Crestmark Provides More Than $47 Million in Commercial Financing to 108 Businesses in the First Half of August

TROY, Mich., (August 25, 2020) – Crestmark secured a total of $6,500,000 in ABL financial solutions for four new clients; Crestmark Equipment Finance provided $524,700 in one new lease transaction; Crestmark Vendor Finance provided $8,165,144 in 96 new lease transactions; and the Government Guaranteed Lending group provided $31,820,200 in financing for seven new clients in the first half of August.

  • Crestmark’s Asset-Based Lending:
    • On Aug. 5, a $150,000 accounts receivable purchase facility was provided to a flatbed transportation company in North Carolina. The financing will be used for working capital purposes.
    • A $500,000 ledgered line of credit facility was provided to a seller of glass and stone products in Michigan on Aug. 7. The financing will be used for working capital purposes.
    • On Aug.11 a $2,250,000 accounts receivable purchase facility was provided to a nationwide food & produce transportation company in California. The financing will be used to pay off an existing lender and for working capital purposes.
    • A $3,600,000 ledgered line of credit facility was provided to an HVAC duct manufacturer in Michigan on Aug. 12. The financing will be used to pay off an existing lender and for working capital purposes.

 

  • Crestmark Equipment Finance:
    • On August 3, a $524,700 new lease transaction was completed with an IT services provider in the midwestern U.S. The financing will be used for security equipment.

 

  • Crestmark Vendor Finance funded $8,165,144 in 96 new transactions in the first half of August. Some highlights include:
    • An equipment finance transaction was completed with a trucking company in the southeastern U.S. on Aug. 3. The financing will be used for transportation equipment.
    • On Aug. 7, an equipment finance transaction was completed with a plumbing supply company in the northwestern U.S. The financing will be used for operational equipment.
    • A new equipment finance transaction was completed with a physicians’ office in the southeastern U.S. on Aug. 12. The financing will be used for essential equipment.
    • On Aug. 14, a new equipment finance transaction was completed with a motocross facility in the southcentral U.S. The financing will be used for operational equipment.

 

  • Government Guaranteed Lending:
    • A $4,200,000 construction loan facility was provided to a solar developer in California on Aug. 6. The financing will be used for working capital purposes.
    • On Aug. 12, a $14,671,000 construction loan facility was provided to a solar developer in New Hampshire. The financing will be used for working capital purposes.
    • A $1,400,000 term loan facility was provided to a financial advisory firm in Maryland on Aug. 12. The financing will be used for acquisition purposes.
    • On Aug. 14, a $995,000 SBA 7(a) term loan facility was provided to a precast concrete manufacturer in Washington. The financing will be used for acquisition and for working capital purposes.
    • A $6,754,200 construction loan facility was provided to a solar developer in New Hampshire on Aug. 14. The financing will be used for working capital purposes.
    • On Aug. 14, a $3,700,000 construction loan facility was provided to a solar developer in California. The financing will be used for working capital purposes.
    • A $100,000 SBA 7(a) term loan facility was provided to an insurance agency in Kansas on Aug. 14. The financing will be used for working capital purposes.