- Smart Eye Expands its Credit Facility
- Ares Commercial Finance Served as Lead and Agent for the Financing of a $210 Million Senior Secured Cross-Border Revolving Line of Credit to MicroStar Logistics
- Singing Machine Company Secures $15.0 Million Senior Secured Financing with Fifth Third Bank
- Valley Bank Hires Matthew Weidle to Lead Chicago and Midwest Markets
- Rosenthal Broadens Its Financing Offerings to Span Both Recourse and Non-Recourse Factoring
Crestmark, the Commercial Finance Division of MetaBank®, Provides More Than $26.8 Million in Commercial Financing to 43 Businesses in the Second Half of April
May 16, 2022
TROY, Mich., (May 16, 2022) – Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $12,801,160 in ABL/factoring financial solutions for 11 new clients; Crestmark Equipment Finance provided $10,080,680 in 11 new large ticket transactions and $2,320,351 in 20 new small ticket vendor transactions; and the Structured Finance group provided $1,600,000 in financing for one new client in the second half of April.
Working Capital, Asset-Based Lending and Factoring financial solutions to be used for various purposes such as working capital and to pay off existing lenders were provided:
Accounts Receivable facilities:
• $750,000 to a dry freight transportation company in California.
• $700,000 to a dry freight transportation company in California.
• $300,000 to a refrigerated trucking company in Texas.
• $150,000 to a dry freight transportation company in California.
• $150,000 to a power only trucking company in Georgia.
• $150,000 to a power only trucking company in South Carolina.
• $150,000 to a regional transportation company in Maryland.
Ledgered Line of Credit facilities:
• $4,000,000 (CAD) to a chemical manufacturer in Alberta, Canada.
• $3,250,000 to a machining shop and foundry in Illinois.
• $3,000,000 to a bottling and distribution company in Florida.
• $1,000,000 to an oil and gas staffing services company in California.
Equipment Finance transactions included, but were not limited to:
• $5,779,874 to a freight transportation company in the southern U.S. for operational equipment.
Small Ticket Vendor Equipment Finance transactions included, but were not limited to:
• A trucking company in the western U.S. for transportation equipment.
• An oil and gas services company in the southern U.S. for transportation equipment.
• A pool construction company in the western U.S. for transportation equipment.
• A farming company in the southern U.S. for construction equipment.
Structured Finance solutions, to be used for various purposes such as acquisition, working capital, and more included:
• $1,600,000 term loan to a solar developer in California.
Crestmark is the Commercial Finance division of MetaBank®, N.A., a U.S.-based financial empowerment company driven by its purpose to power financial inclusion for all™. MetaBank strives to increase financial availability, choice, and opportunity across its strategic service lines including Payments, Commercial Finance, and Consumer Solutions, which is comprised of tax services and consumer lending. Crestmark products include asset-based lending, accounts receivable financing, equipment leasing/financing and structured financing, which includes SBA and USDA lending. With representatives across the country and a Canadian foreign representative office, Crestmark helps industries nationwide including transportation, manufacturing, staffing, renewable energy, medical receivables, insurance agencies, and technology. On March 29, 2022, MetaBank announced it is changing its name to Pathward™, N.A. The company will make certain changes immediately and fully transition to Pathward by the end of this calendar year. Learn more about MetaBank at MetaBank.com and Crestmark at Crestmark.com.
