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Wintrust Receivables Finance closed $5MM Line of Credit for Midwest-Based Expedited Transportation Firm

September 16, 2020, 09:10 AM
Filed Under: Transportation

Wintrust Receivables Finance, part of Wintrust Business Credit, announced the closing of a new $5 million accounts receivable-based line of credit for a Midwest-based provider of expedited freight and transportation.

After a strong year in 2018, this company experienced a drop in revenue and gross margin during 2019 due to excess capacity in the U.S. freight market, combined with lower freight volumes from customers. By early 2020, the company’s bank requested they find a new lender for their working capital line of credit.  

The Wintrust Receivables Finance team, with their extensive experience in transportation and logistics, was able to quickly evaluate the situation and provide the firm with a new line of credit.

“We are excited to add this company to our growing portfolio of clients in the transportation and logistics industry,” Jason LeuVoy, senior vice president of Wintrust Receivables Finance said. “This new line of credit will give the company the financial stability, flexibility, and liquidity they need to execute their business plan for the rest of 2020 and beyond.”

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