Crestmark, the Commercial Finance Division of MetaBank®, Provides More Than $61.1 Million in Commercial Financing to 94 Businesses in January

TROY, Mich., (Feb. 16, 2022) – Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $23,050,000 in ABL/factoring financial solutions for 19 new clients; Crestmark Equipment Finance provided $21,489,603 in 17 new large ticket transactions and $5,329,571 in 50 new small ticket vendor transactions; and the Structured Finance group provided $11,266,000 in financing for eight new clients in the month of January.

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:

Asset-Based Loan facilities:

•            $15,000,000 to an industrial manufacturing company in Iowa.

Accounts Receivable facilities:

•            $750,000 to a dry van trucking company in California.

•            $500,000 to a flatbed trucking company in Oklahoma.

•            $250,000 to a refrigerated trucking company in Arizona.

•            $250,000 to a freight-all-kinds trucking company in Florida.

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

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

•            $150,000 to a regional trucking company in Missouri.

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

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

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

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

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

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

•            $150,000 to a freight-all-kinds trucking company in Ohio.

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

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

Ledgered Line of Credit facilities:

•            $2,500,000 to a waste/recycling management company in Florida.

•            $2,000,000 to an equipment supplier in Florida.

Equipment Finance transactions included, but were not limited to:

•            $4,010,926 to a hospital in the eastern U.S. for medical equipment.

•            $3,848,886 to a manufacturer in the eastern U.S. for IT equipment.

•            $3,631,842 to a lumber wholesaler in the southeastern U.S. for transportation equipment.

•            $3,028,263 to a bank in the eastern U.S. for communication equipment.

Small Ticket Vendor Equipment Finance transactions included, but were not limited to:

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

•            A delivery services company in the southern U.S. for transportation equipment.

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

•            A chiropractic facility in the western U.S. for medical equipment.

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

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

•            An excavating company in the southern U.S. for transportation equipment.

•            A freight carrier in the western U.S. for transportation equipment.

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

•            $2,615,000 term loan to a wealth management firm in Ohio.

•            $2,260,000 term loan to an investment advisory firm in Arizona.

•            $2,160,000 SBA 7(a) loan to a restaurant franchisee in Michigan.

•            $1,730,000 SBA 7(a) loan to a parts manufacturer in Michigan.

•            $1,250,000 SBA 7(a) loan to a pellets supplier in Connecticut.

•            $575,000 SBA 7(a) loan to an independent insurance agency in Indiana.

•            $416,000 SBA 7(a) loan to a landscaping company in California.

•            $260,000 term loan to a wealth management firm in South Carolina.

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