Crestmark Provides More Than $29.3 Million in Commercial Financing to 50 Businesses in the First Half of July

TROY, Mich., (July 18, 2019) – Crestmark secured a total of $13,300,000 in ABL financial solutions for nine new clients; Crestmark Equipment Finance provided $9,412,769 in six new lease transactions; Crestmark Vendor Finance provided $3,414,574 in 34 new lease transactions; the Joint Ventures Division provided $2,295,821 for one new client; and the Government Guaranteed Lending Division provided $895,000 in financing for one new client in the first half of July.

  • Crestmark’s Asset-Based Lending Divisions:
    • On July 1, a $2,000,000 accounts receivable purchase facility was provided to a staffing company in Illinois. The financing will be used for working capital purposes.
    • A $400,000 accounts receivable purchase facility was provided to a trucking company in Ohio on July 2. The financing will be used for working capital purposes.
    • On July 3, a $1,500,000 ledgered line of credit facility was provided to a freight brokerage in Illinois. The financing will be used for working capital purposes.
    • A $1,500,000 ledgered line of credit facility was provided to an electrical services provider to the oil and gas industry in Colorado on July 5. The financing will be used to pay off an existing lender and for working capital purposes.
    • On July 9, a $1,500,000 accounts receivable purchase facility was provided to a startup trucking company in Arkansas. The financing will be used for working capital purposes.
    • A $150,000 accounts receivable purchase facility was provided to a trucking company in Michigan on July 11. The financing will be used for working capital purposes.
    • On July 11, a $500,000 accounts receivable purchase facility was provided to a trucking company in California. The financing will be used for working capital purposes.
    • A $1,000,000 ledgered line of credit facility was provided to a contract packaging company in Texas on July 12. The financing will be used for working capital purposes.
    • On July 12, a $4,750,000 asset-based line of credit facility was provided to a roll forming manufacturer in Michigan. The financing will be used to pay off an existing lender and for working capital purposes.
  • Crestmark Equipment Finance:
    • On July 1, a $943,950 new lease transaction was completed with a medical services provider in the southwestern U.S. The financing will be used for capital equipment.
    • A $998,045 new lease transaction was completed with a medical services provider in the northeastern U.S. on July 1. The financing will be used for capital equipment.
    • On July 5, a $4,989,512 new lease transaction was completed with a logistics company in the midwestern U.S. The financing will be used for capital equipment.
    • Two new lease transactions totaling $1,344,529 were completed with a utility contractor in the midwestern U.S. on July 9. The financing will be used for capital equipment.
    • A $1,136,733 new lease transaction was completed with a chemical manufacturer in the southern U.S. on July 12. The financing will be used for capital equipment.
  • Crestmark Vendor Finance funded $3,414,574 in 34 new lease transactions in the first half of July.
  • The Joint Ventures Division:
    • On July 3, a $2,295,821 120-month operating lease transaction was completed with a solar developer in Vermont. The financing will be used to install a solar farm.
  • The Government Guaranteed Lending Division:
    • On July 15, an $895,000 SBA 7(a) term loan facility was provided to a property management firm in Colorado. The financing will be used for acquisition and for working capital purposes.