Wintrust Receivables Finance Announces Closing of New $3.5M Line of Credit for Early Stage, Fast Growing, Third-Party Logistics Company

Wintrust Receivables Finance (WRF) is happy to announce the closing of a new $3,500,000 account receivable line of credit for a Midwest-based third-party logistics company. The company was founded in late 2022 by a logistics industry veteran. The CEO and founder has nearly 20 years of experience growing early-stage companies from start-up to hundreds of millions of dollars in annual revenue. The company focuses on dry van and full truckload freight, working with a number of large “enterprise” shippers from around the country. Despite the difficult domestic freight market in 2023, the company was able to produce month over month revenue growth while maintaining profitability. The company is targeting additional growth in 2024 as they add new customers and the domestic freight market recovers from a historically difficult year. Prior to moving to WRF, the company had funded its working capital financing needs through the initial equity investment of the CEO. The new WRF facility will give the company the additional liquidity they need to continue their growth plans in 2024 and beyond. In addition to the new line of credit, the WRF team is also providing a full suite of Treasury Management products and services.

According to Jason LeuVoy, Wintrust Business Credit National Head of Originations, “Our team has known the CEO for several years through a number of mutual contacts in the logistics space. Given his track record and the company’s early success, our team was happy to get involved at this early stage to play our part in the company’s future growth plans by delivering a flexible and aggressive working capital financing structure.” LeuVoy added, “The WRF team has a long track record of supporting the working capital financing needs of companies in the logistics industry during multiple industry cycles, and we think this transaction will make another excellent addition to our portfolio of transportation and logistics clients.”

For more information, please contact Jason LeuVoy at 312-550-3056 or jleuvoy@wintrust.com.

Banking products provided by Wintrust Financial Corp. banks.

About Wintrust Receivables Finance

Wintrust Receivable Finance is a division of Wintrust Bank N.A.  Wintrust Receivable Finance provides aggressively structured working capital lines of credit from $2,000,000 to $50,000,000, for middle market companies around the country who are able to obtain the level of financing they need through a more traditional commercial bank underwriting.

About Wintrust

Wintrust Financial Corporation is a financial holding company with assets of approximately $56 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 15 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 that 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. Visit wintrust.com for more information.