Crestmark Provides $32.5MM+ in Commercial Financing to 95 Businesses

December 06, 2019, 07:20 AM

Filed Under: Transaction Announcements

Related: Asset-Based Lending, Crestmark Equipment Finance, Crestmark Vendor Finance

Crestmark announced it provided more than $32.5 million in commercial financing to 95 businesses in the second half of November.

Crestmark Equipment Finance provided $8,866,343 in seven new lease transactions; Crestmark Vendor Finance provided $6,374,126 in 81 new lease transactions; Crestmark secured a total of $6,400,000 in ABL financial solutions for seven new clients; and the Government Guaranteed Lending Division provided $10,875,000 in financing for two new clients.

Crestmark Equipment Finance

On Nov. 19, three new lease transactions totaling $2,628,464 were completed with an energy management company in the midwestern U.S. The financing will be used for IT equipment.
A $1,887,276 new lease transaction was completed with a cable provider in the western U.S. on Nov. 19. The financing will be used for IT equipment.
On Nov. 20, a $1,126,134 new lease transaction was completed with an IT solutions provider in the midwestern U.S. The financing will be used for IT equipment.
A $624,203 new lease transaction was completed with a ski resort in the western U.S. on Nov. 20. The financing will be used for capital equipment.
On Nov. 21, a $2,600,266 new lease transaction was completed with an energy company in the southeastern U.S. The financing will be used for capital equipment.

Crestmark’s Asset-Based Lending Divisions

On Nov. 18, a $500,000 accounts receivable purchase facility was provided to a startup trucking company in Minnesota. The financing will be used for working capital purposes.
A $1,900,000 accounts receivable purchase facility was provided to a trucking company in Washington on Nov. 18. The financing will be for working capital purposes.
On Nov. 21, a $150,000 accounts receivable purchase facility was provided to a startup trucking company in Maryland. The financing will be used for working capital purposes.
A $500,000 accounts receivable purchase facility was provided to a trucking company in Nevada on Nov. 25. The financing will be used for working capital purposes.
On Nov. 26, a $200,000 accounts receivable purchase facility was provided to a trucking company in California. The financing will be used for working capital purposes.
A $150,000 accounts receivable purchase facility was provided to a trucking company in Washington on Nov. 26. The financing will be used for working capital purposes.
On Nov. 27, a $3,000,000 asset-based line of credit facility was provided to a screen printing company in Washington. The financing will be used to pay off an existing lender and for working capital purposes.

Crestmark Vendor Finance

Crestmark Vendor Finance funded $6,374,126 in 81 new lease transactions in the second half of November. Highlights include:

On Nov. 19, a new equipment finance transaction was completed with a land clearing company in the southeastern U.S. The financing will be used for heavy equipment.
A new equipment finance agreement was completed with a landscaping and garden supply company in the northeastern U.S. on Nov. 21. The financing will be used to pay off an existing lender.
On Nov. 26, a new lease agreement was completed with a warehousing company in the northeastern U.S. The financing will be used for machinery.
A new equipment finance transaction was completed with an equipment rental company in the western U.S. on Nov. 27. The financing will be used for heavy equipment.

The Government Guaranteed Lending Division

On Nov. 18, a $9,550,000 USDA Business & Industry loan facility was provided to a hospitality management company in Georgia. The financing will be used for working capital purposes.
A $1,325,000 term loan facility was provided to a financial services franchisee in California on Nov. 21. The financing will be used to pay off an existing lender and for working capital purposes.