Crestmark Provides More Than $54.7 Million in Commercial Financing to 85 Businesses in the First Half of January

TROY, Mich., (Jan. 23, 2020) – Crestmark secured a total of $12,000,000 in ABL financial solutions for five new clients; Crestmark Equipment Finance provided $20,756,115 in 10 new lease transactions; Crestmark Vendor Finance provided $7,781,607 in 70 new lease transactions; the Joint Ventures Division provided $2,328,750 in financing for one client; and the Government Guaranteed Lending Division provided $11,865,000 in financing for two new clients in the first half of January.

  • Crestmark’s Asset-Based Lending Divisions:
    • On Jan. 9, a $2,000,000 accounts receivable purchase facility was provided to a trucking company in Michigan. The financing will be used for working capital purposes.
    • A $1,000,000 accounts receivable purchase facility was provided to a trucking company in North Carolina on Jan. 10. The financing will be used for working capital purposes.
    • On Jan. 10, a $7,500,000 asset-based line of credit facility was provided to a communications equipment company in Missouri. The financing will be used to pay off an existing lender and for acquisition purposes.
    • A $1,000,000 ledgered line of credit facility was provided to a trucking company in Texas on Jan. 13. The financing will be used for working capital purposes.
    • On Jan. 15, a $500,000 accounts receivable purchase facility was provided to a trucking company in Idaho. The financing will be used for working capital purposes.
  • Crestmark Equipment Finance:
    • On Jan. 3, a $5,886,000 new lease transaction was completed with a fuel cell company in the northeastern U.S. The financing will be used for capital equipment.
    • A $562,990 new lease transaction was completed with a medical services provider in the midwestern U.S. on Jan. 3. The financing will be used for IT equipment.
    • On Jan. 6, a $795,201 new lease transaction was completed with a storage solutions company in the southeastern U.S. The financing will be used for capital equipment.
    • A $766,889 new lease transaction was completed with a pawn shop operator in the southern U.S. on Jan. 6. The financing will be used for capital equipment.
    • On Jan. 14, two new lease transactions totaling $4,770,118 were completed with a food distributor in the northeastern U.S. The financing will be used for transportation equipment.
    • A $1,051,893 new lease transaction was completed with a provider of technology and data analytics services in the southern U.S. on Jan. 14. The financing will be used for capital equipment.
    • On Jan. 14, a $1,003,229 new lease transaction was completed with a consumer goods company in the northeastern U.S. The financing will be used for software.
    • A $693,911 new lease transaction was completed with a flooring manufacturer in the northeastern U.S. on Jan. 14. The financing will be used for software.
    • On Jan. 14, a $5,225,884 new lease transaction was completed with a cosmetics company in the northeastern U.S. The financing will be used for software.
  • Crestmark Vendor Finance funded $7,781,607 in 70 new lease transactions for 68 clients in the first half of January. Some highlights include:
    • On Jan. 2, a new equipment finance transaction was completed with a medical spa in the southwestern U.S. The financing will be used for medical equipment.
    • A new lease agreement was completed with a laboratory in the midwestern U.S. on Jan. 6. The financing will be used for laboratory equipment.
    • On Jan. 10, a new equipment finance agreement was completed with an outdoor services company in the southeastern U.S. The financing will be used for transportation equipment.
    • A new equipment finance transaction was completed with a medical office in the southwestern U.S. on Jan. 15. The financing will be used for medical equipment.
  • The Joint Ventures Division:
    • On Jan. 13, a $2,328,750 operating lease transaction was completed with a solar developer in Vermont. The financing will be used for a 750 KW DC solar farm in Vermont, which has a local school district and township as the offtaker.
  • The Government Guaranteed Lending Division:
    • On Jan. 2, a $9,950,000 USDA Business & Industry loan facility was provided to a hospitality company in Georgia. The financing will be used for working capital purposes.
    • A $1,915,000 SBA 7(a) term loan facility was provided to a financial advisory firm in Connecticut on Jan. 6. The financing will be used for acquisition and for working capital purposes.