Crestmark Closes Seven Transactions Totaling Almost $15 Million in the Second Half of September
TROY, MICHIGAN (October 2, 2013) – Crestmark secured a total of $14,750,000 in financial solutions for seven new clients in the second half of September.
• On September 16, a $1,500,000 asset-based lending facility with advances on accounts receivable and inventory was provided to a Massachusetts seafood distributor.
• A $500,000 traditional factoring facility was provided on September 18 to a New York wholesaler of men’s apparel.
• On September 20, a $3,000,000 traditional factoring facility was provided to a Texas jewelry and accessories importer.
• A $5,500,000 asset-based lending facility with advances on accounts receivable, inventory and machinery/equipment was provided on September 24 to a California machine shop. Funding will be used to pay off the prior lender and provide working capital.
• On September 25, a $500,000 traditional factoring facility was provided to a Virginia designer and importer of women’s footwear.
• A $250,000 accounts receivable purchase facility was provided on September 27 to an Ohio HVAC maintenance and repair company.
• On September 30, a $2,500,000 accounts receivable purchase facility was provided to a New Jersey provider of packaging technology.
Crestmark is a nationally known and respected 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, factoring and equipment financing. Crestmark finances most business-to-business companies, and has extensive experience in helping many industries including transportation, manufacturing, staffing, petrochemical, government contractors, apparel and furniture manufacturing. Headquartered in Michigan, with locations in California, Florida, Louisiana, Tennessee, New York, and Illinois; representatives in Alabama, Maryland, North Carolina, and Texas. www.crestmark.com