Crestmark Provides $51.6MM+ in Commercial Financing to 90 Businesses

December 20, 2019, 07:20 AM

Filed Under: Transaction Announcements

Related: Crestmark Equipment Finance, Crestmark Vendor Finance

Crestmark announced it provided more than $51.6 million in commercial financing to 90 businesses in the first half of December.

Crestmark Equipment Finance provided $2,002,812 in one new lease transaction; Crestmark Vendor Finance provided $7,871,233 in 80 new lease transactions; Crestmark secured a total of $1,200,000 in ABL financial solutions for five new clients; and the Government Guaranteed Lending Division provided $40,554,744 in financing for four new clients in the first half of December.

Crestmark Equipment Finance

On Dec. 10, a $2,002,812 new lease transaction was completed with a laundry equipment supplier in the northeastern U.S. The financing will be used for capital equipment.

Crestmark’s Asset-Based Lending Divisions

On Dec. 2, a $150,000 accounts receivable purchase facility was provided to a trucking company in Oklahoma. The financing will be used for working capital purposes.
A $600,000 accounts receivable purchase facility was provided to a trucking company in Nevada on Dec. 6. The financing will be used for working capital purposes.
On Dec. 6, a $100,000 accounts receivable purchase facility was provided to a trucking company in Tennessee. The financing will be used for working capital purposes.
A $150,000 accounts receivable purchase facility was provided to a startup trucking company in North Carolina on Dec. 9. The financing will be used for working capital purposes.
On Dec. 11, a $200,000 accounts receivable purchase facility was provided to a trucking company in Texas. The financing will be used to pay off an existing lender.

Crestmark Vendor Finance
Crestmark Vendor Finance funded $7,871,233 in 80 new lease transactions in the first half of December. Highlights include:

On Dec. 2, a new equipment finance transaction was completed with a trucking company in the western U.S. The financing will be used for transportation equipment.
A new equipment finance agreement was completed with a delivery company in the southeastern U.S. on Dec. 6. The financing will be used for transportation equipment.
On Dec. 11, a new equipment finance agreement was completed with a dance studio in the midwestern U.S. The financing will be used for flooring.
A new equipment finance transaction was completed with a marketing and consulting company in the western U.S. on Dec. 13. The financing will be used for IT equipment.

The Government Guaranteed Lending Division

On Dec. 3, a $250,000 SBA 7(a) term loan facility was provided to an investment advisory firm in Texas. The financing will be used for working capital purposes.
A $27,936,547 term loan facility was provided to a solar developer in North Carolina on Dec. 9. The financing will be used for working capital purposes.
On Dec. 12, a $7,368,197 term loan facility was provided to a solar developer in California. The financing will be used for working capital purposes.
A $5,000,000 USDA Business & Industry loan facility was provided to a hospitality management company in Pennsylvania on Dec. 13. The financing will be used for acquisition and for working capital purposes.