Crestmark Closes Seven Transactions Totaling Nearly $15 Million
in the Month of February
TROY, MICHIGAN (March 4, 2014) – Crestmark secured a total of $14,700,000 in financial solutions for seven new clients in February.
- A $1,000,000 ledgered line of credit was provided on February 6 to a digital formatting and recording company located in California. The funds will be used for working capital purposes.
- On February 7, a $500,000 ledgered line of credit was provided to a Minnesota LED lighting manufacturer to provide additional working capital.
- A $200,000 ledgered line of credit was provided on February 7 to a Michigan steel service center.
- On February 7, a $500,000 accounts receivable purchase facility was provided to a Washington honey producer. The funds will be used to provide working capital.
- A $1,000,000 accounts receivable purchase facility was provided on February 11 to an oilfield services company in Texas. The funds will be used to pay off a prior lender and to provide additional working capital.
- On February 11, a $4,000,000 asset based lending facility with advances on accounts receivable and inventory was provided to a Colorado medical supply distributor.
- A $7,500,000 asset based lending facility was provided on February 12 to a developer and distributor of nutrition products located in New Jersey.
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