PALATINE, Ill. -

MVTRAC received a significant capital injection before 2010 expired by selecting its new long-term financial partner.

The license plate recognition technology provider decided to go with Village Bank & Trust, which officials said has provided $6 million in preliminary funding.

MVTRAC leadership believes Village Bank & Trust adds invaluable resources and brings a wealth of knowledge of the financial industry and an extensive catalog of financial services and products.

Executives also noted Village Bank & Trust is a part of a network of community banks owned by Wintrust Financial Corp., a financial services holding company based in Lake Forest, Ill.

“Out of the pool of potential suitors, Wintrust and Village Bank & Trust was the obvious choice because of their ability to not only satisfy, but to exceed our company needs not only in the near future, but also in the long term,” MVTRAC chief strategic officer Ted Brown explained

“Considering the goal congruency of our companies, this is a partnership that just makes sense,” Brown added.

MVTRAC chief executive officer Scott Jackson especially highlighted what he contends is the diversity of Wintrust’s financial services.

“We intend to continue our dominant position in the recovery industry, working up to a $50 million debt instrument before syndication,” Jackson began.

“Wintrust has the financial capabilities to meet our needs in terms of funding, mergers and acquisitions, and more,” he continued. “Specifically, Wintrust has the wherewithal to facilitate a syndicated lending instrument. Believing our explosive growth will bring us to an IPO, Wintrust provides a level of expertise that guarantees a successful transition from a small business to a publicly traded company.

“Self-funding, investing in our business model and remaining virtually debt free allowed us to slowly research and develop this relationship,” Jackson went on to say. “We’re excited about having such a great partnership with Wintrust, a banking relationship capable of taking us to the next level and beyond.”

According to Earl Goldman, senior vice President of Village Bank & Trust, “It was obvious from the beginning that a partnership between Wintrust and MVTRAC would yield significant returns.

“With MVTRAC’s unique business model and their impact on both the auto finance and recovery industry, we recognized immediately the mutual utility that can be shared amongst our two companies,” Goldman highlighted. “This is a partnership that Wintrust is fervently proud of, and we look forward to experiencing the limitless growth that this relationship brings now and into the future.”