Wintrust Receivables Finance closed a $15 million account receivable line of credit for a Midwest-based transportation broker. The company focuses on full truckload freight for companies in the food and beverage vertical. The company’s customer list includes multiple fortune 500 firms. The company experienced more than 50% growth in revenue during 2021 and is projecting to nearly double revenue during 2022.
The company was concerned its incumbent bank would not have the ability to provide the level of working capital support it would need to execute its 2022 plan. The new $15 million line is more than double what the company’s previous bank was able to provide. In addition to the new line of credit, the Wintrust Receivables Finance team is also providing treasury management products and services.
“We have been impressed with how this company has been able to grow their revenue year over year with their fortune 500 client base,” Jason LeuVoy, senior vice president at Wintrust Receivable Finance, said. “This level of organic growth with these enterprise shippers demonstrates the high level of service they are providing to the marketplace. The WRF team has a long track record of financing high-growth firms, and we think this transaction will make another excellent addition to our portfolio of transportation and logistics clients.”
