Crestmark, the Commercial Finance Division of Pathward, N.A., announced it provided more than $75.5 million in commercial financing to 112 Businesses in June. Crestmark secured a total of $33,772,677 in ABL/factoring financial solutions for 23 new clients; Crestmark Equipment Finance provided $18,865,360 in 17 new large ticket transactions and $7,174,032 in 67 new small-ticket vendor transactions; and the Structured Finance group provided $15,689,940 in financing for five new clients in June.
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:
- $2,000,000 to a freight-all-kinds trucking company in Illinois.
- $1,000,000 to a wellsite services provider in Texas.
- $500,000 to a hospitality staffing company in California.
- $300,000 to a freight-all-kinds trucking company in New York.
- $300,000 to a flatbed transportation company in Missouri.
- $200,000 to a medical hardware supplier in Texas.
- $150,000 to a hot shot trucking company in Alabama.
- $150,000 to a refrigerated trucking company in Arkansas.
- $150,000 to a freight-all-kinds trucking company in Texas.
- $150,000 to a refrigerated trucking company in California.
- $150,000 to a freight brokerage in Nebraska.
- $150,000 to a refrigerated transportation company in Tennessee.
- $150,000 to a flatbed trucking company in Georgia.
- $150,000 to a freight-all-kinds trucking company in Mississippi.
- $150,000 to a freight broker in Kansas.
- $150,000 to a flatbed trucking company in Texas.
- $150,000 freight-all-kinds trucking company in North Carolina.
- $100,000 to a dry van trucking company in California.
Asset-Based Lending facilities:
- $18,000,000 to an extrusions manufacturer in Michigan.
- $5,000,000 to a petroleum products provider in Missouri.
Ledgered Line of Credit facilities:
- $2,000,000 Canadian Dollars (CAD) and $500,000 U.S. Dollars to a transportation company in Ontario, Canada.
- $1,500,000 (CAD) to an aggregate supplier in Alberta, Canada.
- $1,500,000 to a contractor in North Carolina.
Equipment Finance transactions included, but were not limited to:
- $6,256,663 to a sanitation products manufacturer in the southeastern U.S. for warehousing equipment.
- $4,365,295 to an automotive manufacturer in the southeastern U.S. for alternative energy equipment.
- $3,096,140 to a technologies manufacturer in the northwestern U.S. for operational 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 management company in the eastern U.S. for capital equipment.
- A health and wellness company in the midwestern U.S. for medical equipment.
- A transportation company in the southern U.S. for transportation equipment.
Structured Finance solutions, to be used for various purposes such as acquisition, working capital, and more included:
- $7,495,000 term loan to an investment advisory firm in Michigan.
- $6,645,000 U.S. Department of Agriculture Business and Industry loan to a hospitality company in Ohio.
- $740,000 term loan to an independent insurance agency in Texas.
- $679,940 term loan to a solar developer in California.
- $130,000 Small Business Administration 7(a) loan to an independent insurance agency in Missouri.
Crestmark is a commercial finance provider that, until a recent name change, was a division of MetaBank. Crestmark is now a business line within Pathward, N.A.