Crestmark secured a total of $11,396,000 in financial solutions for seven new clients in the first half of February. The transactions are:
- A $350,000 accounts receivable purchase facility was provided on Feb. 2 to a startup car hauling company in Arkansas. The financing will be used for working capital purposes.
- On Feb. 2, a $2.924 million SBA 7(a) term loan facility was provided to a hospitality management group in Connecticut. The financing will be used for acquisition and working capital purposes.
- A $500,000 accounts receivable purchase facility was provided on Feb. 3 to an aggregate distributor in Texas. The financing will be used for working capital purposes.
- On Feb. 3, a $4.372 million SBA 7(a) term loan facility was provided to a hospitality management group in Florida. The financing will be used for acquisition and working capital purposes.
- A $500,000 accounts receivable purchase facility was provided on Feb. 4 to a driver and transportation services company in Nevada. The financing will be used for working capital purposes.
- On Feb. 4, a $2 million ledgered line of credit facility was provided to a metal stamp manufacturer in Indiana. The financing will be used for working capital purposes.
- A $750,000 traditional factoring facility was provided on Feb. 10 to a furniture manufacturer in North Carolina. The financing will be used to pay off a previous lender and for working capital purposes.
Crestmark is an FDIC-insured bank that provides innovative financial solutions for businesses nationwide. Financing solutions include asset-based lending, accounts receivable financing, lines of credit, term loans, factoring, machinery/equipment financing and equipment leasing. Crestmark has extensive experience in helping many industries including transportation, manufacturing, staffing, petrochemical, government contractors, apparel/footwear/furniture distribution/manufacturing, hospitality/hotels, insurance agencies, and technology hardware/software. Headquartered in Michigan, with additional offices in California, Florida, Louisiana, Tennessee, New York, and Illinois; and representatives nationwide.