Crestmark Provides $49.5MM+ in Commercial Financing to 94 Businesses in May

June 16, 2022, 07:08 AM

Filed Under: Transaction Announcements

Related: Asset-Based Lending, Crestmark, Crestmark Equipment Finance, Factoring, MetaBank, Structured Finance

Crestmark, the Commercial Finance Division of MetaBank, N.A., secured a total of $25,950,000 in ABL/factoring financial solutions for 23 new clients; Crestmark Equipment Finance provided $16,094,651 in 20 new large ticket transactions and $6,435,042 in 50 new small ticket vendor transactions; and the Structured Finance group provided $1,050,000 in financing for one new client in May.

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:

$1,000,000 to a freight-all-kinds trucking company in California.
$750,000 to a logistics management company in New Jersey.
$750,000 to a transportation company in Missouri.
$500,000 to a general freight company in Texas.
$350,000 to a freight-all-kinds trucking company in Utah.
$300,000 to a refrigerated transportation company in North Carolina.
$200,000 to a trucking company in Maryland.
$150,000 to a regional transport company in Mississippi.
$150,000 to a bulk hauling company in Tennessee.
$150,000 to a power-only trucking company in Tennessee.
$150,000 to a refrigerated trucking company in New York.
$150,000 to a hot shot trucking company in Texas.
$150,000 to a dry van transportation company in North Carolina.
$150,000 to a flatbed trucking company in Georgia.
$150,000 to a power-only trucking company in Georgia.
$150,000 to a power-only trucking company in Tennessee.
$150,000 to a flatbed trucking company in South Carolina.
$100,000 to a trucking company in California.

Asset-Based Lending facilities:

$6,500,000 to a meat processor in Texas.
$4,000,000 to a pre-form plastics manufacturer in California.
$3,500,000 to a diagnostic testing services provider in California.

Ledgered Line of Credit facilities:

$3,500,000 to a heavy hauling and rigging services provider in Texas.
$3,000,000 to an oil and gas transportation services provider in Texas.

Equipment Finance transactions included, but were not limited to:

$2,042,334 to a manufacturing company in the midwestern U.S. for capital equipment.

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

A logistics company in the western U.S. for transportation equipment.
A waste metal fabrication company in the eastern U.S. for operational equipment.
A freight shipping and trucking company in the northeastern U.S. for transportation equipment.
A recycling company in the southern U.S. for transportation equipment.
A production company in the southwestern U.S. for operational equipment.
A dental company in the midwestern U.S. for operational equipment.

Structured Finance solutions, to be used for various purposes such as acquisition, working capital, and more included: