Crestmark Provides $35.2MM+ in Commercial Financing to 85 Businesses

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May 13, 2020, 09:00 AM

Filed Under: Transaction Announcements

Related: Crestmark

Crestmark announced it provided more than $35.2 million in commercial financing to 85 businesses in the second half of April. Crestmark secured a total of $3,950,000 in ABL financial solutions for four new clients; Crestmark Equipment Finance provided $17,383,632 in eight new lease transactions; Crestmark Vendor Finance provided $8,457,754 in 71 new lease transactions; and the Government Guaranteed Lending Division provided $5,423,700 in financing for two new clients in the second half of April.

Crestmark’s Asset-Based Lending Divisions

On April 20, a $150,000 accounts receivable purchase facility was provided to a dry freight trucking company in Georgia. The financing will be used for working capital purposes.
A $150,000 accounts receivable purchase facility was provided to a dry van transport company in California on April 20. The financing will be used for working capital purposes.
On April 20, a $3,500,000 accounts receivable purchase facility was provided to a services-provider to natural gas producers in Texas. The financing will be used to pay off an existing lender and for working capital purposes.
A $150,000 accounts receivable purchase facility was provided to a freight all kind transport company in California on April 20. The financing will be used for working capital purposes.

Crestmark Equipment Finance

On April 20, a $4,994,700 new lease transaction was completed with a solar energy systems services provider in the western U.S. The financing will be used for office equipment.
A $840,401 new lease transaction was completed with a chemical manufacturer in the southern U.S. on April 20. The financing will be used for IT equipment.
On April 21, a $1,787,109 new lease transaction was completed with an airline company in the southeastern U.S. The financing will be used for operational equipment.
A $4,821,487 new lease transaction was completed with a metallurgical mining company in the southeastern U.S. on April 23. The financing will be used for construction equipment.
On April 27, a $801,000 new lease transaction was completed with an equipment rental company in the southeastern U.S. The financing will be used for construction equipment.
A $517,154 new lease transaction was completed with a healthcare foundation in the midwestern U.S. on April 29. The financing will be used for medical equipment.
On April 30, a $1,158,534 new lease transaction was completed with an oil & gas industry services provider in the southern U.S. The financing will be used for capital equipment.
A $2,463,247 new lease transaction was completed with an internet provider in the western U.S. on April 30. The financing will be used for networking equipment.

Crestmark Vendor Finance
Crestmark Vendor Finance funded $8,457,754 in 71 new lease transactions in the second half of April. Some highlights include:

On April 16, an equipment finance transaction was completed with a dermatologist in the northeastern U.S. The financing will be used for laser equipment.
A lease transaction was completed with a rental company in the southeastern U.S. on April 22. The financing will be used for capital equipment.
On April 28, a new lease transaction was completed with an imaging center in the southwestern U.S. The financing will be used for medical equipment.
A new equipment finance transaction was completed with a private transportation company in the southeastern U.S. on April 30. The financing will be used for a vehicle.

The Government Guaranteed Lending Division

On April 17, a $638,700 SBA 7(a) term loan facility was provided to an independent insurance agency in Texas. The financing will be used for acquisition and for working capital purposes.
A $4,785,000 term loan facility was provided to a wealth advisory firm in Maryland on April 30. The financing will be used for acquisition and for working capital purposes.