Crestmark Provides More Than $44.8 Million in Commercial Financing to 60 Businesses in the Second Half of November

Crestmark secured a total of $1,800,000 in ABL financial solutions for five new clients; Crestmark Equipment Finance provided $11,790,009 in three new lease transactions; Crestmark Vendor Finance provided $4,592,541 in 49 new lease transactions; the Joint Ventures Division provided $21,490,800 in financing for one new client; the Government Guaranteed Lending group provided $5,150,000 in financing for two new clients in the second half of November.

•            Crestmark’s Asset-Based Lending:

o            On Nov. 19, a $50,000 accounts receivable purchase facility was provided to a transportation company in Indiana. The financing will be used for working capital purposes.

o            A $150,000 accounts receivable purchase facility was provided to a dry van transportation company in Florida on Nov. 23. The financing will be used for working capital purposes.

o            On Nov. 24, a $700,000 term loan facility was provided to a mechanical-systems parts manufacturer in Indiana. The financing will be used to pay off an existing lender.

o            A $300,000 accounts receivable purchase facility was provided to a freight all kinds trucking company in Ohio on Nov. 24. The financing will be used for working capital purposes.

o            On Nov. 25, a $600,000 accounts receivable purchase facility was provided to a transportation company in California. The financing will be used for working capital purposes.

•            Crestmark Equipment Finance:

o            On Nov. 19, a $1,240,537 new lease transaction was completed with a diagnostic imaging services company in the midwestern U.S. The financing will be used for operational equipment.

o            A $2,206,352 new lease transaction was completed with a transportation company in the southern U.S. on Nov. 20. The financing will be used for operational equipment.

o            On Nov. 23, a $8,343,120 new lease transaction was completed with a steel mill services company in the northeastern U.S. The financing will be used for capital equipment.

•            Crestmark Vendor Finance funded $4,592,541 in 49 new transactions in the second half of November. Some highlights include:

o            An equipment finance transaction was completed with a millwork company in the southern U.S. on Nov. 16. The financing will be used for essential equipment.

o            On Nov. 20, an equipment finance transaction was completed with a dry ice manufacturer in the southeastern U.S. The financing will be used for manufacturing equipment.

o            A new equipment finance transaction was completed with a trucking company in the midwestern U.S. on Nov. 24. The financing will be used for operational equipment. 

o            On Nov. 30, a new lease transaction was completed with an asset recovery company in the southwestern U.S. The financing will be used for transportation equipment. 

•            Crestmark’s Joint Ventures division funded a total of $21,490,800 in six operating lease transactions with a solar developer in Maryland in the second half of November. The financing will be used to install solar systems in Minnesota, ranging in size from 1,350 – 1,411 kW-DC, as part of a state community solar program.

•            Government Guaranteed Lending:

o            On Nov. 18, a $2,150,000 term loan facility was provided to a solar developer in California. The financing will be used for working capital purposes. 

o            A $3,000,000 term loan facility was provided to a solar developer in California on Nov. 19. 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