Crestmark Closes Ten Transactions Totaling Nearly $7.5 Million in the First Half of May
TROY, MICHIGAN (May 22, 2014) – Crestmark secured a total of $7,466,000 in financial solutions for ten new clients in the first two weeks of May.
• On May 1, a $1,000,000 ledgered line of credit was provided to a transportation and warehouse provider in California. The funds will be used for working capital needs and to accommodate growth.
• A $3,000,000 accounts receivable purchase facility was provided on May 1 to a Canadian full- service transportation company.
• On May 2, a $600,000 ledgered line of credit was provided to a North Carolina distributor of medical equipment.
• A $350,000 traditional factoring facility was provided on May 2 to a designer and distributor of children’s shoes in New York.
• On May 9, a $279,000 traditional factoring facility was provided to a Florida designer and wholesaler of apparel.
• A $250,000 accounts receivable purchase facility was provided on May 12 to a startup trucking company in Kentucky.
• On May 14, a $500,000 traditional factoring facility was provided to a wholesaler of bedroom and dining room furniture located in California.
• A $50,000 asset-based lending facility was provided on May 14 to a Michigan manufacturer supporting the automotive and construction industries. The funds will be used for working capital purposes.
• On May 14, a ledgered line of credit and an equipment term loan with a combined total of $1,137,000 was provided to an Illinois bulk mail fulfillment company.
• A $300,000 accounts receivable purchase facility was provided on May 15 to a start-up trucking company in Illinois.
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 Alabama, Indiana, Ohio, Maryland, North Carolina, and Texas. www.crestmark.com