Crestmark Provides More Than $42.3 Million in Commercial Financing to 112 Businesses in the Second Half of January

TROY, Mich., (Feb. 11, 2020) – Crestmark secured a total of $12,000,000 in ABL financial solutions for nine new clients; Crestmark Equipment Finance provided $12,156,249 in 12 new lease transactions; Crestmark Vendor Finance provided $7,472,296 in 87 new lease transactions; the Joint Ventures Division provided $994,451 in financing for one client; and the Government Guaranteed Lending Division provided $9,747,000 in financing for seven new clients in the second half of January.

  • Crestmark’s Asset-Based Lending Divisions:
    • On Jan. 16, a $3,000,000 a ledgered line of credit facility was provided to a food manufacturer in California. The financing will be used to pay off an existing lender and for working capital purposes.
    • A $250,000 accounts receivable purchase facility was provided to a trucking company in California on Jan. 17. The financing will be used for working capital purposes.
    • On Jan. 21, a $1,500,000 accounts receivable purchase facility was provided to a trucking company in Kentucky. The financing will be used for working capital purposes.
    • A $150,000 accounts receivable purchase facility was provided to a trucking company in Maryland on Jan. 23. The financing will be used to pay off an existing lender and for working capital purposes.
    • On Jan. 24, a $150,000 accounts receivable purchase facility was provided to a startup trucking company in Michigan. The financing will be used for working capital purposes.
    • A $4,000,000 asset-based line of credit facility was provided to a wholesale distributor of business office solutions in Florida on Jan. 24. The financing will be used to pay off an existing lender and for working capital purposes.
    • On Jan. 28, a $150,000 accounts receivable purchase facility was provided to a trucking company in Oregon. The financing will be used for working capital purposes.
    • A $2,500,000 asset-based line of credit facility was provided to a wholesale equipment distributor in South Carolina on Jan. 29. The financing will be used to pay off an existing lender and for working capital purposes.
    • On Jan. 31, a $300,000 ledgered line of credit facility was provided to a startup freight brokerage in Georgia. The financing will be used for working capital purposes.
  • Crestmark Equipment Finance:
    • On Jan. 17, two new lease transactions totaling $1,988,504 were completed with a trucking company in the southeastern U.S. The financing will be used for transportation equipment.
    • A $2,393,451 new lease transaction was completed with a food distributor in the northeastern U.S. on Jan. 22. The financing will be used for transportation equipment.
    • On Jan. 22, two new lease transactions totaling $1,543,228 were completed with a fitness club in the northeastern U.S. The financing will be used for fitness equipment.
    • A $519,528 new lease transaction was completed with a health care provider in the northeastern U.S. on Jan. 22. The financing will be used for medical equipment.
    • On Jan. 23, a $707,231 new lease transaction was completed with a waste management company in the midwestern U.S. The financing will be used for heavy equipment.
    • Three new lease transactions totaling $2,460,881 were completed with a utility service provider in the southeastern U.S. on Jan. 23. The financing will be used for transportation equipment.
    • On Jan. 23, a $1,792,466 new lease transaction was completed with a construction company in the southern U.S. The financing will be used for heavy equipment.
    • A $750,960 new lease transaction was completed with a rental services company in the southeastern U.S. on Jan. 24. The financing will be used for capital equipment.
  • Crestmark Vendor Finance funded $7,472,296 in 87 new lease transactions in the second half of January. Some highlights include:
    • On Jan. 17, a new equipment finance transaction was completed with an equipment recovery company in the southeastern U.S. The financing will be used for capital equipment.
    • A new equipment finance transaction was completed with a medical services provider in the southern U.S. on Jan. 24. The financing will be used for capital equipment.
    • On Jan. 30, an equipment finance transaction was completed with an excavation company in the northwestern U.S. The financing will be used for machinery.
    • A new equipment finance transaction was completed with a construction company in the western U.S. on Jan. 31. The financing will be used for an excavator.
  • The Joint Ventures Division:
    • On Jan. 29, a $994,451 operating lease transaction was completed with a manufacturing company in Rhode Island. The financing will be used to install a 496 KW DC solar system.
  • The Government Guaranteed Lending Division:
    • On Jan. 21, a $3,160,000 SBA 7(a) term loan facility was provided to an independent insurance agency in Florida. The financing will be used for acquisition and for working capital purposes.
    • A $140,000 SBA 7(a) term loan facility and a $160,000 express line of credit facility were provided to a restaurant equipment supplier in Georgia on Jan. 21. The financing will be used to pay off an existing lender and for working capital purposes.
    • On Jan. 27, a $1,557,000 term loan facility was provided to a financial services franchisee in Ohio. The financing will be used for acquisition and for working capital purposes.
    • A $1,375,000 term loan facility was provided to a solar developer in North Carolina on Jan. 28. The financing will be used for working capital purposes.
    • On Jan. 28, a $1,350,000 SBA 7(a) term loan facility was provided to an independent insurance agency in New Jersey. The financing will be used for acquisition purposes.
    • A $1,305,000 SBA 7(a) term loan facility was provided to a convenience store in California on Jan. 31. The financing will be used for acquisition purposes.
    • On Jan. 31, a $700,000 bridge loan facility was provided to a hospitality company in Pennsylvania. The financing will be used for acquisition purposes.