Crestmark Provides $41.4MM+ in Commercial Financing to 51 Businesses

November 15, 2021, 07:20 AM

Filed Under: Transaction Announcements

Related: Asset-Based Lending, Crestmark, Factoring, MetaBank, Vendor Finance

Crestmark, the Commercial Finance Division of MetaBank, announced that it provided more than $41.4 million in commercial financing to 51 businesses in the second of October. Crestmark secured a total of $18,247,152 in ABL/factoring financial solutions for 16 new clients; Crestmark Equipment Finance provided $5,439,199 in nine new transactions; Crestmark Vendor Finance provided $2,367,322 in 25 new transactions; and the Government Guaranteed Lending group provided $15,425,000 in financing for one new client in the second half of October.

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:

$3,000,000 to a Freight All Kinds trucking company in Texas.
$1,000,000 to a Freight All Kinds trucking company in Michigan.
$750,000 to a Freight All Kinds trucking company in California.
$600,000 to a flatbed and power only trucking company in Nebraska.
$300,000 to a refrigerated transport company in New York.
$150,000 to a dry van trucking company in Mississippi.
$150,000 to a general freight trucking company in Florida.
$150,000 to a dry van trucking company in Georgia.
$150,000 to a hot shot trucking company in Kansas.
$150,000 to a refrigerated transport company in Florida.

Ledgered Line of Credit facilities:

$5,000,000 to a specialty chemical distributor in Ontario, Canada.
$3,000,000 to a tree service company in California.
$2,000,000 to a parts stamping and assembly provider in Illinois.
$800,000 (CAD) and $200,000 (USD) to a transportation company in Ontario, Canada.
$500,000 to a temporary staffing company in California.
$500,000 to a temporary staffing company in California.

Vendor Finance equipment finance transactions included, but were not limited to:

A food manufacturing company in the western U.S. for operational equipment.
A transportation company in the eastern U.S. for transportation equipment.
A medical company in the western U.S. for medical equipment.

Government Guaranteed Lending financial solutions, to be used for various purposes such as acquisition, working capital, and more included:

Participation of $5,425,000 and $10,000,000 respectively in a combined $30,850,000 term and non-revolving line of credit funding to an investment advisory firm in Missouri.