Crestmark Provides More Than $41.3 Million in Commercial Financing to 77 Businesses in the First Half of April

TROY, Mich., (Apr. 29, 2020) – Crestmark secured a total of $24,150,000 in ABL financial solutions for 14 new clients; Crestmark Equipment Finance provided $6,088,469 in six new lease transactions; Crestmark Vendor Finance provided $5,776,035 in 54 new lease transactions; and the Government Guaranteed Lending Division provided $5,295,000 in financing for three new clients in the first half of April.

  • Crestmark’s Asset-Based Lending Divisions:
    • On Apr. 1, a $1,750,000 accounts receivable purchase facility was provided to a nationwide FAK transportation company in Washington. The financing will be used for working capital purposes.
    • A $500,000 accounts receivable purchase facility was provided to a transportation company in Massachusetts on Apr. 2. The financing will be used for working capital purposes.
    • On Apr. 2, a $2,500,000 accounts receivable purchase facility was provided to a dry van transport company in California. The financing will be used for working capital purposes.
    • A $150,000 accounts receivable purchase facility was provided to a refrigerated transport company in California on Apr. 2. The financing will be used for working capital purposes.
    • On Apr. 2, a $150,000 accounts receivable purchase facility was provided to a FAK trucking company in Wyoming. The financing will be used for working capital purposes.
    • A $250,000 accounts receivable purchase facility was provided to a flatbed trucking company in Massachusetts on Apr. 2. The financing will be used for working capital purposes.
    • On Apr. 3, a $5,500,000 asset-based line of credit facility was provided to a wireless accessories distributor 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 regional FAK transportation company in Oregon on Apr. 8. The financing will be used for working capital purposes.
    • On Apr. 29, a $100,000 accounts receivable purchase facility was provided to a regional FAK transportation company in Texas. The financing will be used for working capital purposes.
    • A $500,000 accounts receivable purchase facility was provided to a warehousing company in California on Apr. 10. The financing will be used for working capital purposes.
    • On Apr. 13, a $150,000 accounts receivable purchase facility was provided to a start-up trucking company in Georgia. The financing will be used for working capital purposes.
    • A $150,000 accounts receivable purchase facility was provided to a dry van trucking company in Texas on Apr. 13. The financing will be used for working capital purposes.
    • On Apr. 14, a $300,000 accounts receivable purchase facility was provided to a start-up trucking company in Wisconsin. The financing will be used for working capital purposes.
    • A $12,000,000 ledgered line of credit facility was provided to an air transport support and services company in Texas on Apr. 15. The financing will be used to pay off an existing lender and for working capital purposes.
  • Crestmark Equipment Finance:
    • On Apr. 3, a $613,074 new lease transaction was completed with an automotive stamping company in the midwestern U.S. The financing will be used for capital equipment.
    • A $2,767,323 new lease transaction was completed with an excavation contractor in the southwestern U.S. on Apr. 8. The financing will be used for construction equipment.
    • On Apr. 9, a $616,264 new lease transaction was completed with a non-profit community services organization in the northeastern U.S. The financing will be used for fitness equipment.
    • A $572,000 new lease transaction was completed with a medical sales & services company in the western U.S. on Apr. 13. The financing will be used for medical equipment.
    • On Apr. 13, a $657,852 new lease transaction was completed with a local trucking and storage company in the southern U.S. The financing will be used for capital equipment.
    • A $861,956 new lease transaction was completed with a publication company in the southern U.S. on Apr. 13. The financing will be used for printing equipment.

 

  • Crestmark Vendor Finance funded $5,776,035 in 54 new lease transactions in the first half of April. Some highlights include:
    • On Apr. 1, an equipment finance transaction was completed with a transportation company in the northwestern U.S. The financing will be used for capital equipment.
    • An equipment financing transaction was completed with a recycling company in the midwestern U.S. on Apr. 3. The financing will be used for machinery.
    • On Apr. 9, a new equipment finance transaction was completed with a logistics company in the northwestern U.S. The financing will be used for capital equipment.
    • On Apr. 15, a new equipment finance transaction was completed with a golf course in the southwestern U.S. The financing will be used for landscaping equipment.
  • The Government Guaranteed Lending Division:
    • On Apr. 1, a $685,000 term loan facility was provided to an independent insurance agency in Michigan. The financing will be used for acquisition and for working capital purposes.
    • A $3,560,000 SBA 7(a) term loan facility was provided to an independent insurance agency in Florida on Apr. 10. The financing will be used for acquisition and for working capital purposes.
    • On Apr. 15, a $1,050,000 SBA 7(a) term loan facility was provided to a regional freight carrier in California. The financing will be used for acquisition purposes.