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:
- Two operating leases totaling $6,656,840 to a solar developer in Maryland.
- $2,830,000 term loan to a lumber producer in Michigan.
- $770,000 operating lease to a solar developer in New York.