Big acquisition leads to new opportunities for business loans

June 11, 2019

This paid piece is sponsored by MetaBank.

When Sioux Falls-based Meta Financial Group acquired Michigan-based Crestmark Bancorp Inc. in 2018, it provided Meta with a national commercial and industrial lending platform.

And as Sioux Falls-area businesses are beginning to discover, that is bringing new lending options close to home.

“The strategic acquisition of Crestmark has allowed us to optimize our lending platform,” said Adam Walsh, Meta vice president and business banker.

“Our combined strengths enhance Meta’s ability to serve customers by offering diversified lending solutions.”

Meta now can offer a full suite of business banking products, including more nontraditional or alternative financing options.

“Sometimes, you run across a deal you would like to do, but because of certain circumstances, you’re not able to do it,” said Kathy Thorson, Meta’s community banking president.

“Historically, we’ve had limited options. Now, because of our Crestmark division, we’re able to work with clients where previously we would not have had a solution. We just had one such loan come together for a Sioux Falls business, and the client has been happy and satisfied because they weren’t finding many options.”

Crestmark, too, sees opportunities in expanding its offerings to Meta business customers in the Sioux Falls region and beyond.

“We are glad to continue to help businesses across the country and now locally in Sioux Falls — and to continue our growth by becoming a part of Meta,” said Mick Goik, Meta executive vice president and division president.

Walsh and several of his colleagues have spent time at Crestmark’s offices learning more about what Meta now can offer customers and are ready to assist Sioux Falls-area commercial clients that might be a fit for their lending opportunities.

He shared more about what those new options could look like for businesses:

What are some of the new offerings you’re able to provide clients now that Crestmark is part of Meta?

Now that Crestmark is a part of Meta, our business suite of products can now offer commercial finance, including asset-based lending, factoring and equipment leasing. Crestmark provides financing to businesses with a wide range of financial solutions, allowing companies to access cash they need to support growth in their business.

In what situations might some of the products be particularly useful? Or for what sorts of clients might they be helpful?

Acquisition and expansion financing in certain industries. We have helped clients buy out partners, acquire businesses and succession plan by structuring a multiyear financing solution. The solutions are also useful for businesses who are facing enormous growth, for businesses to obtain updated equipment with leasing options and for equipment manufacturers who need a finance solution for their customers.

What kind of new opportunities does Crestmark give you for small-business lending?

At times, it can be difficult to obtain financing as a small or new business. Crestmark utilizes government-guaranteed lending, partnering with the Small Business Administration and the United States Department of Agriculture to help those businesses.

As you’ve learned more about Crestmark and its offerings, what has your takeaway been? Is there anything you’re particularly surprised about or happy to be able to offer clients?

Crestmark offers a variety of lending solutions for your business. Their business-to-business working-capital solutions are customizable, flexible and adaptable to fit a wide variety of needs. They are available to businesses who find it hard to obtain traditional financing. This flexibility allows Crestmark to work with a multitude of businesses and industries, creating a solution that fits.

If a Sioux Falls-area business wants to learn more, can it start the conversation locally? How do you help the business work through the process?

Yes, I would encourage a prospective customer in Sioux Falls and the surrounding communities to start the conversation with one of our local business bankers. MetaBank is happy to discuss the particulars of your situation and help you understand how each of our funding options could suit your needs. Contact us today to learn more about what we have to offer.

For information on MetaBank and Crestmark products and services, contact Adam Walsh, business banker, at 605-782-0823.

Big acquisition leads to new opportunities for business loans

“We’re able to work with clients where previously we would not have had a solution.” A big acquisition for Meta now is leading to greater opportunities for business lending.

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