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Wintrust Receivables Finance Closes New $4MM LOC for Fast-growing Transportation Broker

May 25, 2022, 07:12 AM
Filed Under: Trucking

Wintrust Receivables Finance closed a new $4,000,000 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 country.  Although they are still in the early stages, the company expects to generate nearly $40MM of revenue during the 2022 Fiscal year.

The company experienced exponential growth in mid-2021 and was in need of a banking partner who had expertise financing companies in the transportation industry, and comfortable supporting their continued growth. The new $4,000,000 line will be the firm’s first line of credit and will allow them to further accelerate their growth with the additional working capital support. In addition to the new line of credit, the WRF team 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,” says Wintrust Receivables Finance Senior Vice President Jason LeuVoy. He added “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.”

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