Crestmark Closes Six Transactions in the Last Half of June, Totaling $5.5 Million
TROY, MICHIGAN (July 10, 2014) – Crestmark secured a total of $5,500,000 in financial solutions for six new clients in the second half of June.
• On June 16, a $2,500,000 ledgered line of credit was provided to a paving company in Virginia. The funds will be used to pay off an existing lender and accommodate growth.
• A $500,000 ledgered line of credit was provided on June 19 to a Michigan manufacturer of conveyor components for working capital purposes.
• On June 24, a $1,000,000 ledgered line of credit was provided to an Illinois bulk mail fulfillment company.
• A $750,000 ledgered line of credit was provided on June 26 to a staffing company located in Michigan, which will be used for additional working capital.
• On June 26, a $500,000 accounts receivable purchase facility was provided to a Minnesota distributor of alternative energy products. The funds will be used to pay off existing lenders and for working capital.
• A $300,000 accounts receivable purchase facility was provided on June 30 to a start-up trucking company located in Kentucky.
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 machinery/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 Indiana, Ohio, Maryland, North Carolina, and Texas. www.crestmark.com