TROY, MICHIGAN (August 4, 2014) – Crestmark secured a total of $12,200,000 in financial solutions for eight new clients in the month of July.
- On July 1, a $500,000 accounts receivable purchase facility was provided to a container distributor in Indiana. The funds will be used for working capital purposes.
- A $1,000,000 ledgered line of credit was provided on July 7 to a New York concrete distributor for working capital purposes.
- On July 10, a $2,500,000 ledgered line of credit was provided to an Indiana trucking company to pay off a previous lender.
- A $5,000,000 ledgered line of credit was provided on July 10 to a Florida manufacturer and wholesaler of high-end lighting products, which will be used for additional working capital.
- On July 18, a $777,810 SBA term loan was provided to a California-based insurance agency. The funds will be used to pay off existing lenders and for working capital.
- A $600,000 SBA term loan was provided on July 29 to a Washington insurance company for acquisition.
- On July 30, a $1,500,000 asset-based line of credit was provided to a Colorado manufacturer of environmental solutions from biomass products; the funds will be used for working capital purposes.
- A $350,000 traditional factoring facility was provided on July 30 to an importer and distributor of bedroom furniture in North Carolina.
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