Crestmark Provides More Than $30.4 Million in Commercial Financing to 96 Businesses in the First Half of October

TROY, Mich., (Oct. 22, 2019) – Crestmark secured a total of $5,100,000 in ABL financial solutions for six new clients; Crestmark Equipment Finance provided $4,048,244 in six new lease transactions; Crestmark Vendor Finance provided $8,025,138 in 81 new lease transactions; and the Government Guaranteed Lending Division provided $13,284,795 in financing for five new clients in the first half of October.

  • Crestmark’s Asset-Based Lending Divisions:
    • On Oct. 4, a $1,500,000 ledgered line of credit facility was provided to a construction management company in California. The financing will be used to pay off an existing lender and for working capital purposes.
    • A $150,000 accounts receivable purchase facility was provided to a startup trucking company in California on Oct. 8. The financing will be used for working capital purposes.
    • On Oct. 10, a $200,000 accounts receivable purchase facility was provided to a trucking company in North Carolina. The financing will be used to pay off an existing lender and for working capital purposes.
    • A $3,000,000 asset-based line of credit facility was provided to a manufacturer for the glass industry in New York on Oct. 10. The financing will be used to pay off an existing lender and for working capital purposes.
    • On Oct. 11, a $150,000 accounts receivable purchase facility was provided to a startup trucking company in Michigan. The financing will be used for working capital purposes.
    • A $100,000 accounts receivable purchase facility was provided to a trucking company in North Carolina on Oct. 14. The financing will be used for working capital purposes.
  • Crestmark Equipment Finance:
    • On Oct. 1, a $631,616 new lease transaction was completed with a medical services provider in the southwestern U.S. The financing will be used for capital equipment.
    • A $536,900 new lease transaction was completed with a car dealership in the southwestern U.S. on Oct. 2. The financing will be used for capital equipment.
    • On Oct. 10, three new lease transactions totaling $1,944,957 were completed with a wholesale grocery supply company in the northeastern U.S. The financing will be used for capital equipment.
    • A $934,771 new lease transaction was completed with a medical services provider in the southwestern U.S. on Oct. 15. The financing will be used for capital equipment.
  • Crestmark Vendor Finance funded $8,025,138 in 81 new lease transactions in the first half of October. Some highlights include:
    • On Oct. 1, a new equipment finance transaction was completed with a medical services provider in the northeastern U.S. The financing will be used for laser equipment.
    • A new equipment finance transaction was completed with a pharmacy in the midwestern U.S. on Oct. 4. The financing will be used for IT equipment.
    • On Oct. 8, a new lease transaction was completed with a medical services provider in the midwestern U.S. The financing will be used for medical equipment.
    • A new equipment finance transaction was completed with a trucking company in the southeastern U.S. on Oct. 14. The financing will be used for transportation equipment.
  • The Government Guaranteed Lending Division:
    • On Oct. 3, a $300,000 SBA 7(a) term loan facility was provided to a fitness club franchisee in Washington. The financing will be used for acquisition and for working capital purposes.
    • A $3,575,000 USDA Business & Industry loan facility was provided to a solar developer in Texas on Oct. 4. The financing will be used to pay off an existing lender.
    • On Oct. 4, a $6,909,795 term loan facility was provided to a solar developer in North Carolina. The financing will be used for acquisition purposes.
    • A $1,200,000 SBA 7(a) term loan facility was provided to a financial advisory firm in California on Oct. 4. The financing will be used for acquisition and for working capital purposes.
    • On Oct. 7, a $1,300,000 SBA 7(a) term loan facility was provided to an independent insurance agency in Tennessee. The financing will be used for acquisition and for working capital purposes.