranch in the western U.S. for operational equipment.

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

•            A trucking company in the midwestern U.S. for transportation equipment.

•            A laboratory in the eastern U.S. for IT equipment.

•            A transportation company in the midwestern U.S. for operational equipment.

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

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

•            A restaurant services company in the western U.S. for operational equipment.

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

•            $50,000,000 term loan to a renewable natural gas company in West Virginia.

•            $50,000,000 USDA B&I loan to a renewable natural gas company in West Virginia.

•            $4,825,000 term loan to an investment advisory firm in Georgia.

•            $1,950,000 SBA 7(a) loan to an automotive parts distributor in California.

•            $835,000 term loan to a wealth advisory firm in Connecticut.

•            $340,000 SBA 7(a) loan to a waste management services company in California.

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