Crestmark Provides More Than $43.4 Million in Commercial Financing to 112 Businesses in the First Half of July

TROY, Mich., (July 24, 2020) – Crestmark secured a total of $7,703,300 in ABL financial solutions for seven new clients; Crestmark Equipment Finance provided $16,946,772 in three new lease transactions; Crestmark Vendor Finance provided $7,799,845 in 98 new lease transactions; the Joint Ventures Division provided $9,067,872 in financing to one new client; and the Government Guaranteed Lending group provided $1,940,000 in financing for three new clients in the first half of July.

  • Crestmark’s Asset-Based Lending:
    • On July 8, a $1,500,000 accounts receivable purchase facility was provided to a freight all kinds transportation company in Tennessee. 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 power-only freight all kinds transportation company in Maryland on July 10. The financing will be used for working capital purposes.
    • On July 10, a $500,000 accounts receivable purchase facility was provided to a dry van transportation company in California. The financing will be used for working capital purposes.
    • A $1,903,300 ledgered line of credit facility was provided to an Alberta, Canada transportation company working across North America on July 13. The financing will be used to pay off an existing lender and for working capital purposes.
    • On July 14, a $2,500,000 ledgered line of credit facility was provided to an energy industry technical solutions provider in Michigan. The financing will be used for working capital purposes.
    • A $1,000,000 accounts receivable purchase facility was provided to an oilfield transportation services provider in Ohio on July 14. The financing will be used to pay off an existing lender and for working capital purposes.
    • On July 15, a $150,000 accounts receivable purchase facility was provided to a refrigerated transport company in Texas. The financing will be used for working capital purposes.
  • Crestmark Equipment Finance:
    • A $507,830 new lease transaction was completed with a data protection provider in the midwestern U.S. on July 10. The financing will be used for IT equipment.
    • A $13,786,000 new lease transaction was completed with a medical equipment manufacturer in the eastern U.S. on July 10. The financing will be used for fuel cells.
    • On July 15, a $2,652,942 new lease transaction was completed with an ambulatory surgical center in the northeastern U.S. The financing will be used for medical equipment.
  • Crestmark Vendor Finance funded $7,799,845 in 98 new transactions in the first half of July. Some highlights include:
    • An equipment finance transaction was completed with a construction company in the northeastern U.S. on July 1. The financing will be used for essential equipment.
    • On July 7, an equipment finance transaction was completed with a dermatologist in the southeastern U.S. The financing will be used for medical equipment.
    • A new equipment finance transaction was completed with a CNC milling and manufacturing company in the northwestern U.S. on July 10. The financing will be used for operational equipment.
    • On July 15, a new equipment finance agreement was completed with an aggregate hauling company in the northeastern U.S. The financing will be used for operational equipment.
  • Crestmark’s Joint Ventures Division:
    • On July 10, a $9,067,872 operating lease transaction was provided to an investment company in Michigan. The financing will be used to install a 2.7MW solar system in Connecticut, which has a commercial retail center as the offtaker.
  • Government Guaranteed Lending:
    • On July 2, a $225,000 SBA 7(a) term loan facility was provided to an independent insurance agency in New York. The financing will be used for acquisition purposes.
    • A $1,500,000 SBA 7(a) term loan facility was provided to an independent insurance agency in Alabama on July 6. The financing will be used for acquisition purposes.
    • On July 6, a $215,000 term loan facility was provided to an asset management firm in Michigan. The financing will be used for working capital purposes.