Crestmark Provides More Than $70.5 Million in Commercial Financing to 83 Businesses in the Second Half of March

TROY, Mich., (April 19, 2021) – Crestmark secured a total of $15,150,000 in ABL/factoring financial solutions for seven new clients; Crestmark Equipment Finance provided $30,768,825 in 15 new transactions; Crestmark Vendor Finance provided $6,544,102 in 57 new transactions; and the Government Guaranteed Lending group provided $18,126,800 in financing for four new clients in the second half of March.

  • Crestmark’s Asset-Based Lending and Factoring:
    • On Mar. 16, a $200,000 accounts receivable purchase facility was provided to a dry van transportation company in Missouri. The financing will be used for working capital purposes.
    • On Mar. 19, a $150,000 accounts receivable purchase facility was provided to a trucking company in Florida. The financing will be used for working capital purposes.
    • A $150,000 accounts receivable purchase facility was provided to a freight broker in Michigan on Mar. 22. The financing will be used for working capital purposes.
    • On Mar. 23, a $500,000 accounts receivable purchase facility was provided to a freight-all-kinds trucking company in Alabama. 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 transportation company in Maryland on March 26. The financing will be used to pay off an existing lender and for working capital purposes.
    • On Mar. 29, a $5,000,000 asset-based line of credit facility was provided to a metallurgical services provider in Wisconsin. The financing will be used to pay off an existing lender and for working capital purposes.
    • A $9,000,000 asset-based line of credit facility was provided to a construction products distributor in Missouri on March 31. The financing will be used to pay off an existing lender and for working capital purposes.

 

  • Crestmark Equipment Finance funded $30,768,825 in 15 new lease transactions in the second half of March. Some highlights include:
    • A $6,490,869 new lease transaction was completed with a machinery manufacturer in the northeastern U.S. on Mar. 18. The financing will be used for capital equipment.
    • On Mar. 24, a $5,700,000 new lease transaction was completed with a semiconductor products producer in the western U.S. The financing will be used for alternative energy equipment.
    • A $5,331,045 new lease transaction was completed with a food wholesaler in the northeastern U.S. on Mar. 24. The financing will be used for transportation equipment.
    • On Mar. 31, a $7,589,927 new lease transaction was completed with a retail company in the midwestern U.S. The financing will be used for operational equipment.

 

  • Crestmark Vendor Finance funded $6,544,102 in 57 new transactions in the second half of March. Some highlights include:
    • On Mar. 17, an equipment finance transaction was completed with a flag and banner company in the southeastern U.S. The financing will be used for operational equipment.
    • An equipment finance transaction was completed with a medical provider in the southeastern U.S on Mar. 24. The financing will be used for essential equipment.
    • On Mar. 29, a new equipment finance transaction was completed with a farm in the midwestern U.S. The financing will be used for operational equipment.
    • A new equipment finance transaction was completed with a transportation company in the southeastern U.S. on Mar. 31. The financing will be used for operational equipment.

 

  • Government Guaranteed Lending:
    • An $800,000 SBA 7(a) term loan facility was provided to a gourmet cookie delivery company in Utah on Mar. 16. The financing will be used for acquisition and for working capital purposes.
    • On Mar. 19, a $2,100,000 term loan facility was provided to a wealth advisory firm in California. The financing will be used for acquisition and for working capital purposes.
    • A $15,000,000 USDA Business & Industry loan was provided to a solar developer in North Carolina on Mar. 22. The financing will be used for construction purposes.
    • On Mar. 26, a $226,800 term loan facility was provided to an independent insurance agency in Michigan. The financing will be used for acquisition and for working capital purposes.