Wintrust Receivables Finance closed a $5 million accounts receivable-based line of credit for a Midwest-based provider of expedited freight and transportation.
After a strong year in 2018, the transportation firm experienced a drop in revenue and gross margin during 2019 due to excess capacity in the U.S. freight market combined with lower freight volumes from customers. By early 2020, the company’s bank requested that it find a new lender for its working capital line of credit.
Wintrust Receivables Finance evaluated the situation and provided the firm with a new line of credit.
“We are excited to add this company to our growing portfolio of clients in the transportation and logistics industry,” Jason LeuVoy, senior vice president of Wintrust Receivables Finance, said. “This new line of credit will give the company the financial stability, flexibility and liquidity they need to execute their business plan for the rest of 2020 and beyond.”