TSL Express Daily News

Wintrust Receivables Finance (WRF) is happy to announce the closing of a new $7.5 million account receivable line of credit for a Midwest-based transportation broker that specializes in drayage. Drayage is the transport of goods by truck from a seaport, inland port, or intermodal terminal when both destinations are in the same urban area. The firm originally started as a freight agent in 2020 and subsequently transitioned to an independent company with its own Motor Carrier Authority in mid-2021. The company has experienced a significant amount of growth since going independent, with material opportunities for additional growth as the U.S. economy continues to depend heavily on imported goods. At the time the company was introduced to WRF they were concerned that their incumbent lender would not have the ability to provide the level of working capital support they would need to execute their 2023 plan and beyond. The new $7.5 million line is more than double what the previous lender was able to provide. With the larger WRF line in place, the company’s management feels they have access to the working capital they need to continue executing their growth plans. 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 WRF Group Senior Vice President Jason LeuVoy, “Brokering drayage freight can be more complex than most other modes of transportation. Our client’s attention to detail has allowed them to quickly ramp up their business by providing a higher level of service than their competition.” LeuVoy added, “The WRF team has successfully financed companies across all modes of transportation, and we look forward to providing the financial backing the company needs to achieve their growth goals.”

About Wintrust Receivables Finance

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

About Wintrust

Wintrust is a financial holding company with assets of approximately $53 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 companyproviding 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:
Jason LeuVoy
312-550-3056
jleuvoy@wintrust.com