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Wintrust Receivables Finance Closes $7.5MM Line of Credit for a Fast-Growing Drayage Broker

November 16, 2023, 07:47 AM
Filed Under: Transportation

Wintrust Receivables Finance (WRF) closed a new $7.5 million account receivable line of credit for a Midwest-based transportation broker that specializes in drayage.

Drayage is the transport of goods by truck from a seaport, inland port, or intermodal terminal when both destinations are in the same urban area. The firm originally started as a freight agent in 2020 and subsequently transitioned to an independent company with its own Motor Carrier Authority in mid-2021. The company has experienced a significant amount of growth since going independent, with material opportunities for additional growth as the U.S. economy continues to depend heavily on imported goods. At the time the company was introduced to WRF they were concerned that their incumbent lender would not have the ability to provide the level of working capital support they would need to execute their 2023 plan and beyond. The new $7.5 million line is more than double what the previous lender was able to provide. With the larger WRF line in place, the company’s management feels they have access to the working capital they need to continue executing their growth plans. 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 WRF Group Senior Vice President Jason LeuVoy, “Brokering drayage freight can be more complex than most other modes of transportation. Our client’s attention to detail has allowed them to quickly ramp up their business by providing a higher level of service than their competition.” LeuVoy added, “The WRF team has successfully financed companies across all modes of transportation, and we look forward to providing the financial backing the company needs to achieve their growth goals.”

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