Crestmark Provides More Than $83.9 Million in Commercial Financing to 93 Businesses in the First Half of December

Crestmark secured a total of $38,250,000 in ABL financial solutions for 12 new clients; Crestmark Equipment Finance provided $7,262,607 in six new lease transactions; Crestmark Vendor Finance provided $6,451,914 in 67 new lease transactions; the Joint Ventures Division provided $13,506,620 in four new transactions; and the Government Guaranteed Lending group provided $18,470,800 in financing for four new clients in the first half of December.

•            Crestmark’s Asset-Based Lending:

o            On Dec. 1, a $400,000 accounts receivable purchase facility was provided to a refrigerated transportation company in Illinois. The financing will be used for working capital purposes.

o            A $5,000,000 asset-based lending facility was provided to a manufacturer and distributor of nutraceuticals in Colorado on Dec. 3. The financing will be used to pay off an existing lender and for working capital purposes.

o            On Dec. 3, a $150,000 accounts receivable purchase facility was provided to a freight all kinds trucking company in Texas. 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 freight broker in Washington on Dec. 4. The financing will be used for working capital purposes.

o            On Dec. 4, a $6,000,000 ledgered line of credit facility was provided to an apparel wholesaler/distributor in California. The financing will be used to pay off an existing lender and for working capital purposes.

o            A $1,850,000 accounts receivable purchase facility was provided to a refrigerated freight transportation company in Washington on Dec. 4. The financing will be used for working capital purposes.

o            On Dec. 8, a $500,000 accounts receivable purchase facility was provided to a transportation company in Brampton, Ontario. 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 broker in Alabama on Dec. 9. The financing will be used for working capital purposes.

o            On Dec. 9, a $16,000,000 asset-based lending facility was provided to a commercial/off-road tire service company in Illinois. The financing will be used to pay off an existing lender and for working capital purposes.

o            A $6,000,000 asset-based lending facility was provided to a manufacturer and distributor of snack foods in North Carolina on Dec. 9. The financing will be used to pay off an existing lender and for working capital purposes.

o            On Dec. 11, a $200,000 accounts receivable purchase facility was provided to a flatbed trucking company in Texas. The financing will be used for working capital purposes.

o            A $1,500,000 accounts receivable purchase facility was provided to a freight brokerage in Georgia on Dec. 15. The financing will be used for working capital purposes.

•            Crestmark Equipment Finance:

o            On Dec. 7, a $2,108,152 new lease transaction was completed with a global manufacturer in the northeastern U.S. The financing will be used for IT equipment.

o            A $1,303,120 new lease transaction was completed with a security company in the eastern U.S. on Dec. 8. The financing will be used for capital equipment.

o            On Dec. 8, a $931,400 new lease transaction was completed with a telecommunications company in the northeastern U.S. The financing will be used for IT equipment.

o            A $1,607,294 new lease transaction was completed with a facility support services company in the northwestern U.S. on Dec. 14. The financing will be used for capital equipment.

o            On Dec. 14, a $525,107 new lease transaction was completed with an industrial scales manufacturer in the midwestern U.S. The financing will be used for office equipment.

o            A $787,534 new lease transaction was completed with an energy management company in the midwestern U.S. on Dec. 15. The financing will be used for IT equipment.

•            Crestmark Vendor Finance funded $6,451,914 in 67 new transactions in the first half of December. Some highlights include:

o            An equipment finance transaction was completed with a medical office in the southern U.S. on Dec. 1. The financing will be used for essential equipment.

o            On Dec. 4, a lease transaction was completed with a recycling company in the midwestern U.S. The financing will be used for operational equipment.

o            A new equipment finance transaction was completed with an ambulance service company in the midwestern U.S. on Dec. 8. The financing will be used for operational equipment. 

o            On Dec. 15, a new lease transaction was completed with a distribution company in the southern U.S. The financing will be used for transportation equipment. 

•            Crestmark’s Joint Ventures division funded a total of $13,506,620 in four operating lease transactions with a solar developer in Maryland in the first half of December. The solar systems, located in Minnesota, range in size from 1,178 - 1,393 kW-DC, and will be part of a state community solar program.

•            Government Guaranteed Lending:

o            On Dec. 4, a $972,000 term loan facility was provided to a solar developer in Missouri. The financing will be used to pay off an existing lender and for acquisition purposes. 

o            A $2,138,800 USDA B&I term loan facility was provided to a solar developer in Missouri on Dec. 4. The financing will be used to pay off an existing lender.

o            On Dec. 7, a $13,500,000 term loan facility was provided to a solar developer in Connecticut. The financing will be used for working capital purposes. 

o            A $1,860,000 SBA 7(a) loan facility was provided to a nutritional supplements provider in New Jersey on Dec. 10. 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