Crestmark Provides More Than $50.8 Million in Commercial Financing to 135 Businesses in the First Half of October

TROY, Mich., (Oct. 22, 2020) – Crestmark secured a total of $30,557,358 in ABL financial solutions for 13 new clients; Crestmark Equipment Finance provided $2,309,779 in two new lease transactions; Crestmark Vendor Finance provided $8,572,042 in 117 new transactions; the Government Guaranteed Lending group provided $9,396,250 in financing for three new clients in the first half of October.

  • Crestmark’s Asset-Based Lending:
    • On Oct. 1, a $1,400,000(CAD) ledgered line of credit facility was provided to a long-distance refrigerated transportation company in British Columbia, Canada. The financing will be used to pay off an existing lender and for working capital purposes.
    • A $350,000 accounts receivable purchase facility was provided to a freight all kinds (FAK) transportation company in Kentucky on Oct. 1. The financing will be used for working capital purposes.
    • On Oct. 1, a $13,000,000 asset-based lending facility was provided to a chemicals packaging and distribution company in Texas. The financing will be used to pay off an existing lender and for working capital purposes.
    • A $9,000,000 asset-based lending facility was provided to a designer and manufacturer of hearth products in Alabama on Oct. 2. The financing will be used to pay off an existing lender.
    • On Oct. 5, a $125,000 accounts receivable purchase facility was provided to a refrigerated transport company in California. The financing will be used for working capital purposes.
    • A $300,000 accounts receivable purchase facility was provided to a flatbed transportation company in Nebraska on Oct. 6. The financing will be used for working capital purposes.
    • On Oct. 6, a $2,000,000 ledgered line of credit facility was provided to a technology-based services provider in Washington. The financing will be used for working capital purposes.
    • A $150,000 accounts receivable purchase facility was provided to a refrigerated FAK transportation company in Texas on Oct. 6. The financing will be used for working capital purposes.
    • On Oct. 6, a $1,200,000(CAD) ledgered line of credit facility was provided to a transportation company in British Columbia, Canada. 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 dry van transportation company in North Carolina on Oct. 7. The financing will be used for working capital purposes.
    • On Oct. 7, a $225,000 accounts receivable purchase facility was provided to a transportation company in South Carolina. The financing will be used for working capital purposes.
    • A $3,000,000 asset-based lending facility was provided to a specialty pharmaceuticals company in New Jersey on Oct. 12. The financing will be used to pay off an existing lender and for working capital purposes.
    • On Oct. 13, a $300,000 accounts receivable purchase facility was provided to a refrigerated transportation company in Ohio. The financing will be used for working capital purposes.
  • Crestmark Equipment Finance:
    • On Oct. 5, a $1,403,465 new lease transaction was completed with a mortgage company in the northeastern U.S. The financing will be used for IT equipment.
    • A $906,314 new lease transaction was completed with a financial services provider in the eastern U.S. on Oct. 8. The financing will be used for operational equipment.
  • Crestmark Vendor Finance funded $8,572,042 in 117 new transactions in the first half of October. Some highlights include:
    • An equipment finance transaction was completed with a construction company in the northeastern U.S. on Oct. 2. The financing will be used for transportation equipment.
    • On Oct. 7, an equipment finance transaction was completed with a towing company in the midwestern U.S. The financing will be used for essential equipment.
    • A new equipment finance transaction was completed with a biotechnology company in the northwestern U.S. on Oct. 8. The financing will be used for essential equipment.
    • On Oct. 15, a new equipment finance transaction was completed with a transportation company in the northwestern U.S. The financing will be used for transportation equipment.
  • Government Guaranteed Lending:
    • On Oct. 2, an $830,000 SBA 7(a) term loan facility was provided to an independent insurance agency in Kentucky. The financing will be used for acquisition and for working capital purposes.
    • A $2,486,250 term loan facility was provided to a financial advisory firm in Colorado on Oct. 9. The financing will be used for acquisition purposes.
    • On Oct. 15, a $6,080,000 term loan facility was provided to an insurance and financial services company in Washington. The financing will be used for acquisition and for working capital purposes.