Crestmark Provides More Than $36.4 Million in Commercial Financing to 55 Businesses in the Second Half of January

TROY, Mich., (Feb. 11, 2019) – Crestmark secured a total of $6,250,000 in ABL financial solutions for six new clients; Crestmark Equipment Finance provided $8,304,101 in four new lease transactions; Crestmark Vendor Finance provided $3,801,143 in 41 new lease transactions; and the Government Guaranteed Lending Division provided $18,138,033 in financing for four new clients in the second half of January.

  • Crestmark’s asset-based lending division:
    • On Jan. 18, a $1,750,000 accounts receivable purchase facility was provided to a trucking company in Ontario, Canada. The financing will be used to pay off an existing lender and for working capital purposes.
    • A $500,000 accounts receivable purchase facility was provided to a hospitality staffing company in Texas on Jan. 23. The financing will be used for working capital purposes.
    • On Jan. 23, a $750,000 ledgered line of credit facility was provided to a wholesale distributor of baking supplies in New York. The financing will be used for working capital purposes.
    • A $750,000 accounts receivable purchase facility was provided to a trucking company in Texas on Jan. 23. The financing will be used for working capital purposes.
    • On Jan. 24, a $1,000,000 ledgered line of credit facility was provided to a startup trucking company in Idaho. The financing will be used for working capital purposes.
    • A $1,500,000 ledgered line of credit facility was provided to a manufacturer and distributor of flooring in Wisconsin on Jan. 31. The financing will be used to pay off an existing lender and for working capital purposes.
  • Crestmark Equipment Finance:
    • On Jan. 22, a $2,466,162 new lease transaction was completed with a laundry equipment supplier in the northeastern U.S. The financing will be used for capital equipment.
    • A $1,685,974 new lease transaction was completed with a food manufacturer in the southwestern U.S. on Jan. 23. The financing will be used for capital equipment.
    • On Jan. 23, a $1,295,118 new lease transaction was completed with a food manufacturer in the southwestern U.S. The financing will be used for capital equipment.
    • A $2,856,847 new lease transaction was completed with a manufacturer of automotive components in the midwestern U.S. on Jan. 28. The financing will be used for capital equipment.
  • Crestmark Vendor Finance funded $3,801,143 in 41 transactions in the second half of January.
  • The Government Guaranteed Lending Division:
    • On Jan. 16, a $940,000 term loan facility was provided to an independent insurance agency in Texas. The financing will be used for acquisition purposes.
    • A $1,825,000 USDA Business & Industry (B & I) loan facility was provided to a solar developer in Texas on Jan. 18. The financing will be used to provide permanent debt for a 7.136 MW DC utility-scale solar farm for a 25-year term, which has a utility company as the offtaker.
    • On Jan. 23, a $1,125,000 term loan facility was provided to an independent insurance agency in Illinois. The financing will be used for acquisition purposes.
    • A $14,248,033 solar construction term loan facility was provided to a solar developer in Texas on Jan. 25. Once the construction of the 14.27 MW DC solar farm is completed, the term loan facility will be refinanced by a $6,000,000 USDA B & I permanent debt loan facility for a 25 year term; will have a public utility as the offtaker.