Crestmark Closes 12 Transactions in February Totaling $24.35 Million

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March 04, 2013, 07:26 AM

Filed Under: Transaction Announcements

During the month of February, Crestmark funded a total of $24,350,000 in financial solutions for 12 new clients.

Crestmark provided a $750,000 ledgered line of credit facility to a Michigan general labor staffing services company on February 5. Financing will be used for working capital.
On February 6, a $750,000 purchase facility was provided to California-based automotive hauler. The company has over 70 trucks in operation. Financing offers amortization and working capital.
A $600,000 ledgered line of credit facility was provided February 8 to an Illinois company that serves as a manufacturer’s rep for the commercial heating and cooling industry.
On February 13, Crestmark provided a $500,000 ledgered line of credit facility with advances on accounts receivable to a California company that sells a variety of media storage, such as backup tapes, flash drives, CD/DVDs, recordable Blu-ray discs and more. Financing will be used for working capital.
On February 13, a Missouri rehabilitation company was provided a $2.5 million asset-based line of credit facility. The company provides contract therapy services to skilled nursing facilities, schools, and outpatient therapy clinics. Financing will be used for amortization and working capital.
Also on February 13, Crestmark provided a $2 million ledgered line of credit facility to a California company that distributes and installs food service equipment for governmental agencies. Financing will be used for amortization and working capital.
On February 14, a $2 million accounts receivables purchase facility was provided to an IT staffing company in Minnesota. Financing will be used for working capital.
On February 15, a $2 million ledgered line of credit facility was provided to a national electrical contractor based in Florida. The company provides energy-saving lighting products and installation services.
On February 22, a $4.5 million asset-based line of credit facility with advances on accounts receivable and inventory was provided to a Michigan-based company that produces concrete component manufacturing equipment for both domestic and international concrete companies.
On February 25, a $750,000 ledgered line of credit facility with advances on accounts receivable was provided to a Georgia-based mattress manufacturer and distributor.
On February 26, a $6 million asset-based line of credit facility with advances on accounts receivable and inventory was provided to a California company that specializes in the development of redemption prizes for recreational facilities.
Also on February 26, a $2 million ledgered line of credit facility with advances on accounts receivable was provided to a Michigan start-up that brokers and trades ferrous and non-ferrous metals.

Crestmark is a nationally known FDIC-insured bank that provides innovative financial solutions for small- to medium-sized businesses. Financing solutions include asset-based lending, accounts receivable financing, lines of credit and factoring.