We’re proud to announce the expansion of our asset-based lending group, Wintrust Business Credit, with the addition of a specialized team focused on accounts receivable financing. Wintrust Receivables Finance will serve middle market companies, nationwide, with annual revenues between $10 and $300 million.
“We think this team is a great expansion to our current services,” said Wintrust President, Founder & CEO Edward J. Wehmer. “Wintrust Receivables Finance makes our asset-based lending even more robust and competitive—accounts receivable financing is a solution many other companies don’t offer—but, most importantly, it allows us to provide working capital to companies who are looking for creative lending solutions when they’re most in need.”
Wintrust Receivables Finance will work with companies that don’t fit the profile for traditional commercial lending tools or asset-based lines of credit. The group will help business owners who need working capital support as they navigate quick growth; company restructuring or turnover; or seasonality.
“Through asset-based lending, Wintrust Business Credit has offered creative financing for companies with unique credit profiles,” said Wintrust Business Credit President Bob Shanahan. “Wintrust Receivables Finance gives us another arrow in our quiver to reach even more companies during important times of transition.”
Traditionally, accounts receivable financing works well for companies in transportation, logistics, temporary staffing, and oil field service industries. Led by Jason LeuVoy, senior vice president, national head of originations, and John Marrinson, executive vice president, group head, the Wintrust Receivables Finance team has extensive experience originating accounts receivable financing in these areas.
LeuVoy has spent 18 years in accounts receivable financing and asset-based lending. He recently joined the team from Wells Fargo Capital Finance where he oversaw all new business for a 10-state region for multiple accounts receivables groups. Marrinson has more than 25 years of experience in the accounts receivable financing and trade finance industries. John also recently came from Wells Fargo Capital Finance where he managed both the receivable finance group and transportation services group portfolios.
“We’re confident that Jason and John’s receivables financing expertise will help guide the new team to success,” Shanahan said. “Their knowledge and experience financing in a variety of niche industries allows Wintrust Receivables Finance to not only serve the traditional markets that find this service most valuable, but also expand to additional industries as well, including the whole distribution and manufacturing sectors. We’re excited for this new direction.”