Crestmark Closes Nine Transactions Totaling $15 Million in September

TROY, MICHIGAN (October 3, 2014) – Crestmark secured a total of $14,980,600 in financial solutions for nine new clients in the month of September.

  • On September 2, a $2,000,000 ledgered line of credit was provided to a metal fabricator in Michigan to pay off a previous lender and for working capital purposes.
  • An accounts receivable purchase facility and an equipment term loan, together totaling $1,750,000, were provided on September 3 to an Illinois trucking company to pay off previous lenders and to purchase new trucks.
  • On September 16, a $500,000 ledgered line of credit was provided to an automotive textile manufacturer in North Carolina for working capital purposes.
  • A $1,805,600 SBA term loan was provided on September 17 to an independent insurance agency in Florida.
  • On September 18, a $750,000 accounts receivable purchase facility was provided to a welding contractor in Texas for working capital purposes.
  • A $2,500,000 asset based line of credit was provided on September 18 to a distributor of manufacturing tools in Colorado for working capital purposes and to pay of a previous lender.
  • On September 19, a $5,125,000 asset based line of credit and equipment term loan were provided to an automotive parts manufacturer in Michigan for working capital purposes.
  • A $300,000 traditional factoring facility was provided on September 23 to a jewelry designer and distributor in California for working capital purposes.
  • On September 30, a $250,000 traditional factoring facility was provided to a New York designer and manufacturer of high-end women’s accessories.

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, Maryland, North Carolina, and Texas. www.crestmark.com