Crestmark Provides $23MM in Commercial Financing to 88 Businesses

August 23, 2019, 07:25 AM

Filed Under:

Related: Credit, Crestmark Equipment Finance

Crestmark announced it provided $23 million in Commercial Financing to 88 businesses in the first half of August. Crestmark Equipment Finance provided $7,328,266 in five new lease transactions; Crestmark Vendor Finance provided $9,442,735 in 79 new lease transactions; Crestmark secured a total of $850,000 in ABL financial solutions for three new clients; and the Government Guaranteed Lending Division provided $5,393,000 in financing for two new clients in the first half of August.

Crestmark Equipment Finance

On Aug. 6, a $1,267,115 new lease transaction was completed with an oil and gas services provider in the southern U.S. The financing will be used for capital equipment.
A $2,634,268 new lease transaction was completed with a cable provider in the western U.S. on Aug. 6. The financing will be used for IT equipment.
On Aug. 8, a $757,142 new lease transaction was completed with a wholesaler and distributor of bulk oil in the midwestern U.S. The financing will be used for capital equipment.
Two new lease transactions totaling $2,669,741 were completed with an energy management company in the midwestern U.S. on Aug. 8 and Aug. 9. The financing will be used for IT equipment.

Crestmark’s Asset-Based Lending Divisions

On Aug. 5, a $500,000 accounts receivable purchase facility was provided to a trucking company in Texas. The financing will be used for working capital purposes.
A $150,000 accounts receivable purchase facility was provided to a startup trucking company in Florida on Aug. 5. The financing will be used for working capital purposes.
On Aug. 8, a $200,000 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.

Crestmark Vendor Finance

Crestmark Vendor Finance funded $9,442,735 in 79 new lease transactions in the first half of August. Highlights include:

On Aug. 1, a new equipment finance transaction was completed with an oil provider in the Great Lakes region of the U.S. The financing will be used for mobile fueling units.
A new equipment finance transaction was completed with a technology company in the southwestern U.S. on Aug. 7. The financing will be used for office furniture.
On Aug. 8, a new equipment finance transaction was completed with a trucking company in the Great Plains region of the U.S. The financing will be used for trucks.
A new equipment finance transaction was completed with a bus service company in the midwestern U.S. on Aug. 14. The financing will be used for a vehicle.

The Government Guaranteed Lending Division

On Aug. 9, a $1,243,000 term loan facility was provided to an investment advisory firm in Florida. The financing will be used to pay off an existing lender and for working capital purposes.
A $4,150,000 term loan facility was provided to an investment advisory firm in Arizona on Aug. 9. The financing will be used to pay off an existing lender and for working capital purposes.