Crestmark Provides More Than $54.7 Million in Commercial Financing to 57 Businesses in the First Half of January

TROY, Mich., (January 27, 2021) – Crestmark secured a total of $26,375,000 in ABL financial solutions for eight new clients; Crestmark Equipment Finance provided $6,596,344 in three new lease transactions; Crestmark Vendor Finance provided $4,833,777 in 41 new lease transactions; the Joint Ventures Division provided $7,133,080 in two new transactions; and the Government Guaranteed Lending group provided $9,855,500 in financing for three new clients in the first half of January.

  • Crestmark’s Asset-Based Lending:
    • On Jan. 8, a $5,000,000 asset-based lending facility was provided to a critical care provider in Texas. The financing will be used for working capital purposes.
    • A $20,000,000 asset-based lending facility was provided to an engineering and management services provider in Texas on Jan. 8. The financing will be used for working capital purposes.
    • On Jan. 11, a $150,000 accounts receivable purchase facility was provided to a refrigerated trucking company in North Carolina. The financing will be used for working capital purposes.
    • A $200,000 accounts receivable purchase facility was provided to a flatbed transportation company in Georgia on Jan. 12. The financing will be used for working capital purposes.
    • On Jan. 12, a $250,000 accounts receivable purchase facility was provided to a driveaway operations company in Tennessee. The financing will be used for working capital purposes.
    • A $150,000 accounts receivable purchase facility was provided to a dry van trucking company in Texas on Jan. 15. The financing will be used for working capital purposes.
    • On Jan. 15, a $500,000 accounts receivable purchase facility was provided to a refrigerated trucking company in Ohio. The financing will be used for working capital purposes.
    • A $125,000 accounts receivable purchase facility was provided to a general freight transportation company in Texas on Jan. 15. The financing will be used for working capital purposes.
  • Crestmark Equipment Finance:
    • On Jan. 5, a $636,562 new lease transaction was completed with an IT solutions provider in the midwestern U.S. The financing will be used for IT equipment.
    • A $4,116,110 new lease transaction was completed with an energy company in the eastern U.S. on Jan. 5. The financing will be used for capital equipment.
    • On Jan. 14, a $1,843,672 new lease transaction was completed with an aerospace company in the midwestern U.S. The financing will be used for IT equipment.
  • Crestmark Vendor Finance funded $4,833,777 in 41 new transactions in the first half of January. Some highlights include:
    • An equipment finance transaction was completed with a construction company in the midwestern U.S. on Jan. 5. The financing will be used for essential equipment.
    • On Jan. 8, an equipment finance transaction was completed with a warehousing company in the midwestern U.S. The financing will be used for operational equipment.
    • A new equipment finance transaction was completed with an irrigation company in the midwestern U.S. on Jan. 12. The financing will be used for operational equipment.
    • On Jan. 15, a new equipment finance transaction was completed with a custom truck manufacturer in the northwestern U.S. The financing will be used for essential equipment.

 

  • Crestmark’s Joint Ventures division funded two operating lease transactions totaling $7,133,080 with a solar developer in Maryland in the first half of January. The solar systems, located in Minnesota, range in size from 1,368 – 1,411 kW-DC, and will be part of a state community solar program.

 

  • Government Guaranteed Lending:
    • A $2,828,400 term loan facility was provided to a solar developer in North Carolina on Jan. 5. The financing will be used for construction purposes.
    • On Jan. 13, a $400,000 SBA 7(a) term loan facility was provided to an appliance accessories provider in California. The financing will be used for working capital purposes.
    • A $6,627,100 term loan facility was provided to a solar developer in North Carolina on Jan. 13. The financing will be used for construction purposes.