Crestmark Provides More Than $31.2 Million in Commercial Financing to 105 Businesses in the Second Half of May

TROY, Mich., (June 4, 2020) – Crestmark secured a total of $14,340,000 in ABL financial solutions for 11 new clients; Crestmark Equipment Finance provided $2,269,805 in two new lease transactions; Crestmark Vendor Finance provided $8,645,911 in 90 new lease transactions; and the Government Guaranteed Lending group provided $5,965,000 in financing for two new clients in the second half of May.

  • Crestmark’s Asset-Based Lending:
    • On May 20, a $9,750,000 asset-based line of credit facility was provided to a lighting conversion program provider in Michigan. The financing will be used to pay off an existing lender and for working capital purposes.
    • A $1,440,000 ledgered line of credit facility was provided to an advertising and marketing company in Ontario on May 20. The financing will be used to pay off an existing lender.
    • On May 21, a $150,000 accounts receivable purchase facility was provided to a dry van trucking company in New Jersey. The financing will be used for working capital purposes.
    • A $200,000 accounts receivable purchase facility was provided to a flatbed trucking company in California on May 22. The financing will be used to pay off an existing lender and for working capital purposes.
    • On May 22, a $1,000,000 accounts receivable purchase facility was provided to a brokered freight all kind transport company in Colorado. 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 Illinois on May 26. The financing will be used for working capital purposes.
    • On May 27, a $150,000 accounts receivable purchase facility was provided to a refrigerated and dry van trucking company in Texas. The financing will be used for working capital purposes.
    • A $300,000 accounts receivable purchase facility was provided to a freight all kind transportation company in California on May 28. The financing will be used for working capital purposes.
    • On May 28, a $500,000 ledgered line of credit facility was provided to a plastic injection molding manufacturer in California. The financing will be used for working capital purposes.
    • A $200,000 accounts receivable purchase facility was provided to a freight all kind transport company in Indiana on May 29. The financing will be used for working capital purposes.
    • On May 29, a $500,000 accounts receivable purchase facility was provided to a trucking company in Georgia. The financing will be used for working capital purposes.
  • Crestmark Equipment Finance:
    • A $1,221,866 new lease transaction was completed with an equipment supplier in the western U.S. on May 16. The financing will be used for capital equipment.
    • On May 21, a $1,047,939 new lease transaction was completed with a heavy equipment supplier in the western U.S. The financing will be used for construction equipment.
  • Crestmark Vendor Finance funded $8,645,911 in 90 new transactions in the second half of May. Some highlights include:
    • On May 18, an equipment finance transaction was completed with a distribution company in the southeastern U.S. The financing will be used for operational equipment.
    • An equipment finance transaction was completed with a surgical office in the southeastern U.S. on May 20. The financing will be used for medical equipment.
    • On May 28, a new equipment finance transaction was completed with an excavation company in the northeastern U.S. The financing will be used for operational equipment.
    • A new equipment finance transaction was completed with a logistics company in the northwestern U.S. on May 29. The financing will be used for transportation equipment.
  • Government Guaranteed Lending:
    • On May 18, a $1,190,000 SBA 7(a) term loan facility was provided to a restaurant in New Jersey. The financing will be used for acquisition and for working capital purposes.
    • A $4,775,000 term loan facility was provided to an asset management company in California on May 29. The financing will be used for acquisition and for working capital purposes.