Crestmark Provides $21.8MM in ABL/Factoring Solutions in H2/Sept

Crestmark, the commercial finance division of MetaBank, secured a total of $21.8 million in asset-based lending and factoring financial solutions for nine new clients and Crestmark’s government guaranteed lending group provided $4.29 million in financing for six new clients in the second half of September. In addition, Crestmark Equipment Finance provided $16,943,798 in 12 new transactions and Crestmark Vendor Finance provided $4,584,629 in 48 new transactions.

Asset-based lending and factoring financial solutions to be used for various purposes, such as for working capital and to pay off existing lenders, included:

• A $2.5 million accounts receivable facility to a freight all kinds trucking company in Texas

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• A $500,000 accounts receivable facility to an integrated solutions company in Texas

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• A $300,000 accounts receivable facility to a power-only transport company in Illinois

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• A $150,000 accounts receivable facility to a regional trucking company in Maryland

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• A $150,000 accounts receivable facility to a power-only transport company in Massachusetts

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• A $150,000 accounts receivable facility to a dry van transport company in Virginia

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• A $10 million ledgered line of credit facility to a telecommunications company in Arizona

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• A $5 million ledgered line of credit facility with an additional $557,000 term loan to a steel fabricator in Michigan

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• A $2.5 million ledgered line of credit facility to a technologies manufacturer in California

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Government guaranteed lending financial solutions to be used for various purposes, such as for acquisitions and working capital, included:

• A $1.6 million USDA B&I loan to a solar company in California

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• A $1.6 million USDA B&I loan to a solar company in California

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• A $360,000 SBA 7(a) loan to an insurance agency in Michigan

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• A $350,000 SBA 7(a) loan to a fresh foods franchisee in California

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• A $210,000 SBA 7(a) loan to a fresh food franchisee in Florida

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• A $170,000 SBA 7(a) loan to an independent insurance agency in Florida

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Crestmark Equipment Finance transactions included, but were not limited to:

• A trucking company in the southern U.S. for transportation equipment

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• A telecommunications company in the western U.S. for capital equipment

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

• A manufacturing company in the southern U.S. for construction equipment

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• A bottle manufacturing company in the Midwest U.S. for operational equipment

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• A trucking company in the western U.S. for transportation equipment

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• A medical transportation company in the southern U.S. for transportation equipment

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