Crestmark, the Commercial Finance Division of MetaBank, Provides More Than $16.9 Million in Commercial Financing to 78 Businesses in the Second Half of April

Posted 05/14/2021
TROY, Mich., (May 14, 2021) – Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $5,400,000 in ABL/factoring financial solutions for nine new clients; Crestmark Equipment Finance provided $5,707,263 in 22 new transactions; Crestmark Vendor Finance provided $4,865,488 in 45 new transactions; and the Government Guaranteed Lending group provided $980,000 in financing for two new clients in the second half of April.
  • Crestmark’s Asset-Based Lending and Factoring:
    • On Apr. 16, a $150,000 accounts receivable purchase facility was provided to a refrigerated transportation company in Nebraska. The financing will be used for working capital purposes.
    • o   On Apr. 21, a $1,500,000 accounts receivable purchase facility was provided to a flatbed transportation company in Ohio. The financing will be used for working capital purposes.
    • A $750,000 ledgered line of credit facility was provided to a machine fixtures manufacturer in Texas on Apr. 22. The financing will be used to pay off an existing lender and for working capital purposes.
    • On Apr. 23, a $2,000,000 ledgered line of credit facility was provided to a fuel broker in Michigan. The financing will be used to pay off an existing lender and for working capital purposes.
    • A $150,000 accounts receivable purchase facility was provided to a freight-all-kinds trucking company in South Carolina on Apr. 23. The financing will be used for working capital purposes.
    • On Apr. 23, a $150,000 accounts receivable purchase facility was provided to a dry van trucking company in Indiana. The financing will be used for working capital purposes.
    • A $400,000 accounts receivable purchase facility was provided to a trucking company in North Carolina on Apr. 23. The financing will be used to pay off an existing lender and for working capital purposes.
    • On Apr. 23, a $150,000 accounts receivable purchase facility was provided to a dry van trucking company in Massachusetts. The financing will be used for working capital.
    • A $150,000 accounts receivable purchase facility was provided to a flatbed trucking company in Massachusetts on Apr. 28. The financing will be used for working capital.

       

  • Crestmark Equipment Finance funded $5,707,263 in 22 new lease transactions in the second half of April.
  • Crestmark Vendor Finance funded $4,865,488 in 45 new transactions in the second half of April. Some highlights include:
    • An equipment finance transaction was completed with a transportation company in the southeastern U.S. on Apr. 20. The financing will be used for operational equipment.
    • On Apr. 22, an equipment finance transaction was completed with a medical company in the midwestern U.S. The financing will be used for a medical equipment.
    • A new equipment finance transaction was completed with a crop farm in the western U.S. on Apr. 27. The financing will be used for operational equipment.

       

  • Government Guaranteed Lending:
    • A $290,000 SBA 7(a) term loan facility was provided to a restaurant franchise in Florida on Apr. 23. The financing will be used for acquisition purposes.
    • On Apr. 30, a $690,000 SBA 7(a) term loan facility was provided to an independent insurance agency in Missouri. The financing will be used to pay off an existing lender and for working capital purposes. 
Author
Lisa Beattie
Organization
Crestmark
Phone Number
248.267.1639

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