Crestmark Provides $75.5MM+ in Commercial Financing to 112 Businesses in June

August 01, 2022, 07:18 AM

Filed Under: Transaction Announcements

Related: Crestmark, Crestmark Equipment Finance, MetaBank, Pathward

Crestmark, the Commercial Finance Division of Pathward, N.A., announced it provided more than $75.5 million in commercial financing to 112 Businesses in June. Crestmark secured a total of $33,772,677 in ABL/factoring financial solutions for 23 new clients; Crestmark Equipment Finance provided $18,865,360 in 17 new large ticket transactions and $7,174,032 in 67 new small-ticket vendor transactions; and the Structured Finance group provided $15,689,940 in financing for five new clients in June.

Working Capital, Asset-Based Lending and Factoring financial solutions to be used for various purposes such as working capital and to pay off existing lenders were provided:

Accounts Receivable facilities:

$2,000,000 to a freight-all-kinds trucking company in Illinois.
$1,000,000 to a wellsite services provider in Texas.
$500,000 to a hospitality staffing company in California.
$300,000 to a freight-all-kinds trucking company in New York.
$300,000 to a flatbed transportation company in Missouri.
$200,000 to a medical hardware supplier in Texas.
$150,000 to a hot shot trucking company in Alabama.
$150,000 to a refrigerated trucking company in Arkansas.
$150,000 to a freight-all-kinds trucking company in Texas.
$150,000 to a refrigerated trucking company in California.
$150,000 to a freight brokerage in Nebraska.
$150,000 to a refrigerated transportation company in Tennessee.
$150,000 to a flatbed trucking company in Georgia.
$150,000 to a freight-all-kinds trucking company in Mississippi.
$150,000 to a freight broker in Kansas.
$150,000 to a flatbed trucking company in Texas.
$150,000 freight-all-kinds trucking company in North Carolina.
$100,000 to a dry van trucking company in California.

Asset-Based Lending facilities:

$18,000,000 to an extrusions manufacturer in Michigan.
$5,000,000 to a petroleum products provider in Missouri.

Ledgered Line of Credit facilities:

$2,000,000 Canadian Dollars (CAD) and $500,000 U.S. Dollars to a transportation company in Ontario, Canada.
$1,500,000 (CAD) to an aggregate supplier in Alberta, Canada.
$1,500,000 to a contractor in North Carolina.

Equipment Finance transactions included, but were not limited to:

$6,256,663 to a sanitation products manufacturer in the southeastern U.S. for warehousing equipment.
$4,365,295 to an automotive manufacturer in the southeastern U.S. for alternative energy equipment.
$3,096,140 to a technologies manufacturer in the northwestern U.S. for operational equipment.

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

A logistics company in the western U.S. for transportation equipment.
A waste management company in the eastern U.S. for capital equipment.
A health and wellness company in the midwestern U.S. for medical equipment.
A transportation company in the southern U.S. for transportation equipment.

Structured Finance solutions, to be used for various purposes such as acquisition, working capital, and more included:

$7,495,000 term loan to an investment advisory firm in Michigan.
$6,645,000 U.S. Department of Agriculture Business and Industry loan to a hospitality company in Ohio.
$740,000 term loan to an independent insurance agency in Texas.
$679,940 term loan to a solar developer in California.
$130,000 Small Business Administration 7(a) loan to an independent insurance agency in Missouri.

Crestmark is a commercial finance provider that, until a recent name change, was a division of MetaBank. Crestmark is now a business line within Pathward, N.A.