Crestmark, the Commercial Finance Division of MetaBank®, Provides More Than $34.1 Million in Commercial Financing to 72 Businesses in the First Half of March

TROY, Mich., (March 28, 2022) – Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $12,363,696 in ABL/factoring financial solutions for nine new clients; Crestmark Equipment Finance provided $4,702,737 in 13 new large ticket transactions and $5,738,197 in 45 new small ticket vendor transactions; and the Structured Finance group provided $11,337,372 in financing for five new clients in the first half of March.

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:

Accounts Receivable facilities:

•            $400,000 to a regional freight-all-kinds transport company in Maryland. 

•            $200,000 to a freight-all-kinds transport company in Wyoming.

•            $150,000 to an intermodal transportation company in South Carolina.

•            $150,000 to a regional auto hauling company in Maryland.

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

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

Asset-Based Lending facilities:

•            $6,000,000 with an additional $1,575,380 term loan to an aluminum pole manufacturer in Ohio.

Ledgered Line of Credit facilities:

•            $2,000,000 (CAD) to an ice road transport company in the Northwest Territories.

•            $2,000,000 to a security consulting company located in California, with parent company in British Columbia.

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

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

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

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

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

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

•            $3,500,000 participation in a $7,000,000 construction-to-USDA perm loan for a landfill biogas project in Alabama.

•            A combined $7,542,372 in construction loans to three solar farms in Texas.

•            $295,000 SBA 7(a) loan to a tax preparation service 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