Crestmark Provides More Than $41 Million in Commercial Financing to 69 Businesses in the Second Half of July

TROY, Mich., (Aug. 6, 2019) – Crestmark secured a total of $27,055,000 in ABL financial solutions for 13 new clients; Crestmark Equipment Finance provided $4,673,558 in four new lease transactions; Crestmark Vendor Finance provided $6,870,396 in 49 new lease transactions; the Joint Ventures Division provided $1,369,370 for one new client; and the Government Guaranteed Lending Division provided $2,010,000 in financing for three new clients in the second half of July.

  • Crestmark’s Asset-Based Lending Divisions:
    • On July 17, a $100,000 accounts receivable purchase facility was provided to a startup trucking company in North Carolina. The financing will be used for working capital purposes.
    • A $1,500,000 ledgered line of credit facility was provided to an oil and gas services provider in Texas on July 18. The financing will be used to pay off an existing lender and for working capital purposes.
    • On July 19, a $10,000,000 ledgered line of credit facility was provided to a distributor of frozen foods in Florida. The financing will be used to pay off an existing lender and for working capital purposes.
    • A $750,000 accounts receivable purchase facility was provided to a manufacturer of alloy components in Ohio on July 19. The financing will be used to pay off an existing lender and for working capital purposes.
    • On July 22, an $800,000 accounts receivable purchase facility was provided to a trucking company in Georgia. 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 trucking company in North Carolina on July 23. The financing will be used for working capital purposes.
    • On July 23, a $3,000,000 accounts receivable purchase facility was provided to a trucking company in Michigan. 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 startup trucking company in California on July 24. The financing will be used for working capital purposes.
    • On July 25, a $2,000,000 ledgered line of credit facility was provided to a manufacturer of packaging materials in California. The financing will be used to pay off an existing lender and for working capital purposes.
    • A $5,000,000 asset-based line of credit facility was provided to a manufacturer of packaging materials in Ohio on July 26. The financing will be used to pay off an existing lender and for working capital purposes.
    • On July 26, a $1,500,000 ledgered line of credit facility was provided to a beverage distributor in Florida. The financing will be used to pay off an existing lender and for working capital purposes.
    • A $400,000 accounts receivable purchase facility was provided to a trucking company in Arkansas on July 31. The financing will be used for working capital purposes.
    • On July 31, a $1,000,000 accounts receivable purchase facility and a $355,000 term loan facility were provided to a manufacturer of custom signs in Michigan. The financing will be used to pay off an existing lender and for working capital purposes.
  • Crestmark Equipment Finance:
    • On July 23, a $589,000 new lease transaction was completed with a manufacturer of concrete aggregate in the southern U.S. The financing will be used for capital equipment.
    • A $1,267,115 new lease transaction was completed with an oil and gas services provider in the southern U.S. on July 24. The financing will be used for capital equipment.
    • On July 24, a $537,273 new lease transaction was completed with a trucking company in the southeastern U.S. The financing will be used for capital equipment.
    • A $2,280,170 new lease transaction was completed with a web development company in the southeastern U.S. on July 26. The financing will be used for capital equipment.
  • Crestmark Vendor Finance funded $6,870,396 in 49 new lease transactions for 48 clients in the second half of July. Some highlights include:
    • On July 16, a $554,778 new lease transaction was completed with a medical services provider in the southeastern U.S. The financing will be used for fitness equipment.
    • A $459,046 new equipment finance transaction was completed with a trucking company in the midwestern U.S. on July 23. The financing will be used for trailers.
    • On July 24, two new equipment finance transactions totaling $1,159,280 were completed with an oil provider in the Great Lakes region of the U.S. The financing will be used for mobile fueling units.
    • A $1,036,951 new lease transaction was completed with a drilling company in the southwestern U.S. on July 24. The financing will be used for various equipment.
  • The Joint Ventures Division:
    • On July 22, a $1,369,370 solar construction term loan facility was provided to a solar developer in Vermont and will be used to install a 745 KW DC solar farm. Once the construction of the solar farm is completed, the term loan facility will be refinanced with a $2,313,225 operating lease and will have a local school district as the offtaker.
  • The Government Guaranteed Lending Division:
    • On July 16, a $250,000 SBA 7(a) term loan facility was provided to a regional publication company in Colorado. The financing will be used for acquisition purposes.
    • A $350,000 SBA 7(a) term loan facility was provided to a health and wellness company in Virginia on July 24. The financing will be used for acquisition purposes.
    • On July 31, a $1,310,000 SBA 7(a) term loan facility and a $100,000 SBA express line of credit facility were provided to an HVAC company in Massachusetts. The financing will be used for acquisition and for working capital purposes.