Crestmark Closes Nine Transactions Totaling $10.5 Million in the First Half of August

TROY, MICHIGAN (August 20, 2014) – Crestmark secured a total of $10,550,000 in financial solutions for nine new clients in the first half of August.

  • On August 4, a $2,000,000 ledgered line of credit was provided to an outdoor apparel manufacturer in Rhode Island. The funds will be used to pay off an existing lender and as working capital.
  • A $250,000 accounts receivable purchase facility was provided on August 4 to a pharmaceutical courier located in Indiana for working capital purposes.
  • On August 6, a $600,000 accounts receivable purchase facility was provided to an Illinois trucking company to provide working capital for startup.
  • A $750,000 traditional factoring facility was provided on August 6 to a New York apparel distributor for working capital purposes.
  • On August 7, a $3,000,000 ledgered line of credit was provided to a Texas distributor of frozen vegetables. The funds will be used for working capital.
  • A $600,000 accounts receivable purchase facility was provided on August 7 to a trucking company located in Kansas to pay off a previous lender and to provide working capital.
  • On August 11, a $2,500,000 traditional factoring facility was provided to a distributor of consumer products located in North Carolina.
  • A $250,000 traditional factoring facility was provided on August 12 to a women’s apparel distributor in New York.
  • On August 14, a $600,000 accounts receivable purchase facility was provided to a frac hauler in Texas for working capital purposes.

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 Colorado, Indiana, Ohio, Maryland, North Carolina, and Texas.  www.crestmark.com