Crestmark, the Commercial Finance Division of MetaBank, N.A., announced it provided more than $65.7 million in Commercial Financing to 42 businesses in the first half of June. It secured a total of $53,300,000 in ABL/factoring financial solutions for 17 new clients; Crestmark Equipment Finance provided $964,688 in two new transactions; Crestmark Vendor Finance provided $2,600,586 in 21 new transactions; and the Government Guaranteed Lending group provided $8,840,000 in financing for two new clients in the first 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:
- $150,000 to a refrigerated trucking company in Texas.
- $250,000 to a refrigerated trucking company in California.
- $100,000 to a trucking company in Indiana.
- $500,000 to a transportation company in Texas.
- $400,000 to a refrigerated trucking company in Ohio.
- $150,000 to a freight-all-kinds trucking company in North Carolina.
- $1,000,000 to a freight-all-kinds trucking company in California.
- $15,000,000 to a freight brokerage in Florida.
- $400,000 to a freight-all-kinds trucking company in Florida.
- $150,000 to a trucking company in Missouri.
- $650,000 to a transportation company in Florida.
- $150,000 to a freight-all-kinds trucking company in Illinois.
- $500,000 to a transportation company in Texas.
Asset-Based Loan facilities:
- $6,000,000 to a wholesale meat processor and distributor in California.
- $20,000,000 to a cell phone manufacturing company in Florida.
- $5,400,000 to a medical device manufacturer in South Dakota.
Ledgered Line of Credit facilities:
- $2,500,000 to a freight services company in Tennessee.
Vendor Finance equipment finance transactions included, but were not limited to:
- A medical company in the southern U.S. for medical equipment.
- A trucking company in the southcentral U.S. for transportation equipment.
- A crane company in the southcentral U.S. for transportation equipment.
- A medical spa company in the midwestern U.S. for medical equipment.
Government Guaranteed Lending financial solutions, to be used for various purposes such as acquisition, working capital, and more included:
- $440,000 SBA 7(a) loan to a printing services company in Florida.
- $8,400,000 USDA Business & Industry loan to a hotel in Texas.