Crestmark Provides More Than $43.9 Million in Commercial Financing to 78 Businesses in the First Half of April

TROY, Mich., (April 18, 2019) – Crestmark secured a total of $10,250,000 in ABL financial solutions for 13 new clients; Crestmark Equipment Finance provided $7,481,066 in four new lease transactions; Crestmark Vendor Finance provided $5,830,687 in 56 new lease transactions; and the Government Guaranteed Lending Division provided $20,403,765 in financing for five new clients in the first half of April.

  • Crestmark’s Asset-Based Lending Divisions:
    • On April 1, a $500,000 accounts receivable purchase facility was provided to a parts manufacturer in Michigan. The financing will be used for working capital purposes.
    • A $100,000 accounts receivable purchase facility was provided to a trucking company in Kentucky on April 1. The financing will be used for working capital purposes.
    • On April 1, a $150,000 accounts receivable purchase facility was provided to a startup trucking company in Texas. The financing will be used for working capital purposes.
    • A $2,500,000 Canadian ledgered line of credit facility and a $500,000 U.S. ledgered line of credit facility were provided to a manufacturer and distributor of nutritional products in Ontario, Canada on April 2. The financing will be used for working capital purposes.
    • On April 2, a $900,000 ledgered line of credit facility was provided to a staffing company in Michigan. 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 Mississippi on April 5. The financing will be used for working capital purposes.
    • On April 9, a $2,000,000 ledgered line of credit facility was provided to a furniture wholesaler in Louisiana. The financing will be used for acquisition and for working capital purposes.
    • A $150,000 accounts receivable purchase facility was provided to a startup trucking company in Virginia on April 9. The financing will be used for working capital purposes.
    • On April 10, a $150,000 accounts receivable purchase facility was provided to a trucking company in New Jersey. The financing will be used for working capital purposes.
    • A $750,000 accounts receivable purchase facility was provided to a trucking company in Tennessee on April 11. The financing will be used to pay off an existing lender and for working capital purposes.
    • On April 12, a $100,000 accounts receivable purchase facility was provided to a startup trucking brokerage in Michigan. The financing will be used for working capital purposes.
    • A $2,000,000 ledgered line of credit facility was provided to a heavy equipment operator in Arizona on April 15. The financing will be used for working capital purposes.
    • On April 15, a $300,000 accounts receivable purchase facility was provided to a trucking company in Virginia. The financing will be used for working capital purposes.
  • Crestmark Equipment Finance:
    • On April 5, a $5,601,564 new lease transaction was completed with a provider of high voltage construction services in the southern U.S. The financing will be used for capital equipment.
    • A $1,032,906 new lease transaction was completed with a telecommunications services provider in the southwestern U.S. on April 10. The financing will be used for IT equipment.
    • On April 10, a $516,335 new lease transaction was completed with a producer of skin and health care products in the southern U.S. The financing will be used for capital equipment.
    • A $870,261 new lease transaction was completed with a law office in the midwestern U.S. on April 12. The financing will be used for capital equipment.
  • Crestmark Vendor Finance funded $5,830,687 in 56 transactions in the first half of April.
  • The Government Guaranteed Lending Division:
    • On April 3, a $1,575,000 USDA Rural Energy for America Program loan facility was provided to a solar developer in Texas. The financing will provide permanent debt for 7.1 MW DC utility-scale solar farm, which has an energy management company as the offtaker.
    • A $10,000,000 term loan facility was provided to a solar developer in Louisiana on April 4. The financing will be used to purchase equipment for a 75 MW DC solar farm project.
    • On April 8, a $1,952,000 term loan facility was provided to an independent insurance agency in Florida. The financing will be used for acquisition purposes.
    • A $3,395,734 term loan facility was provided to a solar developer in North Carolina on April 10. The financing will be used to fulfill purchase agreement requirements.
    • On April 10, a $3,481,031 term loan facility was provided to a solar developer in North Carolina. The financing will be used to fulfill purchase agreement requirements.