Crestmark Provides $81.5MM+ in Commercial Financing to 82 Businesses

July 22, 2021, 07:06 AM

Filed Under: Transaction Announcements

Related: Crestmark, Crestmark Equipment Finance, Crestmark Vendor Finance

Crestmark, the Commercial Finance Division of MetaBank, announced it provided more than $81.5 million in Commercial Financing to 82 businesses in the second half of June. Crestmark secured a total of $18,746,500 in ABL/factoring financial solutions for 17 new clients; Crestmark Equipment Finance provided $20,200,221 in 13 new transactions; Crestmark Vendor Finance provided $3,641,406 in 42 new transactions; the Government Guaranteed Lending group provided $28,666,000 in financing for six new clients; and the Joint Ventures group provided $10,256,840 in four new transactions in the second half of June.

Asset-Based Lending and Factoring financial solutions to be used for various purposes such as working capital and to pay off an existing lender included:

Accounts Receivable facilities:

$2,000,000 to a freight-all-kinds trucking company in Kentucky.
$1,500,000 to a refrigerated trucking company in California.
$1,000,000 to a tools supply company in Texas.
$750,000 to a refrigerated transportation company in Arkansas.
$500,000 to a transportation company in North Carolina.
$300,000 to a trucking company in California.
$250,000 to a transportation company in Arizona.
$250,000 to a nationwide transportation company in California.
$200,000 to a power-only carrier in Missouri.
$150,000 to a trucking company in Florida.
$150,000 to a refrigerated trucking company in Wisconsin.
$150,000 to a dry van trucking company in Pennsylvania.
$150,000 to a trucking company in Michigan.
$150,000 to a dry van trucking company in Florida.

Ledgered Line of Credit facilities:

$8,000,000 to a consumer and industrial goods manufacturer in Pennsylvania.
$2,000,000 to an advanced technology manufacturer in California.
$1,300,000 (CAD) and $200,000 (USD) to a transportation company in Ontario, Canada.

Equipment Finance transactions included, but were not limited to:

A government agency in the eastern U.S. for IT equipment.
A machinery manufacturer in the northeastern U.S. for capital equipment.
A nutrition company in the midwestern U.S. for capital equipment.
A sporting goods retailer in the midwestern U.S. for capital equipment.

Vendor Finance equipment finance transactions included, but were not limited to:

An industrial company in the southwestern U.S. for transportation equipment.
A trucking company in the midwestern U.S. for transportation equipment.
A drilling and blasting company in the southwestern U.S. for transportation equipment.
A medical company in the western U.S. for medical equipment.

Government Guaranteed Lending financial solutions, to be used for various purposes such as acquisition, working capital and more included:

$10,000,000 term loan to a renewable energy company in California.
$9,025,000 term loan to a solar developer in Missouri.
$5,000,000 SBA 7(a) loan and $200,000 conventional loan to a hospitality company in Texas.
$3,400,000 term loan to a solar developer in Pennsylvania.
$790,000 SBA 7(a) loan to an automotive services company in California.
$251,000 conventional loan to an independent insurance agency in Kentucky.

Joint Ventures financial solutions included: