Crestmark Provides More Than $50.8 Million in Commercial Financing to 135 Businesses in the First Half of October

Crestmark secured a total of $30,557,358 in ABL financial solutions for 13 new clients; Crestmark Equipment Finance provided $2,309,779 in two new lease transactions; Crestmark Vendor Finance provided $8,572,042 in 117 new transactions; the Government Guaranteed Lending group provided $9,396,250 in financing for three new clients in the first half of October.

•            Crestmark’s Asset-Based Lending:

o            On Oct. 1, a $1,400,000(CAD) ledgered line of credit facility was provided to a long-distance refrigerated transportation company in British Columbia, Canada. The financing will be used to pay off an existing lender and for working capital purposes.

o            A $350,000 accounts receivable purchase facility was provided to a freight all kinds (FAK) transportation company in Kentucky on Oct. 1. The financing will be used for working capital purposes.

o            On Oct. 1, a $13,000,000 asset-based lending facility was provided to a chemicals packaging and distribution company in Texas. The financing will be used to pay off an existing lender and for working capital purposes.

o            A $9,000,000 asset-based lending facility was provided to a designer and manufacturer of hearth products in Alabama on Oct. 2. The financing will be used to pay off an existing lender.

o            On Oct. 5, a $125,000 accounts receivable purchase facility was provided to a refrigerated transport company in California. The financing will be used for working capital purposes.

o            A $300,000 accounts receivable purchase facility was provided to a flatbed transportation company in Nebraska on Oct. 6. The financing will be used for working capital purposes.

o            On Oct. 6, a $2,000,000 ledgered line of credit facility was provided to a technology-based services provider in Washington. The financing will be used for working capital purposes.

o            A $150,000 accounts receivable purchase facility was provided to a refrigerated FAK transportation company in Texas on Oct. 6. The financing will be used for working capital purposes.

o            On Oct. 6, a $1,200,000(CAD) ledgered line of credit facility was provided to a transportation company in British Columbia, Canada. The financing will be used to pay off an existing lender and for working capital purposes.

o            A $150,000 accounts receivable purchase facility was provided to a dry van transportation company in North Carolina on Oct. 7. The financing will be used for working capital purposes.

o            On Oct. 7, a $225,000 accounts receivable purchase facility was provided to a transportation company in South Carolina. The financing will be used for working capital purposes.

o            A $3,000,000 asset-based lending facility was provided to a specialty pharmaceuticals company in New Jersey on Oct. 12. The financing will be used to pay off an existing lender and for working capital purposes.

o            On Oct. 13, a $300,000 accounts receivable purchase facility was provided to a refrigerated transportation company in Ohio. The financing will be used for working capital purposes.

•            Crestmark Equipment Finance:

o            On Oct. 5, a $1,403,465 new lease transaction was completed with a mortgage company in the northeastern U.S. The financing will be used for IT equipment.

o            A $906,314 new lease transaction was completed with a financial services provider in the eastern U.S. on Oct. 8. The financing will be used for operational equipment.

•            Crestmark Vendor Finance funded $8,572,042 in 117 new transactions in the first half of October. Some highlights include:

o            An equipment finance transaction was completed with a construction company in the northeastern U.S. on Oct. 2. The financing will be used for transportation equipment.

o            On Oct. 7, an equipment finance transaction was completed with a towing company in the midwestern U.S. The financing will be used for essential equipment.

o            A new equipment finance transaction was completed with a biotechnology company in the northwestern U.S. on Oct. 8. The financing will be used for essential equipment. 

o            On Oct. 15, a new equipment finance transaction was completed with a transportation company in the northwestern U.S. The financing will be used for transportation equipment. 

•            Government Guaranteed Lending:

o            On Oct. 2, an $830,000 SBA 7(a) term loan facility was provided to an independent insurance agency in Kentucky. The financing will be used for acquisition and for working capital purposes. 

o            A $2,486,250 term loan facility was provided to a financial advisory firm in Colorado on Oct. 9. The financing will be used for acquisition purposes.

o            On Oct. 15, a $6,080,000 term loan facility was provided to an insurance and financial services company in Washington. The financing will be used for acquisition and for working capital purposes. 

Crestmark, a division of MetaBank®, N.A., provides innovative financial solutions for businesses nationwide. Financing solutions include asset-based lending, accounts receivable financing, lines of credit, term loans, factoring, government guaranteed lending, machinery/equipment financing and equipment leasing. Crestmark has extensive experience in helping many industries including transportation, manufacturing, staffing, petrochemical, renewable energy, medical receivables, government contractors, hospitality/hotels, insurance agencies, and technology hardware/software. The Crestmark division is headquartered in Michigan, with additional offices in California, Florida, Louisiana, Tennessee, and representatives nationwide; and a Canadian foreign representative office. www.crestmark.com