Wintrust Receivables Finance closed a $4 million account receivable line of credit for a Midwest-based transportation broker. The company was founded in mid-2020 by multiple veterans of the domestic freight industry and focuses on full truckload freight for companies across the United States. Although still in the early stages, the company expects to generate nearly $40 million of revenue during the 2022 fiscal year.
The company experienced growth in mid-2021 and was in need of a banking partner that had expertise financing companies in the transportation industry. The $4 million line of credit from Wintrust Receivables Finance will be the firm’s first line of credit and will allow it to further accelerate its growth with additional working capital support. In addition to the new line of credit, Wintrust Receivables Finance is also providing a full suite of treasury management products and services.
“The amount of top line revenue the company has been able to generate in a relatively short time in business has impressed our team. We believe it demonstrates a high level of business development skill but also the ability to deliver a high level of service to the market,” Jason LeuVoy, senior vice president at Wintrust Receivables Finance, said. “The WRF team has a long track record of financing earlier stage companies, and we think this transaction will make another excellent addition to our portfolio of transportation and logistics clients.”
