Crestmark Provides $30.4MM+ in Commercial Financing to 96 Businesses in H1/October

October 22, 2019, 07:15 AM

Filed Under: Transaction Announcements

Related: Crestmark

Crestmark secured a total of $5,100,000 in ABL financial solutions for six new clients; Crestmark Equipment Finance provided $4,048,244 in six new lease transactions; Crestmark Vendor Finance provided $8,025,138 in 81 new lease transactions; and the Government Guaranteed Lending Division provided $13,284,795 in financing for five new clients in the first half of October.

Crestmark’s Asset-Based Lending Divisions:

On Oct. 4, a $1,500,000 ledgered line of credit facility was provided to a construction management company in California. 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 startup trucking company in California on Oct. 8. The financing will be used for working capital purposes.
On Oct. 10, a $200,000 accounts receivable purchase facility was provided to a trucking company in North Carolina. The financing will be used to pay off an existing lender and for working capital purposes.
A $3,000,000 asset-based line of credit facility was provided to a manufacturer for the glass industry in New York on Oct. 10. The financing will be used to pay off an existing lender and for working capital purposes.
On Oct. 11, a $150,000 accounts receivable purchase facility was provided to a startup trucking company in Michigan. The financing will be used for working capital purposes.
A $100,000 accounts receivable purchase facility was provided to a trucking company in North Carolina on Oct. 14. The financing will be used for working capital purposes.

Crestmark Equipment Finance:

On Oct. 1, a $631,616 new lease transaction was completed with a medical services provider in the southwestern U.S. The financing will be used for capital equipment.
A $536,900 new lease transaction was completed with a car dealership in the southwestern U.S. on Oct. 2. The financing will be used for capital equipment.
On Oct. 10, three new lease transactions totaling $1,944,957 were completed with a wholesale grocery supply company in the northeastern U.S. The financing will be used for capital equipment.
A $934,771 new lease transaction was completed with a medical services provider in the southwestern U.S. on Oct. 15. The financing will be used for capital equipment.

Crestmark Vendor Finance funded $8,025,138 in 81 new lease transactions in the first half of October. Some highlights include:

On Oct. 1, a new equipment finance transaction was completed with a medical services provider in the northeastern U.S. The financing will be used for laser equipment.
A new equipment finance transaction was completed with a pharmacy in the midwestern U.S. on Oct. 4. The financing will be used for IT equipment.
On Oct. 8, a new lease transaction was completed with a medical services provider in the midwestern U.S. The financing will be used for medical equipment.
A new equipment finance transaction was completed with a trucking company in the southeastern U.S. on Oct. 14. The financing will be used for transportation equipment.

The Government Guaranteed Lending Division:

On Oct. 3, a $300,000 SBA 7(a) term loan facility was provided to a fitness club franchisee in Washington. The financing will be used for acquisition and for working capital purposes.
A $3,575,000 USDA Business & Industry loan facility was provided to a solar developer in Texas on Oct. 4. The financing will be used to pay off an existing lender.
On Oct. 4, a $6,909,795 term loan facility was provided to a solar developer in North Carolina. The financing will be used for acquisition purposes.
A $1,200,000 SBA 7(a) term loan facility was provided to a financial advisory firm in California on Oct. 4. The financing will be used for acquisition and for working capital purposes.
On Oct. 7, a $1,300,000 SBA 7(a) term loan facility was provided to an independent insurance agency in Tennessee. The financing will be used for acquisition and for working capital purposes.

Crestmark provides innovative financial solutions for businesses nationwide. Financing solutions include asset-based lending, accounts receivable financing, lines of credit, term loans, factoring, machinery/equipment financing and equipment leasing. Crestmark has extensive experience in helping many industries including transportation, manufacturing, staffing, petrochemical, renewable energy, government contractors, hospitality/hotels, insurance agencies, and technology hardware/software. Crestmark, a division of MetaBank®, is headquartered in Michigan, with additional offices in California, Florida, Louisiana, Tennessee, and Illinois; representatives nationwide; and a Canadian foreign representative office.