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
- A $500,000 accounts receivable facility to an integrated solutions company in Texas
- A $300,000 accounts receivable facility to a power-only transport company in Illinois
- A $150,000 accounts receivable facility to a regional trucking company in Maryland
- A $150,000 accounts receivable facility to a power-only transport company in Massachusetts
- A $150,000 accounts receivable facility to a dry van transport company in Virginia
- A $10 million ledgered line of credit facility to a telecommunications company in Arizona
- A $5 million ledgered line of credit facility with an additional $557,000 term loan to a steel fabricator in Michigan
- A $2.5 million ledgered line of credit facility to a technologies manufacturer in California
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
- A $1.6 million USDA B&I loan to a solar company in California
- A $360,000 SBA 7(a) loan to an insurance agency in Michigan
- A $350,000 SBA 7(a) loan to a fresh foods franchisee in California
- A $210,000 SBA 7(a) loan to a fresh food franchisee in Florida
- A $170,000 SBA 7(a) loan to an independent insurance agency in Florida
Crestmark Equipment Finance transactions included, but were not limited to:
- A trucking company in the southern U.S. for transportation equipment
- A telecommunications company in the western U.S. for capital equipment
Crestmark Vendor Finance equipment finance transactions included, but were not limited to:
- A manufacturing company in the southern U.S. for construction equipment
- A bottle manufacturing company in the Midwest U.S. for operational equipment
- A trucking company in the western U.S. for transportation equipment
- A medical transportation company in the southern U.S. for transportation equipment