Crestmark, the Commercial Finance Division of MetaBank®, Provides More Than $81.5 Million in Commercial Financing to 82 Businesses in the Second Half of June

Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $18,746,500 in ABL/factoring financial solutions for 17 new clients; Crestmark Equipment Finance provided $20,200,221 in 13 new transactions; Crestmark Vendor Finance provided $3,641,406 in 42 new transactions; the Government Guaranteed Lending group provided $28,666,000 in financing for six new clients; and the Joint Ventures group provided $10,256,840 in four new transactions in the second half of June.

Asset-Based Lending and Factoring financial solutions to be used for various purposes such as working capital and to pay off an existing lender included:

Accounts Receivable facilities:

•            $2,000,000 to a freight-all-kinds trucking company in Kentucky.

•            $1,500,000 to a refrigerated trucking company in California.

•            $1,000,000 to a tools supply company in Texas.

•            $750,000 to a refrigerated transportation company in Arkansas.

•            $500,000 to a transportation company in North Carolina.

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

•            $250,000 to a transportation company in Arizona.

•            $250,000 to a nationwide transportation company in California.

•            $200,000 to a power-only carrier in Missouri.

•            $150,000 to a trucking company in Florida.

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

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

•            $150,000 to a trucking company in Michigan.

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

Ledgered Line of Credit facilities:

•            $8,000,000 to a consumer and industrial goods manufacturer in Pennsylvania.

•            $2,000,000 to an advanced technology manufacturer in California.

•            $1,300,000 (CAD) and $200,000 (USD) to a transportation company in Ontario Canada.

Equipment Finance transactions included, but were not limited to:

•            A government agency in the eastern U.S. for IT equipment. 

•            A machinery manufacturer in the northeastern U.S. for capital equipment.

•            A nutrition company in the midwestern U.S. for capital equipment.

•            A sporting goods retailer in the midwestern U.S. for capital equipment.

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

•            An industrial company in the southwestern U.S. for transportation equipment. 

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

•            A drilling and blasting company in the southwestern U.S. for transportation equipment.

•            A medical company in the western U.S. for medical equipment.

Government Guaranteed Lending financial solutions, to be used for various purposes such as acquisition, working capital, and more included:

•            $10,000,000 term loan to a renewable energy company in California.

•            $9,025,000 term loan to a solar developer in Missouri.

•            $5,000,000 SBA 7(a) loan and $200,000 conventional loan to a hospitality company in Texas.

•            $3,400,000 term loan to a solar developer in Pennsylvania.

•            $790,000 SBA 7(a) loan to an automotive services company in California.

•            $251,000 conventional loan to an independent insurance agency in Kentucky.

Joint Ventures financial solutions included:

•            Two operating leases totaling $6,656,840 to a solar developer in Maryland.

•            $2,830,000 term loan to a lumber producer in Michigan.

•            $770,000 operating lease to a solar developer in New York.

Crestmark, the Commercial Finance division of MetaBank®, N.A., provides innovative financial solutions for businesses nationwide. MetaBank is a financial enablement company that 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