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Wintrust Receivables Finance Closes $4.75MM LOC for Logistics and Transportation Management Firm

April 21, 2021, 07:40 AM
Filed Under: Logistics

Wintrust Receivables Finance closed a new $4.75 million line of credit for a provider of logistics and transportation management services.

The family-owned and operated company manages both the inbound and outbound freight for a number of well-known firms in the retail and industrial food sector. The company lost its largest customer in mid-2019, and efforts to replace that revenue were delayed by the early shutdowns related to COVID-19. During this time, the company’s bank had requested they find a new lender to support the business. The Wintrust team quickly recognized the strong management team the company had in place and the potential for a significant amount of revenue growth once the restrictions were lifted.

“We are happy to add this company to our growing portfolio of clients in the transportation and logistics space,” said Jason LeuVoy, senior vice president of Wintrust Receivables Finance. “We were extremely impressed during the underwriting process by the management team’s ability to meet or exceed monthly projections in a very difficult environment. As we look forward to the U.S. economy continuing to open up, we are excited to see where this company is headed, and we are ready to support its additional financing needs as it continues to grow.”

In addition to the new line of credit, Wintrust Bank is also providing a $100,000 corporate card and a full suite of treasury management services.

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