Crestmark Provides More Than $46 Million in Commercial Financing to 46 Businesses in the Second Half of February

TROY, Mich., (March 15, 2021) – Crestmark secured a total of $18,850,000 in ABL financial solutions for eight new clients; Crestmark Equipment Finance provided $18,987,216 in six new lease transactions; Crestmark Vendor Finance provided $3,443,354 in 30 new lease transactions; the Joint Ventures group provided $3,775,680 in one new transaction; and the Government Guaranteed Lending group provided $1,020,000 in financing for one new client in the second half of February.

  • Crestmark’s Asset-Based Lending and Factoring:
    • On Feb. 17, a $150,000 accounts receivable purchase facility was provided to a seasonal trucking company in Ohio. The financing will be used for working capital purposes.
    • A $800,000 accounts receivable purchase facility was provided to a dry van transportation company in Illinois on Feb. 17. The financing will be used to pay off an existing lender and for working capital purposes.
    • On Feb. 23, an $8,000,000 ledgered line of credit facility was provided to an inspection and testing services provider in Texas. 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 refrigerated trucking company in North Carolina on Feb. 23. The financing will be used for working capital purposes.
    • On Feb. 24, a $150,000 accounts receivable purchase facility was provided to a regional freight-all-kinds trucking company in Georgia. The financing will be used for working capital purposes.
    • A $3,500,000 asset-based lending facility was provided to a chemical manufacturing company in Wisconsin on Feb. 26. The financing will be used to pay off an existing lender and for working capital purposes.
    • On Feb. 26, a $100,000 accounts receivable purchase facility was provided to a trucking company in Nevada. The financing will be used for working capital purposes.
    • A $6,000,000 asset-based lending facility was provided to a candy manufacturer in Illinois on Feb. 26. The financing will be used to pay off an existing lender.

 

  • Crestmark Equipment Finance:
    • On Feb. 16, a $1,682,943 new lease transaction was completed with a communication services company in the southern U.S. The financing will be used for capital equipment.
    • A $1,497,583 new lease transaction was completed with an IT services management company in the midwestern U.S. on Feb. 16. The financing will be used for IT equipment.
    • On Feb. 16, a $3,841,955 new lease transaction was completed with an airline in the southern U.S. The financing will be used for capital equipment.
    • A $9,786,164 new lease transaction was completed with an automotive parts manufacturer in the southern U.S. on Feb. 17. The financing will be used for capital equipment.
    • On Feb. 19, an $722,160 new lease transaction was completed with an electrical contractor in the midwestern U.S. The financing will be used for operational equipment.
    • A $1,456,411 new lease transaction was completed with a cheese manufacturer in the northeastern U.S. on Feb. 26. The financing will be used for capital equipment.

 

  • Crestmark Vendor Finance funded $3,443,354 in 30 new transactions in the second half of February. Some highlights include:
    • An equipment finance transaction was completed with a construction company in the southwestern U.S. on Feb. 16. The financing will be used for capital equipment.
    • On Feb. 19, an equipment finance transaction was completed with a transportation company in the northwestern U.S. The financing will be used for capital equipment.
    • A new equipment finance transaction was completed with a transportation company in the southwestern U.S. on Feb. 22. The financing will be used for transportation equipment.
    • On Feb. 26, a new equipment finance transaction was completed with a transportation company in the northeastern U.S. The financing will be used for transportation equipment.

 

  • Crestmark’s Joint Ventures group funded a $3,775,680 operating lease transaction with a solar developer in Maryland in the second half of February. The 1,368 kW-DC solar system, located in Minnesota, will be part of a state community solar program.

 

  • Government Guaranteed Lending:
    • A $1,020,000 SBA 7(a) term loan facility was provided to an insurance provider in Texas on Feb. 19. The financing will be used for acquisition and for working capital purposes.