Crestmark, the Commercial Finance Division of MetaBank®, Provides More Than $101.7 Million in Commercial Financing to 142 Businesses in Late March and Early April

TROY, Mich., (April 28, 2022) – Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $56,450,000 in ABL/factoring financial solutions for 26 new clients; Crestmark Equipment Finance provided $25,043,991 in 21 new large ticket transactions and $11,837,288 in 93 new small ticket vendor transactions; and the Structured Finance group provided $8,369,000 in financing for two new clients in the second half of March and first half of April.

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:

•            $2,000,000 to a freight-all-kinds transportation company in Illinois. 

•            $2,000,000 to a general freight transportation company in Illinois. 

•            $300,000 to a flatbed trucking company in Georgia.

•            $200,000 to a dry van transport company in Florida.

•            $200,000 to a power only trucking company in California.

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

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

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

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

•            $150,000 to a power only trucking company in North Carolina.

•            $150,000 to a refrigerated transportation company in Arizona.

•            $150,000 to a freight-all-kinds transportation company in Florida.

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

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

•            $150,000 to a power only trucking company in New Jersey.

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

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

•            $150,000 to a waste transport company in Maryland.

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

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

Asset-Based Lending facilities:

•            $22,500,000 to a solid surface wholesale distributor in Pennsylvania.

•            $8,500,000 to an automotive aftermarket supplier in Illinois.

•            $7,000,000 to a flooring distributor in California.

•            $3,500,000 to a furniture manufacturer in Michigan.

•            $3,000,000 to a solar mounting systems manufacturer in Washington.

Ledgered Line of Credit facilities:

•            $5,000,000 to a solar battery pack provider in California.

Equipment Finance transactions included, but were not limited to:

•            $7,837,378 to an oil and gas field services company in the southern U.S. for construction equipment.

•            $3,577,738 to a food products provider in the southern U.S. for capital equipment.

•            $2,265,092 to a commercial services company in the eastern U.S. for operational equipment.

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

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

•            A window covering company in the western U.S. for capital equipment.

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

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

•            A printing company in the southern 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 operational equipment.

•            A container company 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:

•            $8,098,000 term loan to an investment advisor in California.

•            $271,000 SBA 7(a) loan to an insurance agency in New York.

Crestmark is the Commercial Finance division of MetaBank®, N.A., a U.S.-based financial empowerment company driven by its purpose to power financial inclusion for all™. MetaBank strives to increase financial availability, choice, and opportunity across its strategic service lines including Payments, Commercial Finance, and Consumer Solutions, which is comprised of tax services and consumer lending. Crestmark products include asset-based lending, accounts receivable financing, equipment leasing/financing and structured financing, which includes SBA and USDA lending. With representatives across the country and a Canadian foreign representative office, Crestmark helps industries nationwide including transportation, manufacturing, staffing, renewable energy, medical receivables, insurance agencies, and technology. On March 29, 2022, MetaBank announced it is changing its name to Pathward™, N.A. The company will make certain changes immediately and fully transition to Pathward by the end of this calendar year. Learn more about MetaBank at MetaBank.com and Crestmark at Crestmark.com.