Crestmark Provides More Than $34.3 Million in Commercial Financing to 99 Businesses in the Second Half of October

Crestmark secured a total of $800,000 in ABL financial solutions for two new clients; Crestmark Equipment Finance provided $15,558,380 in 14 new lease transactions; Crestmark Vendor Finance provided $9,586,873 in 88 new lease transactions; and the Government Guaranteed Lending Division provided $8,355,000 in financing for one new client in the second half of October.

Crestmark’s Asset-Based Lending Divisions:

• On Oct. 17, a $500,000 accounts receivable purchase facility was provided to a startup freight brokerage in Florida. The financing will be used for working capital purposes. 
•  A $300,000 accounts receivable purchase facility was provided to a trucking company in California on Oct. 24. The financing will be used for working capital purposes.  

Crestmark Equipment Finance:

• On Oct. 18, five new lease transactions totaling $3,028,876 were completed with a provider of construction and engineering services in the southeastern U.S. The financing will be used for capital equipment.
• A $3,001,360 new lease transaction was completed with a pharmaceutical company in the northeastern U.S. on Oct. 22. The financing will be used for software.
• On Oct. 22, a $1,094,870 new lease transaction was completed with a network services provider in the southeastern U.S. The financing will be used for IT equipment.
• A $2,420,112 new lease transaction was completed with a food manufacturer in the midwestern U.S. on Oct. 22. The financing will be used for capital equipment.
• On Oct. 22, a $1,494,173 new lease transaction was completed with a wholesaler and distributor of bulk oil in the midwestern U.S. The financing will be used for capital equipment.
• Two new lease transactions totaling $2,005,553 were completed with a medical services provider in the midwestern U.S. on Oct. 23. The financing will be used for capital equipment.
• On Oct. 23, a $639,000 new lease transaction was completed with a rental services company in the southeastern U.S. The financing will be used for capital equipment.
• A $1,100,000 new lease transaction was completed with a technology solutions provider in the midwestern U.S. on Oct. 24. The financing will be used for capital equipment.
•   On Oct. 24, a $774,436 new lease transaction was completed with a fitness club in the northeastern U.S. The financing will be used for capital equipment.

Crestmark Vendor Finance funded $9,586,873 in 88 new lease transactions for 87 businesses in the second half of October. Some highlights include:

• On Oct. 16, a new lease transaction was completed with a laboratory in the midwestern U.S. The financing will be used for fitness equipment.
• A new equipment finance transaction was completed with a logistics company in the midwestern U.S. on Oct. 18. The financing will be used for transportation equipment.
• On Oct. 29, a new equipment finance transaction was completed with a hospitality company in the northeastern U.S. The financing will be used for IT equipment.
• A new equipment finance transaction was completed with a sign manufacturer in the southeastern U.S. on Oct. 31. The financing will be used for capital equipment
  

The Government Guaranteed Lending Division:

• On Oct. 23, a $8,355,000 term loan facility was provided to a financial services franchisee in Texas. The financing will be used for acquisition purposes.

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, renewable energy, 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