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Wintrust Receivables Finance Announces Closing of a New $1.5 Million Line of Credit to Support Growing Trucking Company
December 2, 2019
Source: Wintrust Receivables Finance
Wintrust Receivables Finance announced today the closing and funding of a $1.5 million credit facility for a trucking company based in Illinois. The company specializes in hauling dry goods, sheet metal, and general freight, while also providing transloading services.
“After maxing out its commercial bank line of credit, this family-run company had to turn away business,” said Jason LeuVoy, senior vice president of Wintrust Receivables Finance. “This new line of credit should give them the liquidity they need to continue growing.”
The new credit facility provides aggressive advance rates, a flexible covenant-free structure, and is designed to increase in size as the company and its financing needs continue to grow.
“With this line of credit, the company is expecting to nearly double its revenue over the next year,” said John Marrinson, executive vice president of Wintrust Receivables Finance. “We’re excited to see where this new level of financial support takes them."
Wintrust is a financial holding company with assets of approximately $35 billion whose common stock is traded on the Nasdaq Global Select Market. Built on the “HAVE IT ALL” model, Wintrust offers sophisticated technology and resources of a large bank while focusing on providing service-based community banking to each and every customer. Wintrust operates fifteen community bank subsidiaries with over 170 banking locations located in the greater Chicago and southern Wisconsin market areas. Additionally, Wintrust operates various non-bank business units including business units which provide commercial and life insurance premium financing in the United States, a premium finance company operating in Canada, a company providing short-term accounts receivable financing and value-added out-sourced administrative services to the temporary staffing services industry, a business unit engaging primarily in the origination and purchase of residential mortgages for sale into the secondary market throughout the United States, and companies providing wealth management services and qualified intermediary services for tax-deferred exchanges.
For more information, please contact:
Senior Vice President and National Head of Originations
Wintrust Receivables Finance