Crestmark Provides More Than $73.8 Million in Commercial Financing to 78 Businesses in the Second Half of April

TROY, Mich., (May 3, 2019) – Crestmark secured a total of $25,758,713 in ABL financial solutions for 10 new clients; Crestmark Equipment Finance provided $16,764,511 in eight new lease transactions; Crestmark Vendor Finance provided $4,347,415 in 60 new lease transactions; the Joint Ventures Division provided $19,137,463 for two new clients; and the Government Guaranteed Lending Division provided $7,795,000 in financing for two new clients in the second half of April.

  • Crestmark’s Asset-Based Lending Divisions:
    • On April 16, a $150,000 accounts receivable purchase facility was provided to a trucking company in Louisiana. The financing will be used for working capital purposes.
    • A $150,000 accounts receivable purchase facility was provided to a trucking company in Ohio on April 18. The financing will be used for working capital purposes.
    • On April 18, a $2,000,000 asset-based line of credit facility was provided to a manufacturer of containment equipment in North Carolina. The financing will be used to pay off an existing lender and for working capital purposes.
    • A $3,000,000 term loan facility and a $2,500,000 asset-based line of credit facility were provided to an oilfield services provider in Texas on April 18. The financing will be used to pay off an existing lender and for working capital purposes.
    • On April 18, a $4,908,713 term loan facility and a $3,000,000 ledgered line of credit facility were provided to an oilfield services company in Texas. The financing will be used for working capital purposes.
    • A $3,500,000 ledgered line of credit facility was provided to a metal fabrication company in Alabama on April 19. The financing will be used for working capital purposes.
    • On April 26, a $4,750,000 term loan facility was provided to a manufacturer of solar cell technology in California. The financing will be used for working capital purposes.
    • A $1,250,000 ledgered line of credit facility was provided to a manufacturer of sheet metal components in Pennsylvania on April 26. The financing will be used to pay off an existing lender and for working capital purposes.
    • On April 26, a $400,000 accounts receivable purchase facility was provided to a trucking company in Georgia. The financing will be used for working capital purposes.
    • A $150,000 accounts receivable purchase facility was provided to a startup trucking company in New York on April 30. The financing will be used for working capital purposes.
  • Crestmark Equipment Finance:
    • On April 16, a $603,549 new lease transaction was completed with a cabinet manufacturer in the northeastern U.S. The financing will be used for capital equipment.
    • A $3,731,571 new lease transaction was completed with a cable provider in the western U.S. on April 17. The financing will be used for IT equipment.
    • On April 19, a $5,033,569 new lease transaction was completed with a coal producer in the southern U.S. The financing will be used for capital equipment.
    • Two new lease transactions totaling $1,531,483 were completed with an energy management company in the midwestern U.S. on April 22. The financing will be used for IT equipment.
    • On April 22 and April 23, two new lease transactions totaling $5,328,914 were completed with an excavation contractor in the southwestern U.S. The financing will be used for capital equipment.
    • A $535,425 new lease transaction was completed with a producer and distributor of organic food products in the northwestern U.S. on April 30. The financing will be used for capital equipment.
  • Crestmark Vendor Finance funded $4,347,415 in 60 transactions to 58 businesses in the second half of April.
  • The Joint Ventures Division:
    • On April 17, an $11,434,663 180-month operating lease transaction was completed with a solar developer in Connecticut. The financing will be used to install a 4,804 KW DC solar farm in Massachusetts, which has a local utility as the offtaker.
    • A $7,702,800 180-month operating lease transaction was completed with a solar developer in Connecticut on April 17. The financing will be used to install a 2,940 KW DC solar farm in Massachusetts, which has a local utility as the offtaker.
  • The Government Guaranteed Lending Division:
    • On April 24, a $2,795,000 SBA 7(a) term loan facility was provided to a financial advisory firm in Washington. The financing will be used for acquisition purposes.
    • A $5,000,000 SBA 7(a) term loan facility was provided to a financial advisory firm in California on April 25. The financing will be used to pay off an existing lender and for working capital purposes.