Crestmark Provides More Than $41.6 Million in Commercial Financing to 77 Businesses in the First Half of February

TROY, Mich., (Feb. 25, 2020) – Crestmark secured a total of $6,300,000 in ABL financial solutions for nine new clients; Crestmark Equipment Finance provided $24,532,533 in 10 new lease transactions; Crestmark Vendor Finance provided $5,580,236 in 56 new lease transactions; and the Government Guaranteed Lending Division provided $5,224,037 in financing for three new clients in the first half of February.

  • Crestmark’s Asset-Based Lending Divisions:
    • On Feb. 3, a $150,000 accounts receivable purchase facility was provided to a startup trucking company in Oklahoma. The financing will be used for working capital purposes.
    • A $1,000,000 ledgered line of credit facility was provided to a propane equipment distributor in North Carolina on Feb. 5. The financing will be used to pay off an existing lender and for working capital purposes.
    • On Feb. 5, a $4,000,000 accounts receivable purchase facility was provided to a FAK trucking company in Michigan. The financing will be used to pay off an existing lender and for working capital purposes.
    • A $300,000 accounts receivable purchase facility was provided to a dry van trucking company in Michigan on Feb. 10. The financing will be used for working capital purposes.
    • On Feb. 11, a $150,000 accounts receivable purchase facility was provided to an oilfield services trucking company in New Mexico. The financing will be used for working capital purposes.
    • A $200,000 accounts receivable purchase facility was provided to a flatbed trucking company in Illinois on Feb.11. The financing will be used for working capital purposes.
    • On Feb. 12, a $150,000 accounts receivable purchase facility was provided to a trucking company in Ohio. The financing will be used for working capital purposes.
    • A $200,000 accounts receivable purchase facility was provided to an FAK trucking company in Ohio on Feb. 12. The financing will be used for working capital purposes.
    • On Feb. 13, a $150,000 accounts receivable purchase facility was provided to a refrigerated FAK trucking company in Washington. The financing will be used for working capital purposes.
  • Crestmark Equipment Finance:
    • On Feb. 1, a $2,328,750 new lease transaction was completed with a solar contractor in the northeastern U.S. The financing will be used for solar equipment.
    • A $901,681 new lease transaction was completed with a manufacturing company in the western U.S. on Feb. 1. The financing will be used for capital equipment.
    • On Feb. 6, a $529,536 new lease transaction was completed with an IT solutions provider in the western U.S. The financing will be used for IT equipment.
    • A $798,340 new lease transaction was completed with an IT solutions provider in the midwestern U.S. on Feb. 6. The financing will be used for networking equipment.
    • Two new lease transactions totaling $1,515,665 were completed with an energy management company in the midwestern U.S. on Feb. 10 and Feb. 11. The financing will be used for IT equipment.
    • A $753,592 new lease transaction was completed with a fitness club in the northeastern U.S. on Feb. 12. The financing will be used for fitness equipment.
    • On Feb. 12, a $2,310,518 new lease transaction was completed with a technology services provider in the southern U.S. The financing will be used for capital equipment.
    • A $994,451 new lease transaction was completed with a manufacturer of industrial textiles in the northeastern U.S. on Feb. 14. The financing will be used for solar equipment.
    • On Feb. 14, a $14,400,000 sale-leaseback transaction was completed with a fuel cell solutions provider in the northeastern U.S. The financing will be used to support waste stream produced biogas, with generated electricity going to a utility offtaker.

 

  • Crestmark Vendor Finance funded $5,580,236 in 56 new lease transactions in the first half of February. Some highlights include:
    • An equipment finance transaction was completed with a metrology company in the western U.S. on Feb. 3. The financing will be used for testing equipment.
    • On Feb. 6, a new equipment finance transaction was completed with a logistics company in the western U.S. The financing will be used for racking equipment.
    • On Feb. 11, a new equipment finance agreement was completed with a weight loss center in the southeastern U.S. The financing will be used for capital equipment.
    • A new equipment finance transaction was completed with a contractor in the southeastern U.S. on Feb. 14. The financing will be used for a generator.
  • The Government Guaranteed Lending Division:
    • On Feb. 7, a $4,820,018 term loan facility was provided to a solar developer in Oregon. The financing will be used for working capital purposes.
    • A $94,019 term loan facility was provided to an insurance agency provider in Florida on Feb. 10. The financing will be used for acquisition purposes.
    • On Feb. 12, a $310,000 term loan facility was provided to a software developer in California. The financing will be used for working capital purposes.