Crestmark Provides More Than $45.8 Million in Commercial Financing to 152 Businesses in the Second Half of August

Crestmark secured a total of $16,993,300 in ABL financial solutions for ten new clients; Crestmark Equipment Finance provided $11,387,492 in six new lease transactions; Crestmark Vendor Finance provided $10,647,040 in 132 new lease transactions; and the Government Guaranteed Lending group provided $6,869,300 in financing for four new clients in the second half of August.

•            Crestmark’s Asset-Based Lending:

o            On Aug. 19, a $350,000 accounts receivable purchase facility was provided to a regional transportation company in California. The financing will be used for working capital purposes.

o            A $2,500,000 ledgered line of credit facility was provided to a locomotive and locomotive services supplier in Illinois on Aug. 20. The financing will be used to pay off an existing lender and for working capital purposes.

o            On Aug. 25, a $1,518,300 ledgered line of credit facility was provided to an excavation and aggregate recycling company in Alberta. The financing will be used for working capital purposes.

o            A $1,000,000 ledgered line of credit facility was provided to a security services company in Texas on Aug. 25. The financing will be used to pay off an existing lender and for working capital purposes.

o            On Aug. 27, a $350,000 accounts receivable purchase facility was provided to a freight all kinds trucking company in California. The financing will be used for working capital purposes.

o            A $450,000 asset-based line of credit facility was provided to a medical services provider in Michigan on Aug. 27. The financing will be used for working capital purposes.

o            On Aug. 28, a $250,000 accounts receivable purchase facility was provided to a trucking company in Ohio. The financing will be used to pay off an existing lender and for working capital purposes.

o            A $75,000 accounts receivable purchase facility was provided to a flatbed transportation company in Alabama on Aug. 28. The financing will be used for working capital purposes.

o            On Aug. 31, a $10,000,000 asset-based line of credit facility was provided to a precision machined components supplier in Michigan. The financing will be used to pay off an existing lender and for working capital purposes.

o            A $500,000 accounts receivable purchase facility was provided to a freight transportation company in Illinois on Aug. 31. The financing will be used for working capital purposes.

•            Crestmark Equipment Finance:

o            On Aug. 20, a $2,068,927 new lease transaction was completed with a financial solutions provider in central Canada. The financing will be used for operational equipment.

o            A $1,179,935 new lease transaction was completed with a furniture manufacturer in the southeastern U.S. on Aug. 21. The financing will be used for transport equipment.

o            On Aug. 24, a $3,119,120 new lease transaction was completed with an airline in the midwestern U.S. The financing will be used for IT equipment.

o            On Aug. 24, a $1,242,954 new lease transaction was completed with a data service provider in the midwestern U.S. The financing will be used for IT equipment.

o            A $523,000 new lease transaction was completed with a printing services provider in the midwestern U.S. on Aug. 25. The financing will be used for capital equipment.

o            On Aug. 31, a $3,253,556 new lease transaction was completed with a marketing services provider in the northeastern U.S. The financing will be used for IT equipment.

•            Crestmark Vendor Finance funded $10,647,040 in 132 new transactions in the second half of August. Some highlights include:

o            An equipment finance transaction was completed with a medical provider in the southwestern U.S. on Aug. 17. The financing will be used for essential equipment.

o            On Aug. 21, an equipment finance transaction was completed with a transportation company in the southeastern U.S. The financing will be used for transportation equipment.

o            A new equipment finance transaction was completed with a construction company in the southcentral U.S. on Aug. 27. The financing will be used for operational equipment. 

o            On Aug. 31, a new equipment finance transaction was completed with a custom cabinet and millwork manufacturer in the southeastern U.S. The financing will be used for operational machinery. 

•            Government Guaranteed Lending:

o            On Aug. 21, a $2,520,000 USDA Business & Industry loan facility was provided to a solar company in South Carolina. The financing will be used for working capital purposes. 

o            A $1,550,000 SBA 7(a) term loan facility was provided to a metal component manufacturer in California on Aug. 24. The financing will be used for acquisition and for working capital purposes.

o            On Aug. 28, a $2,675,000 term loan facility was provided to a financial advisory firm in Washington. The financing will be used for acquisition purposes.  

o            A $124,300 SBA 7(a) term loan facility was provided to an independent insurance agency in Colorado on Aug. 31. The financing will be used 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