Crestmark Closes Six Transactions Totaling Over $10 Million in the Second Half of October

TROY, MICHIGAN (November 6, 2014) – Crestmark secured a total of $10,669,000 in financial solutions for six new clients in the second half of October.

  • On October 17, a $3,919,000 asset-based line of credit and equipment term loan was provided to a Michigan automotive parts manufacturer for working capital purposes.
  • A $2,500,000 accounts receivable purchase facility was provided on October 17 to a New York manufacturer of LCD and LED touchscreens.
  • On October 22, a $750,000 traditional factoring facility was provided to a designer and manufacturer of women’s footwear in California for working capital purposes.
  • A $1,500,000 asset-based line of credit was provided on October 24 to a Michigan energy solutions company for working capital purposes.
  • On October 28, a $1,000,000 accounts receivable purchase facility was provided to a manufacturer of precision components in Michigan for acquisition purposes.
  • A $1,000,000 asset-based line of credit was provided on October 31 to a sand and cement hauler in Texas to pay off a previous lender and for working capital purposes.

Crestmark is a nationally known and respected FDIC-insured bank that provides innovative financial solutions. 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, Missouri, North Carolina, and Texas. www.crestmark.com