Although scientists have known about the presence of crude oil in North Dakota for decades, it wasn't until 2008 that technology made it possible to extract oil from the rocks of Bakken shale. Now, with fracking, North Dakota is home 200 active oil rigs, and it produces around 20 million barrels of oil each month.

This oil boom is a tremendous boost to the economy. While other parts of the nation have suffered through a recession, North Dakota has enjoyed the lowest unemployment rate in the country. The population of some small towns has doubled in recent years due to the influx of workers for the oil fields. The benefits of the Bakken shale oil fields have spread to other areas of the United States and Canada as well.

While the huge increase in oil production is great for the economy, it would not be possible without access to working capital to support the growth. Crestmark is proud to partner with companies in the oil & gas industry to provide financing solutions to support their businesses. Capital is often needed for pipeline expansion, refineries, staffing, trucking, machinery, temporary housing and many other things. Through a variety of lending options, Crestmark is able to offer flexible financing to help continue the growth in North Dakota and throughout the United States.

As the oil industry grows, it provides a trickle-down effect that strengthens the local economy as well. More workers moving to the area creates a new demand for restaurants and supermarkets, car dealerships, and many other services.

All of these new businesses also require access to working capital to get up and running. Not only is Crestmark equipped to handle to financing needs of large oil & gas companies, but we are also a strong partner to small businesses, offering SBA loans alongside our asset-based lending, accounts receivable financing, and factoring programs.

To speak with a lending expert, give us a call at 888.999.8050 or fill out our online contact form.

Although scientists have known about the presence of crude oil in North Dakota for decades, it wasn't until 2008 that technology made it possible to extract oil from the rocks of Bakken shale. Now, with fracking, North Dakota is home 200 active oil rigs, and it produces around 20 million barrels of oil each month.

This oil boom is a tremendous boost to the economy. While other parts of the nation have suffered through a recession, North Dakota has enjoyed the lowest unemployment rate in the country. The population of some small towns has doubled in recent years due to the influx of workers for the oil fields. The benefits of the Bakken shale oil fields have spread to other areas of the United States and Canada as well.

While the huge increase in oil production is great for the economy, it would not be possible without access to working capital to support the growth. Crestmark is proud to partner with companies in the oil & gas industry to provide financing solutions to support their businesses. Capital is often needed for pipeline expansion, refineries, staffing, trucking, machinery, temporary housing and many other things. Through a variety of lending options, Crestmark is able to offer flexible financing to help continue the growth in North Dakota and throughout the United States.

As the oil industry grows, it provides a trickle-down effect that strengthens the local economy as well. More workers moving to the area creates a new demand for restaurants and supermarkets, car dealerships, and many other services.

All of these new businesses also require access to working capital to get up and running. Not only is Crestmark equipped to handle to financing needs of large oil & gas companies, but we are also a strong partner to small businesses, offering SBA loans alongside our asset-based lending, accounts receivable financing, and factoring programs.

To speak with a lending expert, give us a call at 888.999.8050 or fill out our online contact form.

Crestmark has always made charity a priority, but sometimes the places we give are particularly close to our hearts. For Crestmark Group President Jim Rothman, the March of Dimes is a very personal cause. "My twins, Eliana and Danielle, were born at 24 weeks and weighed one pound 2 ounces at birth," he explains. "The doctors told us the outlook was “grim” and that even if they survived it was likely they would have major disability.  If it was not for the medical advances achieved through March of Dimes funding, my girls would not have survived."

Today, Eliana and Danielle are thriving, happy, and healthy. They're living examples of how March of Dimes helps children around the country, and they're also the official ambassadors for Palm Beach County. To help support this organization, Crestmark became a sponsor of March of Dimes and organized an internal fundraising effort for the March for Babies, matching employee donations. This year, the Crestmark team is #6 in the country for fundraising.

March of Dimes works directly to support the welfare of mothers and their babies. They are at the forefront of research into premature birth, helping babies around the country survive and grow strong. Crestmark is proud to support them and the good work they do. 

Today we are going to begin a series in our blog on How We Help.  Occaisionally, over the next weeks and months I will post articles and comments from our clients on how Crestmark was able to help them with their specific needs.  Today’s example is from a Staffing company on the east coast.

The company is a very well known and respected temp medical staffing company located on the East Coast.  They provide a variety of medical professionals including LPN’s, RN’s and physical therapists to hospitals and nursing homes. 

They began to see significant decrease in their business from about June 2008 through January 2009.  The leadership took very proactive steps to reduce their overhead and business expenses, a process which they continue to do.  Due to management taking an active role in managing to a new sales forecast they have begun to turn the corner and are projecting a breakeven 2009.  Leadership felt strongly that they could post positive net income during 2010. 

Problem:
Their previous lender became nervous about the relationship after they experienced 50% drop in sales from the previous year.  The losses caused their lender to become very restrictive with their credit facility and availability as well as imposing some very strict financial covenants.  This put the company in a very precarious position; they had a drastic drop in business, they were experiencing longer than usual turn on their receivables, and their lender was restricting their credit line.

Solution:
They first came to Crestmark in June, 2009.  The client said he knew from day one talking with Crestmark, that we were different than the other companies he had spoken with.

We were able to quickly review and provide them with feedback on what we would be able to do for them.  Our solution was an AR Loan with an available credit limit that would give them more than adequate cash flow and some very welcome breathing room.  In addition we offered a 90% advance rate which was more aggressive than the previous lender, the new relationship was completed by the previous lender’s deadline

All of this has allowed them to continue to make necessary improvements to processes and expenses while being confident that they have a lender who will be there with them step by step to bring them through difficult times and ultimately to profitability once again.

After almost a year of hard work and collaboration we are very excited to launch our new, updated website!

Crestmark is an FDIC insured financial institution which specializes in providing working capital through accounts receivable lending to small and medium sized businesses across the country. The bank was originally founded in Troy, MI and in recent years has expanded it’s footprint through a series of acquisitions. These acquisitions brought in already established, successful accounts receivable factoring companies. All of these events lead to the need to create a newer, updated and more comprehensive website.

We hope that you will find the new site informative and helpful! Within the pages of the site, you will find explanations of the various types of solutions that we offer; accounts receivable factoring, asset based lines of credit, and accounts receivable loans. I think you will also find that we are very diverse in the industries we serve; staffing, manufacturing, distribution, apparel, government contractors to name a few.

So…take a look, and let us know what you think. We think you’ll be pleased!