Crestmark Provides More Than $109 Million in Commercial Financing to 109 Businesses in the Second Half of September

Crestmark secured a total of $15,847,400 in ABL financial solutions for ten new clients; Crestmark Equipment Finance provided $20,343,127 in five new lease transactions; Crestmark Vendor Finance provided $6,111,586 in 79 new transactions; the Government Guaranteed Lending group provided $66,831,600 in financing for 16 new clients in the second half of September.

•            Crestmark’s Asset-Based Lending:

o            On Sept. 18, a $150,000 accounts receivable purchase facility was provided to a transportation company in Virginia. The financing will be used for working capital purposes.

o            A $150,000 accounts receivable purchase facility was provided to a power-only load transportation company in Florida on Sept. 18. The financing will be used for working capital purposes.

o            On Sept. 24, a $150,000 accounts receivable purchase facility was provided to a freight all kinds   transportation company in Mississippi. The financing will be used for working capital purposes.

o            A $500,000 accounts receivable purchase facility was provided to an oilfield transportation services provider in Texas on Sept. 24. The financing will be used for working capital purposes.

o            On Sept. 25, an $8,000,000 ledgered line of credit facility was provided to a bulk distributor of dry ingredients in California. The financing will be used for working capital purposes.

o            A $2,000,000 (CAD) ledgered line of credit facility was provided to a transportation company in Ontario, Canada on Sept. 28. The financing will be used to pay off an existing lender and for working capital purposes.

o            On Sept. 30, a $500,000 accounts receivable purchase facility was provided to a performance and safety assurance services group in Texas. The financing will be used for working capital purposes.

o            A $150,000 accounts receivable purchase facility was provided to a flatbed transportation company in South Carolina on Sept. 30. The financing will be used for working capital purposes.

o            On Sept. 30, a $3,000,000 ledgered line of credit facility was provided to a full-service transportation company in Indiana. The financing will be used to pay off an existing lender and for working capital purposes.

o            A $1,750,000 accounts receivable purchase facility was provided to a transportation company in Michigan on Sept. 30. The financing will be used to pay off an existing lender and for working capital purposes.

•            Crestmark Equipment Finance:

o            On Sept. 17, a $3,001,360 new lease transaction was completed with a pharmaceutical company in the northeastern U.S. The financing will be used for IT equipment.

o            Two new lease transactions totaling $2,282,706 were completed with a manufacturing sequence services provider in the western U.S. on Sept. 17. The financing will be used for operational equipment.

o            On Sept. 22, a $4,117,461 new lease transaction was completed with a vehicle parts manufacturer in the midwestern U.S. The financing will be used for operational equipment.

o            On Sept. 23, a $10,941,600 new lease transaction was completed with a fuel cell systems manufacturer in the northeastern U.S. The financing will be used for capital equipment.

•            Crestmark Vendor Finance funded $6,111,586 in 79 new transactions in the second half of September. Some highlights include:

o            A lease transaction was completed with a packaging company in the northwestern U.S. on Sept. 17. The financing will be used for essential equipment.

o            On Sept. 22, 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 rental company in the northwestern U.S. on Sept. 25. The financing will be used for essential equipment. 

o            On Sept. 29, a new lease transaction was completed with a milling company in the midwestern U.S. The financing will be used for operational equipment. 

•            Government Guaranteed Lending:

o            On Sept. 16, a $535,000 SBA 7(a) term loan facility was provided to a healthcare benefits advocacy group in North Carolina. The financing will be used for acquisition purposes. 

o            An $3,700,000 construction loan facility was provided to a solar developer in California on Sept. 17. The financing will be used for working capital purposes.

o            On Sept. 21, a $415,000 SBA 7(a) term loan facility was provided to a landscape management company in Florida. The financing will be used for acquisition and for working capital purposes. 

o            An $325,000 SBA 7(a) term loan facility was provided to an investment advisory firm in Louisiana on Sept. 22. The financing will be used for acquisition and for working capital purposes.

o            On Sept. 22, construction loan facilities totaling $33,616,600 were provided to four solar developers in North Carolina. The financing will be used for working capital purposes. 

o            On Sept. 23, a $3,335,000 SBA 7(a) term loan facility was provided to an independent insurance agency in Florida. The financing will be used to pay off an existing lender and for working capital purposes. 

o            An $640,000 SBA 7(a) term loan facility was provided to an independent insurance agency in California on Sept. 24. The financing will be used to pay off an existing lender and for working capital purposes.

o            On Sept. 25, a $1,035,000 SBA 7(a) term loan facility was provided to an independent insurance agency in New York. The financing will be used for acquisition and for working capital purposes. 

o            An $100,000 SBA 7(a) term loan facility was provided to an independent insurance agency in Texas on Sept. 25. The financing will be used to pay off an existing lender and for working capital purposes.

o            On Sept. 25, a $1,175,000 SBA 7(a) term loan facility was provided to a specialty insurance provider in Florida. The financing will be used for acquisition purposes. 

o            An $525,000 SBA 7(a) term loan facility was provided to a plumbing company in Arizona on Sept. 25. The financing will be used for acquisition and for working capital purposes.

o            On Sept. 28, a $360,000 SBA 7(a) term loan facility was provided for a transmission and auto parts services company in Ohio. The financing will be used for acquisition purposes. 

o            An $21,070,000 construction loan facility was provided to a solar developer in Georgia on Sept. 30. 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