Crestmark Provides More Than $33MM in Financing in the First Half of September

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September 20, 2019, 09:00 AM

Filed Under: Transaction Announcements

Related: Crestmark

Crestmark announced it provided more than $33 million in commercial financing to 71 businesses in the first half of September.

Crestmark secured a total of $12,650,000 in ABL financial solutions for 11 new clients; Crestmark Equipment Finance provided $10,041,309 in four new lease transactions; Crestmark Vendor Finance provided $4,761,049 in 53 new lease transactions; and the Government Guaranteed Lending Division provided $5,730,000 in financing for four new clients in the first half of September.

Crestmark’s Asset-Based Lending Divisions

On Sept. 3, a $150,000 accounts receivable purchase facility was provided to a trucking company in Colorado. The financing will be used for working capital purposes.
A $2,000,000 ledgered line of credit facility was provided to an automotive company in Michigan on Sept. 3. The financing will be used to pay off an existing lender and for working capital purposes.
On Sept. 3, a $2,000,000 asset-based line of credit facility was provided to a producer and wholesaler of food products in Kentucky. The financing will be used to pay off an existing lender and for working capital purposes.
A $2,000,000 ledgered line of credit facility was provided to a bulk material logistics company in Texas on Sept. 6. The financing will be used for working capital purposes.
On Sept. 6, a $2,500,000 accounts receivable purchase facility was provided to a trucking company in California. The financing will be used to pay off an existing lender and for working capital purposes.
A $300,000 accounts receivable purchase facility was provided to a startup trucking company in Texas on Sept. 9. The financing will be used for working capital purposes.
On Sept. 11, a $500,000 accounts receivable purchase facility was provided to a trucking company in California. The financing will be used for working capital purposes.
A $1,500,000 ledgered line of credit facility was provided to a utility services company in Arkansas on Sept. 12. The financing will be used for acquisition and for working capital purposes.
On Sept. 13, a $100,000 accounts receivable purchase facility was provided to a trucking company in Arkansas. The financing will be used for working capital purposes.
A $1,400,000 accounts receivable purchase facility was provided to a trucking company in Washington on Sept. 13. The financing will be used to pay off an existing lender and for working capital purposes.
On Sept. 13, a $200,000 accounts receivable purchase facility was provided to a trucking company in Washington. The financing will be used to pay off an existing lender and for working capital purposes.

Crestmark Equipment Finance

On Sept. 3, a $509,861 new lease transaction was completed with a vegetation management company in the southwestern U.S. The financing will be used for capital equipment.
An $8,160,000 new lease transaction was completed with a mining company in western Canada on Sept. 10. The financing will be used for capital equipment.
On Sept. 15, two transactions totaling $1,371,448 were completed with a manufacturer and distributor of automotive components in the midwestern U.S. The financing will be used for capital equipment.

Crestmark Vendor Finance

Crestmark Vendor Finance funded $4,761,049 in 53 new lease transactions in the first half of September. Some highlights include:

On Sept. 4, an equipment finance transaction was completed with a wholesale meat producer in the northeastern U.S. The financing will be used for new computer equipment.
An equipment finance transaction was completed with a computer services company in the western U.S. on Sept. 6. The financing will be used for new computer equipment.
On Sept. 11, an equipment finance transaction was completed with a cinema in the southern U.S. The financing will be used for theater seating.
An equipment finance transaction was completed with a farm in the western U.S. on Sept. 13. The financing will be used for a generator and walk-in cooler.

The Government Guaranteed Lending Division

On Sept. 4, a $4,000,000 USDA Business & Industry loan facility was provided to a solar developer in Texas. The financing will be used to pay off an existing lender.
A $460,000 SBA 7(a) term loan facility was provided to a contract embroidery company in North Carolina on Sept. 6. The financing will be used for acquisition purposes.
On Sept. 11, a $175,000 SBA 7(a) term loan facility was provided to a benefits brokerage firm in California. The financing will be used for working capital purposes.
A $1,095,000 term loan facility was provided to a financial advisory firm in Michigan on Sept. 11. The financing will be used for acquisition purposes.