Crestmark, the Commercial Finance Division of MetaBank, Provides More Than $34.1 Million in Commercial Financing to 47 Businesses in the First Half of May

Posted 06/01/2021

TROY, Mich., (May 31, 2021) – Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $15,790,000 in ABL/factoring financial solutions for 12 new clients; Crestmark Equipment Finance provided $15,547,956 in seven new transactions; Crestmark Vendor Finance provided $2,791,048 in 28 new transactions in the first half of May.

  • Crestmark’s Asset-Based Lending and Factoring:
    • On May 4, a $200,000 accounts receivable purchase facility was provided to a power-only freight transportation company in Alabama. The financing will be used for working capital purposes.
    • On May 5, a $150,000 accounts receivable purchase facility was provided to a general freight trucking company in Maryland. The financing will be used for working capital purposes.
    • A $150,000 accounts receivable purchase facility was provided to a regional trucking company in North Carolina on May 5. The financing will be used for working capital purposes.
    • On May 6, a $150,000 accounts receivable purchase facility was provided to a power-only load transportation company in Pennsylvania. The financing will be used for working capital purposes.
    • A $200,000 accounts receivable purchase facility was provided to a refrigerated transportation company in Alabama on May 6. The financing will be used for working capital purposes.
    • On May 7, a $150,000 accounts receivable purchase facility was provided to a flatbed trucking company in Montana. The financing will be used for working capital purposes.
    • A $150,000 accounts receivable purchase facility was provided to a trucking company in North Carolina on May 7. The financing will be used for working capital purposes.
    • On May 11, a $200,000 ledgered line of credit facility was provided to an IT solutions and staffing services company in Florida. The financing will be used for working capital purposes.
    • A $150,000 accounts receivable purchase facility was provided to a refrigerated trucking company in California on May 11. The financing will be used for working capital purposes.
    • On May 12, a $3,000,000 asset-based lending facility and $990,000 term loan facility were provided to an automotive metal stamping services company in Michigan. The financing will be used to pay off an existing lender and for working capital purposes.
    • A $300,000 accounts receivable purchase facility was provided to a regional trucking company in Florida on May 12. The financing will be used for working capital purposes.
    • On May 13, a $10,000,000 term loan facility was provided to a development company in Michigan. The financing will be used for acquisition purposes.
  • 15,547,956 in seven new lease transactions in the first half of May. Some highlights include:
    • On May 12, a $5,000,000 new lease transaction was completed with a manufacturing company in the midwestern U.S. The financing will be used for operational equipment.
    • A $4,050,000 new lease transaction was completed with an inland water freight company in the southern U.S. on May 13. The financing will be used for operational equipment.
    • On May 13, a $4,111,279 new lease transaction was completed with a machinery manufacturing company in the northeastern U.S. The financing will be used for IT equipment.  
  • Crestmark Vendor Finance funded $2,791,048 in 28 new transactions in the first half of May. Some highlights include:
    • An equipment finance transaction was completed with a transportation company in the western U.S. on May 3. The financing will be used for operational equipment.
    • On May 5, an equipment finance transaction was completed with a spa and laser services company in the midwestern U.S. The financing will be used for medical equipment.
    • A new equipment finance transaction was completed with a dumpster rental company in the southern U.S. on May 10. The financing will be used for operational equipment.
    • On May 11, a new equipment finance transaction was completed with a food manufacturing company in the southern U.S. The financing will be used for operational equipment.

 

Author
Lisa Beattie
Organization
Crestmark, a division of MetaBank
Phone Number
248.267.1639

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