Crestmark, the Commercial Finance Division of MetaBank®, Provides More Than $66.5 Million in Commercial Financing to 67 Businesses in the Second Half of May

Posted 06/14/2021

TROY, Mich., (June 14, 2021) – Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $48,850,000 in ABL/factoring financial solutions for 14 new clients; Crestmark Equipment Finance provided $11,977,955 in 13 new transactions; Crestmark Vendor Finance provided $3,492,993 in 37 new transactions; and the Government Guaranteed Lending group provided $2,255,000 in financing for three new clients in the second half of May.

  • Crestmark’s Asset-Based Lending and Factoring:
    • On May 18, a $3,000,000 ledgered line of credit facility was provided to a staffing company in Florida. The financing will be used to pay off an existing lender and for working capital purposes.
    • On May 18, a $500,000 accounts receivable purchase facility was provided to a trucking company in Kentucky. The financing will be used for working capital purposes.
    • A $300,000 accounts receivable purchase facility was provided to a flatbed trucking company in Michigan on May 18. The financing will be used for working capital purposes.
    • On May 19, a $150,000 accounts receivable purchase facility was provided to a dry van transportation company in Arkansas. The financing will be used for working capital purposes.
    • A $150,000 accounts receivable purchase facility was provided to a dry van transportation company in Florida on May 19. The financing will be used for working capital purposes.
    • On May 20, a $200,000 accounts receivable purchase facility was provided to a refrigerated trucking company in Georgia. 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 trucking company in Florida on May 24. The financing will be used for working capital purposes.
    • On May 25, nine accounts receivable purchase facilities totaling $15,000,000 were provided to a nationwide transportation group in California. The financing will be used for working capital purposes.
    • A $10,000,000 term loan facility was provided to a healthcare facilities group in Arkansas on May 26. The financing will be used for costs associated to acquisition and for working capital.
    • On May 26, a $2,000,000 accounts receivable purchase facility was provided to a steel distributor in Illinois. The financing will be used for working capital purposes.
    • A $7,000,000 asset-based line of credit facility was provided to a seafood wholesaler in Florida on May 27. The financing will be used to pay off an existing lender and for working capital purposes.
    • On May 27, a $400,000 accounts receivable purchase facility was provided to a transportation company in Indiana. The financing will be used to pay off an existing lender and for working capital purposes.
    • A $5,000,000 ledgered line of credit facility was provided to a seafood products provider in Texas on May 28. The financing will be used to pay off an existing lender and for working capital purposes.

  • Crestmark Equipment Finance funded $11,977,955 in 13 new lease transactions in the second half of May. Some highlights include:
    • A $2,458,775 new lease transaction was completed with a state governmental agency in the southern U.S. on May 24. The financing will be used for operational equipment.
    • On May 30, a $2,240,861 new lease transaction was completed with a petrochemical manufacturing company in the western U.S. The financing will be used for capital equipment.
  • Crestmark Vendor Finance funded $3,492,993 in 37 new transactions in the second half of May. Some highlights include:
    • A new equipment finance transaction was completed with a transportation company in the southern U.S. on May 17. The financing will be used for operational equipment.
    • On May 19, a new equipment finance transaction was completed with a dental laboratory in the southern U.S. The financing will be used for operational equipment.
    • An equipment finance transaction was completed with an auto repair company in the northeastern U.S. on May 21. The financing will be used for operational equipment.
    • On May 24, an equipment finance transaction was completed with a medical company in the northeastern U.S. The financing will be used for operational equipment.

 

  • Government Guaranteed Lending:
    • An $145,000 SBA term loan facility was provided to a printing services company in Maryland on May 21. The financing will be used for acquisition purposes.
    • On May 25, a $1,630,000 SBA 7(a) term loan facility was provided to an investment advisory firm in Ohio. The financing will be used for acquisition purposes.
    • A $480,000 SBA 7(a) loan facility was provided to a printing parts manufacturer in New Hampshire on May 26. The financing will be used for acquisition purposes.

 

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

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