Crestmark Provides $16.9MM+ in Commercial Financing to 78 Businesses

May 14, 2021, 07:07 AM

Filed Under: Transaction Announcements

Related: Crestmark, Crestmark Equipment Finance, Crestmark Vendor Finance

Crestmark, the Commercial Finance Division of MetaBank, announced it provided more than $16.9 million in commercial financing to 78 businesses in the second half of April. Crestmark Equipment Finance provided $5,707,263 in 22 new transactions; Crestmark Vendor Finance provided $4,865,488 in 45 new transactions; Crestmark secured a total of $5,400,000 in ABL/factoring financial solutions for nine new clients; and the Government Guaranteed Lending group provided $980,000 in financing for two new clients.

Crestmark’s Asset-Based Lending and Factoring

On April 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.
On April 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 April 22. The financing will be used to pay off an existing lender and for working capital purposes.
On April 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 April 23. The financing will be used for working capital purposes.
On April 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 April 23. The financing will be used to pay off an existing lender and for working capital purposes.
On April 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 April 28. The financing will be used for working capital.

Crestmark Vendor Finance

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 April 20. The financing will be used for operational equipment.
On April 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 April 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 April 23. The financing will be used for acquisition purposes.
On April 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.