Wintrust Receivables Finance (WRF) closed new $3,500,000 account receivable line of credit for a Midwest-based third-party logistics company. The company was founded in late 2022 by a logistics industry veteran. The CEO and founder has nearly 20 years of experience growing early-stage companies from start-up to hundreds of millions of dollars in annual revenue. The company focuses on dry van and full truckload freight, working with a number of large “enterprise” shippers from around the country. Despite the difficult domestic freight market in 2023, the company was able to produce month over month revenue growth while maintaining profitability. The company is targeting additional growth in 2024 as they add new customers and the domestic freight market recovers from a historically difficult year. Prior to moving to WRF, the company had funded its working capital financing needs through the initial equity investment of the CEO. The new WRF facility will give the company the additional liquidity they need to continue their growth plans in 2024 and beyond. In addition to the new line of credit, the WRF team is also providing a full suite of Treasury Management products and services.
 
According to Jason LeuVoy, Wintrust Business Credit National Head of Originations, “Our team has known the CEO for several years through a number of mutual contacts in the logistics space. Given his track record and the company’s early success, our team was happy to get involved at this early stage to play our part in the company’s future growth plans by delivering a flexible and aggressive working capital financing structure.” LeuVoy added, “The WRF team has a long track record of supporting the working capital financing needs of companies in the logistics industry during multiple industry cycles, and we think this transaction will make another excellent addition to our portfolio of transportation and logistics clients.”