Crestmark Provides More Than $35 Million in Commercial Financing to 94 Businesses in the First Half of September

TROY, Mich., (September 25, 2018) – Crestmark secured a total of $14,400,000 in ABL financial solutions with 17 transactions for 15 new clients; Crestmark Equipment Finance provided $2,968,342 in four new lease transactions; Crestmark Vendor Finance provided $6,800,000 in 73 new lease transactions; and the Government Guaranteed Lending division provided $10,866,000 in financing for two new clients in the first half of September.

  • Crestmark’s asset-based lending division:
    • A $100,000 accounts receivable purchase facility was provided to a trucking company in South Carolina on September 4. The financing will be used for working capital purposes.
    • On September 4, a $2,250,000 accounts receivable purchase facility was provided to a trucking brokerage in Tennessee. The financing will be used to pay off an existing lender and for working capital purposes.
    • A $350,000 accounts receivable purchase facility was provided to a trucking company in New Mexico on September 4. The financing will be used to pay off an existing lender and for working capital purposes.
    • On September 6, a $300,000 Canadian ledgered line of credit facility and a $200,000 U.S. ledgered line of credit facility were provided to a beverage distributor in Ontario, Canada. The financing will be used for working capital purposes.
    • A $200,000 accounts receivable purchase facility was provided to a trucking company in Arkansas on September 6. The financing will be used for working capital purposes.
    • On September 6, a $300,000 accounts receivable purchase facility was provided to a trucking company in Nebraska. The financing will be used for working capital purposes.
    • On September 7, a $500,000 accounts receivable purchase facility was provided to a groundwater technology company in California. The financing will be used for working capital purposes.
    • A $1,200,000 term loan facility and a $1,500,000 ledgered line of credit facility were provided to a manufacturer of sanitary products in Virginia on September 11. The financing will be used for working capital purposes.
    • On September 11, a $1,500,000 asset-based line of credit facility was provided to a distributor of sanitary products in Virginia. The financing will be used for working capital purposes.
    • A $600,000 accounts receivable purchase facility was provided to a trucking company in Iowa on September 12. The financing will be used for working capital purposes.
    • On September 12, a $1,500,000 asset-based line of credit facility was provided to a wholesale distributor of electrical products in Ohio. The financing will be used for working capital purposes.
    • A $3,000,000 ledgered line of credit facility was provided to a trucking company in Minnesota on September 13. The financing will be used to pay off an existing lender and for working capital purposes.
    • On September 13, a $500,000 ledgered line of credit facility was provided to a trucking brokerage in Minnesota. The financing will be used of working capital purposes.
    • On September 14, a $150,000 accounts receivable purchase facility was provided to a trucking company in Montana. The financing will be used for working capital purposes.
    • A $250,000 accounts receivable purchase facility was provided to a startup trucking brokerage in Virginia on September 14. The financing will be used for working capital purposes.
  • Crestmark Equipment Finance:
    • A $1,249,592 new lease transaction was completed with a food manufacturer in the southwestern U.S. on September 6. The financing will be used for capital equipment.
    • A $529,913 new lease transaction was completed with a manufacturing company in the western U.S. on September 7. The financing will be used for capital equipment.
    • A $613,837 new lease transaction was completed with a healthcare provider in the southwestern U.S. on September 11. The financing will be used for capital equipment.
    • On September 11, a $575,000 new lease transaction was completed with a healthcare provider in the midwestern U.S. The financing will be used for capital equipment.
  • Crestmark Vendor Finance funded $6,800,000 in 73 transactions in the first half of September.
  • The Government Guaranteed Lending division:
    • On September 7, a $7,500,000 solar construction term loan facility was provided to a solar energy provider in Minnesota, which will be used to pay off an existing lender. Once the construction of the 6.5 MW DC utility-scale solar farm is completed, the term loan facility will be refinanced by a $9,250,000 USDA Business & Industry permanent debt loan facility for a 25-year term; and will have an energy company as the offtaker.
    • A $3,366,000 term loan facility was provided to an investment advisory firm in Massachusetts on September 13. The financing will be used to pay off an existing lender.