Crestmark Provides More Than $57.9 Million in Commercial Financing to 294 Businesses in the Second Half of June

TROY, Mich., (July 14, 2020) – Crestmark secured a total of $16,416,610 in ABL financial solutions for 14 new clients; Crestmark Equipment Finance provided $14,362,914 in four new lease transactions; Crestmark Vendor Finance provided $21,028,090 in 273 new lease transactions; and the Government Guaranteed Lending group provided $6,178,000 in financing for three new clients in the second half of June.

  • Crestmark’s Asset-Based Lending:
    • On June 17, a $10,000,000 ledgered line of credit facility was provided to a wholesaler of consumer electronics in Florida. The financing will be used for working capital purposes.
    • A $2,500,000 ledgered line of credit facility was provided to a consumer snack food distributor in Illinois on June 17. The financing will be used for working capital purposes.
    • On June 17, a $150,000 accounts receivable purchase facility was provided to a flatbed trucking company in Texas. The financing will be used for working capital purposes.
    • A $1,750,000 ledgered line of credit facility was provided to a sheet metal components manufacturer in Pennsylvania on June 19. The financing will be used to pay off an existing lender and for working capital purposes.
    • On June 24, a $366,610 ledgered line of credit facility was provided to an HVAC parts and tools manufacturing and distribution company in Ontario. 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 transport company in Ohio on June 24. The financing will be used for working capital purposes.
    • On June 24, a $200,000 accounts receivable purchase facility was provided to a nationwide dry van trucking company in Illinois. The financing will be used for working capital purposes.
    • A $100,000 accounts receivable purchase facility was provided to a startup trucking company in Ohio on June 26. The financing will be used for working capital purposes.
    • On June 29, a $150,000 accounts receivable purchase facility was provided to a freight all kind transport company in Missouri. The financing will be used for working capital purposes.
    • A $200,000 accounts receivable purchase facility was provided to a flatbed trucking company in Massachusetts on June 29. The financing will be used to pay off an existing lender and for working capital purposes.
    • On June 29, a $150,000 accounts receivable purchase facility was provided to a trucking company in Ohio. The financing will be used to pay off an existing lender and for working capital purposes.
    • A $300,000 accounts receivable purchase facility was provided to a dry van and refrigerated transport company in Minnesota on June 29. The financing will be used for working capital purposes.
    • On June 30, a $250,000 accounts receivable purchase facility was provided to a regional trucking company in Georgia. 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 flatbed transportation company in Massachusetts on June 30. The financing will be used to pay off an existing lender and for working capital purposes.

 

  • Crestmark Equipment Finance:
    • A $4,175,128 new lease transaction was completed with a natural energy producer in the northeastern U.S. on June 22. The financing will be used for capital equipment.
    • On June 23, a $3,450,740 new lease transaction was completed with a manufacturer of recycled paper in the northeastern U.S. The financing will be used for operational equipment.
    • A $5,275,032 new lease transaction was completed with an engineering and technical services provider in the eastern U.S. on June 23. The financing will be used for construction equipment.
    • On June 23, a $1,462,014 new lease transaction was completed with an automotive components manufacturer in the midwestern U.S. The financing will be used for operational equipment.

 

  • Crestmark Vendor Finance funded $21,028,090 in 273 new transactions in the second half of June. Some highlights include:
    • An equipment finance transaction was completed with a trucking company in the northwestern U.S. on June 16. The financing will be used for transportation equipment.
    • On June 22, an equipment finance transaction was completed with a medical practice in the northwestern U.S. The financing will be used for medical equipment.
    • On June 23, a new equipment finance agreement was completed with a food manufacturer in the northeastern U.S. The financing will be used for essential equipment.
    • A new equipment finance transaction was completed with a luxury cinema in the Great Plains on June 30. The financing will be used for food service equipment.

 

  • Government Guaranteed Lending:
    • On June 24, a $1,225,000 SBA 7(a) term loan facility was provided to an asset management firm in New Hampshire. The financing will be used to refinance existing debt and for working capital purposes.
    • A $3,903,000 SBA 7(a) term loan facility was provided to a financial advisory firm in Virginia on June 26. The financing will be used for asset acquisition and to refinance existing debt.
    • On June 30, a $1,050,000 SBA 7(a) term loan facility was provided to an independent insurance agency in Alabama. The financing will be used for partner buyout and for working capital purposes.