Crestmark announced that it provided more than $51 million in commercial financing to 94 businesses in the second half of June. Crestmark secured a total of $4,360,000 in ABL financial solutions for five new clients; Crestmark Equipment Finance provided $21,416,745 in seven new lease transactions; Crestmark Vendor Finance provided $4,976,084 in 78 new lease transactions; the Joint Ventures Division provided $9,821,799 for one new client; and the Government Guaranteed Lending Division provided $10,475,000 in financing for five new clients.
Crestmark’s Asset-Based Lending Divisions
- On June 17, a $3,000,000 asset-based line of credit facility was provided to a food manufacturer in California. The financing will be used for working capital purposes.
- A $400,000 accounts receivable purchase facility was provided to a trucking company in California on June 21. The financing will be used for working capital purposes.
- On June 21, a $150,000 accounts receivable purchase facility was provided to a startup trucking company in Georgia. The financing will be used for working capital purposes.
- A $660,000 term loan facility was provided to a Tier 1 automotive supplier in Michigan on June 24. The financing will be used to pay off an existing lender.
- On June 27, a $150,000 accounts receivable purchase facility was provided to a startup trucking company in North Carolina. The financing will be used for working capital purposes.
Crestmark Equipment Finance
- On June 18, a $944,442 new lease transaction was completed with a communications distributor in the Northeast. The financing will be used for IT equipment.
- A $2,137,051 new lease transaction was completed with a mortgage lender in the Northeast on June 19. The financing will be used for capital equipment.
- On June 21, three new lease transactions totaling $4,899,838 were completed with a provider of food waste recycling services in the Midwest. The financing will be used for capital equipment.
- A $4,169,414 new lease transaction was completed with a die cast company in the Southeast on June 21. The financing will be used for capital equipment.
- On June 26, a $9,266,000 new lease transaction was completed with a fuel cell company in the Northeast U.S. The financing will be used for capital equipment.
The Joint Ventures Division
- On June 27, a $9,821,799 120-month operating lease transaction was completed with a real estate investment company in Michigan. The financing will be used to install a solar farm.
The Government Guaranteed Lending Division
- On June 18, a $3,550,000 USDA Business & Industry loan facility was provided to solar energy developer in Texas. The financing will be used to provide permanent debt.
- A $3,360,000 term loan facility was provided to financial advisory firm in Texas on June 18. The financing will be used to pay off an existing lender and for working capital purposes.
- On June 19, a $1,000,000 SBA 7(a) term loan facility was provided to an independent insurance agency in California. The financing will be used for acquisition and for working capital purposes.
- A $190,000 SBA 7(a) term loan facility was provided to a beverage distributor in Illinois on June 19. The financing will be used to pay off an existing lender, for acquisition, and for working capital purposes.
- On June 28, a $2,375,000 term loan facility was provided to a financial advisory firm in Pennsylvania. The financing will be used for acquisition purposes.
Crestmark Vendor Finance
- Crestmark Vendor Finance funded $4,976,084 in 78 new lease transactions in the second half of June.