TROY, Mich., (Feb. 28, 2022) – Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $3,291,085 in ABL/factoring financial solutions for 14 new clients; Crestmark Equipment Finance provided $24,477,897 in seven new transactions; Crestmark Vendor Finance provided $5,096,070 in 40 new transactions in the first half of February.
Asset-Based Lending and Factoring financial solutions to be used for various purposes such as working capital and to pay off existing lenders included:
Accounts Receivable facilities:
• $500,000 (USD) and $500,000 (CAD) to an oil and gas services company in Alberta.
• $400,000 to a refrigerated trucking company in California.
• $300,000 to a freight-all-kinds trucking company in California.
• $300,000 to a dry van trucking company in California.
• $200,000 to an auto hauling company in Texas.
• $150,000 to a flatbed trucking company in Texas.
• $150,000 to a refrigerated trucking company in Louisiana.
• $150,000 to a freight-all-kinds trucking company in North Carolina.
• $150,000 to a freight brokerage in North Carolina.
• $150,000 to a flatbed trucking company in Texas.
• $150,000 to a freight-all-kinds trucking company in Texas.
• $150,000 to a dry van trucking company in New Jersey.
• $150,000 to a freight-all-kinds trucking company in North Carolina.
Term Loan facilities:
• $168,000 to an investment company in Michigan.
Equipment Finance transactions included, but were not limited to:
• $13,464,568 to an airport services company in the southeastern U.S. for industrial equipment.
• $4,166,208 to a coal mining company in the eastern U.S. for capital equipment.
• $2,381,202 to a hardware supplier in the midwestern U.S. for IT equipment.
Vendor Finance equipment finance transactions included, but were not limited to:
• A construction company in the southeastern U.S. for operational equipment.
• A transportation company in the southern U.S. for transportation equipment.
• A medical company in the southern U.S. for transportation equipment.
• A food manufacturing company in the midwestern U.S. for operational equipment.