Crestmark Provides More Than $31.2 Million in Commercial Financing to 105 Businesses in the Second Half of May

Crestmark secured a total of $14,340,000 in ABL financial solutions for 11 new clients; Crestmark Equipment Finance provided $2,269,805 in two new lease transactions; Crestmark Vendor Finance provided $8,645,911 in 90 new lease transactions; and the Government Guaranteed Lending group provided $5,965,000 in financing for two new clients in the second half of May.

•            Crestmark’s Asset-Based Lending:

o            On May 20, a $9,750,000 asset-based line of credit facility was provided to a lighting conversion program provider in Michigan. The financing will be used to pay off an existing lender and for working capital purposes.  

o            A $1,440,000 ledgered line of credit facility was provided to an advertising and marketing company in Ontario on May 20. The financing will be used to pay off an existing lender.

o            On May 21, a $150,000 accounts receivable purchase facility was provided to a dry van trucking company in New Jersey. The financing will be used for working capital purposes.  

o            A $200,000 accounts receivable purchase facility was provided to a flatbed trucking company in California on May 22. The financing will be used to pay off an existing lender and for working capital purposes.

o            On May 22, a $1,000,000 accounts receivable purchase facility was provided to a brokered freight all kind transport company in Colorado. 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 startup trucking company in Illinois on May 26. The financing will be used for working capital purposes.

o            On May 27, a $150,000 accounts receivable purchase facility was provided to a refrigerated and dry van trucking company in Texas. The financing will be used for working capital purposes.  

o            A $300,000 accounts receivable purchase facility was provided to a freight all kind transportation company in California on May 28. The financing will be used for working capital purposes.

o            On May 28, a $500,000 ledgered line of credit facility was provided to a plastic injection molding manufacturer in California. The financing will be used for working capital purposes.   

o            A $200,000 accounts receivable purchase facility was provided to a freight all kind transport company in Indiana on May 29. The financing will be used for working capital purposes.

o            On May 29, a $500,000 accounts receivable purchase facility was provided to a trucking company in Georgia. The financing will be used for working capital purposes.  

•            Crestmark Equipment Finance:

o            A $1,221,866 new lease transaction was completed with an equipment supplier in the western U.S. on May 16. The financing will be used for capital equipment.

o            On May 21, a $1,047,939 new lease transaction was completed with a heavy equipment supplier in the western U.S. The financing will be used for construction equipment.

•            Crestmark Vendor Finance funded $8,645,911 in 90 new transactions in the second half of May. Some highlights include:

o            On May 18, an equipment finance transaction was completed with a distribution company in the southeastern U.S. The financing will be used for operational equipment.

o            An equipment finance transaction was completed with a surgical office in the southeastern U.S. on May 20. The financing will be used for medical equipment.

o            On May 28, a new equipment finance transaction was completed with an excavation company in the northeastern U.S. The financing will be used for operational equipment.

o            A new equipment finance transaction was completed with a logistics company in the northwestern U.S. on May 29. The financing will be used for transportation equipment.

•            Government Guaranteed Lending:

o            On May 18, a $1,190,000 SBA 7(a) term loan facility was provided to a restaurant in New Jersey. The financing will be used for acquisition and for working capital purposes.

o            A $4,775,000 term loan facility was provided to an asset management company in California on May 29. 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