- Leading Restructuring Lawyer Joins Latham & Watkins in New York
- Update: Texas Court Halts the FTC’s Rule Banning Non-Compete Clauses
- Olympic Athletics and Lending, Private Equity and Investing Success – Not as Different as You Might Think!
- SFNet Announces IMPACT Award Winners and 2024 Hall of Fame Inductees
Crestmark, the Commercial Finance Division of MetaBank®, Provides More Than $41.2 Million in Commercial Financing to 61 Businesses in the Second Half of February
March 15, 2022
By Crestmark, the Commercial Finance Division of MetaBank®, N.A.
TROY, Mich., (March 16, 2022) – Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $2,650,000 in ABL/factoring financial solutions for eight new clients; Crestmark Equipment Finance provided $27,844,322 in 26 new transactions; Crestmark Vendor Finance provided $2,624,820 in 25 new small ticket vendor transactions; and the Structured Finance group provided $8,115,000 in financing for two new clients in the second half of February.
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:
• $500,000 to a staffing company in California.
• $400,000 to a freight-all-kinds transport company in Massachusetts.
• $150,000 to a refrigerated trucking company in California.
• $150,000 to a refrigerated trucking company in South Carolina.
• $150,000 to a freight-all-kinds transport company in Tennessee.
• $150,000 to a refrigerated trucking company in Arkansas.
• $150,000 to a freight broker in Idaho.
Ledgered Line of Credit facilities:
• $1,000,000 to a transportation services provider in California.
Equipment Finance transactions included, but were not limited to:
• $9,404,762 to a navigational services company in the southern U.S. for capital equipment.
• $6,368,726 to a bank in the eastern U.S. for telecommunications equipment.
• $4,041,931 to an automotive manufacturing company in the midwestern U.S. for Information Technology equipment.
• $2,838,747 to a machinery manufacturing company in the eastern U.S. for operational equipment.
Vendor Finance equipment finance transactions included, but were not limited to:
• A telecom company in the southern U.S. for operational equipment.
• A waste management company in the eastern U.S. for transportation equipment.
• A fitness company in the eastern U.S. for fitness equipment.
• A transportation company in the western U.S. for transportation equipment.
Structured Finance solutions, to be used for various purposes such as acquisition, working capital, and more included:
• $7,700,000 term loan to a dairy farm in Idaho.
• $415,000 term loan to an insurance agency in Washington.
Crestmark, the Commercial Finance division of MetaBank®, N.A., provides innovative financial solutions for businesses nationwide. The MetaBank mission is Financial Inclusion for All® and the company works to increase financial availability, choice, and opportunity for all. Crestmark’s financing solutions include asset-based lending, accounts receivable financing, lines of credit, term loans, factoring, government guaranteed lending, machinery/equipment financing and equipment leasing. Crestmark has extensive experience in helping many industries including transportation, manufacturing, staffing, petrochemical, renewable energy, medical receivables, government contractors, hospitality/hotels, insurance agencies, and technology hardware/software. The Crestmark division is headquartered in Michigan, with additional offices in California, Louisiana, Tennessee, and representatives nationwide; and a Canadian foreign representative office. www.crestmark.com