Crestmark Provides More Than $52 Million in Commercial Financing to 74 Businesses in the Second Half of August

September 10, 2019

Source: Crestmark

Crestmark secured a total of $6,950,000 in ABL financial solutions for six new clients; Crestmark Equipment Finance provided $8,809,604 in three new lease transactions; Crestmark Vendor Finance provided $6,071,483 in 61 new lease transactions; and the Government Guaranteed Lending Division provided $30,233,000 in financing for five new clients in the second half of August.

Crestmark’s Asset-Based Lending Divisions:

o             On Aug. 20, a $1,000,000 accounts receivable purchase facility was provided to a trucking company in Georgia. The financing will be used for working capital purposes.  

o             A $2,500,000 asset-based line of credit facility was provided to a marketing solutions company in Michigan on Aug. 20. The financing will be used to pay off an existing lender and for working capital purposes.  

o             On Aug. 23, a $1,000,000 ledgered line of credit facility was provided to a manufacturer of medical devices in Colorado. The financing will be used to pay off an existing lender and for working capital purposes.  

o             A $200,000 accounts receivable purchase facility was provided to a trucking company in California on Aug. 23. The financing will be used for working capital purposes.

o             On Aug. 27, a $1,500,000 accounts receivable purchase facility was provided to a startup staffing company in Texas. The financing will be used for working capital purposes.

o             A $750,000 accounts receivable purchase facility was provided to an oil and gas services provider in Texas on Aug. 30. The financing will be used for working capital purposes.

Crestmark Equipment Finance:

o             On Aug. 23, a $5,029,259 new lease transaction was completed with a logistics company in the midwestern U.S. The financing will be used for capital equipment.

o             A $2,712,438 new lease transaction was completed with a mortgage lender in the northeastern U.S. on Aug. 23. The financing will be used for capital equipment.

o             On Aug. 23, a $1,067,907 new lease transaction was completed with a manufacturing company in the western U.S. The financing will be used for IT equipment.

Crestmark Vendor Finance funded $6,071,483 in 61 new lease transactions for 60 businesses in the second half of August. Some highlights include:

o             On Aug. 20, an equipment finance transaction was completed with a landscape company in the northeastern U.S. The financing will be used for transportation equipment.

o             An equipment finance transaction was completed with a rental company in the southeastern U.S. on Aug. 22. The financing will be used for heavy construction equipment and for working capital purposes.

o             On Aug. 23, an equipment finance transaction was completed with a trucking company in the southeastern U.S. The financing will be used for transportation equipment.

o             An equipment finance transaction was completed with a transportation company in the western U.S. on August 29. The financing will be used for transportation equipment.

The Government Guaranteed Lending Division:

o             On Aug. 21, a $25,500,000 term loan facility was provided to a solar developer in North Carolina. The financing will be used to pay off an existing lender.

o             Three term loan facilities totaling $3,250,000 were provided to an independent insurance agency in Texas on Aug. 23. The financing will be used to pay off an existing lender, for acquisition purposes and for working capital purposes.

o             On Aug. 29, a $1,385,000 term loan facility was provided to an independent insurance agency in Texas. The financing will be used to pay off an existing lender and for acquisition purposes.

o             A $50,000 SBA 7(a) term loan facility was provided to an independent insurance agency in Michigan on Aug. 30. The financing will be used to pay off an existing lender.

o             On Aug. 30, a $48,000 SBA 7(a) term loan facility was provided to an independent insurance agency in North Carolina. The financing will be used to pay off an existing lender. 

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