Crestmark, the Commercial Finance Division of MetaBank®, Provides More Than $32.8 Million in Commercial Financing to 61 Businesses in the First Half of February

TROY, Mich., (Feb. 28, 2022) – Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $3,291,085 in ABL/factoring financial solutions for 14 new clients; Crestmark Equipment Finance provided $24,477,897 in seven new transactions; Crestmark Vendor Finance provided $5,096,070 in 40 new transactions in the first half of February.

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:

•            $500,000 (USD) and $500,000 (CAD) to an oil and gas services company in Alberta.

•            $400,000 to a refrigerated trucking company in California.

•            $300,000 to a freight-all-kinds trucking company in California.

•            $300,000 to a dry van trucking company in California.

•            $200,000 to an auto hauling company in Texas.

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

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

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

•            $150,000 to a freight brokerage in North Carolina.

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

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

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

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

Term Loan facilities:

•            $168,000 to an investment company in Michigan.

Equipment Finance transactions included, but were not limited to:

•            $13,464,568 to an airport services company in the southeastern U.S. for industrial equipment.

•            $4,166,208 to a coal mining company in the eastern U.S. for capital equipment.

•            $2,381,202 to a hardware supplier in the midwestern U.S. for IT equipment.

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

•            A construction company in the southeastern U.S. for operational equipment.

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

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

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

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