Crestmark, the Commercial Finance Division of MetaBank®, Provides More Than $49.5 Million in Commercial Financing to 94 Businesses in May

TROY, Mich., (June 15, 2022) – Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $25,950,000 in ABL/factoring financial solutions for 23 new clients; Crestmark Equipment Finance provided $16,094,651 in 20 new large ticket transactions and $6,435,042 in 50 new small ticket vendor transactions; and the Structured Finance group provided $1,050,000 in financing for one new client in May.

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:

•            $1,000,000 to a freight-all-kinds trucking company in California.

•            $750,000 to a logistics management company in New Jersey.

•            $750,000 to a transportation company in Missouri. 

•            $500,000 to a general freight company in Texas.

•            $350,000 to a freight-all-kinds trucking company in Utah.

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

•            $200,000 to a trucking company in Maryland.

•            $150,000 to a regional transport company in Mississippi.

•            $150,000 to a bulk hauling company in Tennessee.

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

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

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

•            $150,000 to a dry van transportation company in North Carolina.

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

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

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

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

•            $100,000 to a trucking company in California.

Asset-Based Lending facilities:

•            $6,500,000 to a meat processor in Texas.

•            $4,000,000 to a pre-form plastics manufacturer in California.

•            $3,500,000 to a diagnostic testing services provider in California.

Ledgered Line of Credit facilities:

•            $3,500,000 to a heavy hauling and rigging services provider in Texas.

•            $3,000,000 to an oil and gas transportation services provider in Texas.

Equipment Finance transactions included, but were not limited to:

•            $2,042,334 to a manufacturing company in the midwestern U.S. for capital equipment.

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

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

•            A waste metal fabrication company in the eastern U.S. for operational equipment.

•            A freight shipping and trucking company in the northeastern U.S. for transportation equipment.

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

•            A production company in the southwestern U.S. for operational equipment.

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

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

•            $1,050,000 SBA 7(a) loan to an insurance agency in Florida.

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.