Crestmark Provides $31.2MM+ in Commercial Financing to 105 Businesses

June 04, 2020, 07:10 AM

Filed Under: Transaction Announcements

Related: Crestmark Equipment Finance, Crestmark Vendor Finance

Crestmark announced it provided more than $31.2 million in commercial financing to 105 businesses in the second half of May. Crestmark Equipment Finance provided $2,269,805 in two new lease transactions; Crestmark Vendor Finance provided $8,645,911 in 90 new lease transactions; Crestmark secured a total of $14,340,000 in ABL financial solutions for 11 new clients; and the Government Guaranteed Lending group provided $5,965,000 in financing for two new clients.

Crestmark Equipment Finance

A $1,221,866 new lease transaction was completed with an equipment supplier in the western U.S. on May 16. The financing will be used for capital equipment.
On May 21, a $1,047,939 new lease transaction was completed with a heavy equipment supplier in the western U.S. The financing will be used for construction equipment.

Crestmark Vendor Finance

Crestmark Vendor Finance funded $8,645,911 in 90 new transactions in the second half of May. Some highlights include:

On May 18, an equipment finance transaction was completed with a distribution company in the southeastern U.S. The financing will be used for operational equipment.
An equipment finance transaction was completed with a surgical office in the southeastern U.S. on May 20. The financing will be used for medical equipment.
On May 28, a new equipment finance transaction was completed with an excavation company in the northeastern U.S. The financing will be used for operational equipment.
A new equipment finance transaction was completed with a logistics company in the northwestern U.S. on May 29. The financing will be used for transportation equipment.

Crestmark’s Asset-Based Lending

On May 20, a $9,750,000 asset-based line of credit facility was provided to a lighting conversion program provider in Michigan. The financing will be used to pay off an existing lender and for working capital purposes.
A $1,440,000 ledgered line of credit facility was provided to an advertising and marketing company in Ontario on May 20. The financing will be used to pay off an existing lender.
On May 21, a $150,000 accounts receivable purchase facility was provided to a dry van trucking company in New Jersey. The financing will be used for working capital purposes.
A $200,000 accounts receivable purchase facility was provided to a flatbed trucking company in California on May 22. The financing will be used to pay off an existing lender and for working capital purposes.
On May 22, a $1,000,000 accounts receivable purchase facility was provided to a brokered freight all kind transport company in Colorado. 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 Illinois on May 26. The financing will be used for working capital purposes.
On May 27, a $150,000 accounts receivable purchase facility was provided to a refrigerated and dry van trucking company in Texas. The financing will be used for working capital purposes.
A $300,000 accounts receivable purchase facility was provided to a freight all kind transportation company in California on May 28. The financing will be used for working capital purposes.
On May 28, a $500,000 ledgered line of credit facility was provided to a plastic injection molding manufacturer in California. The financing will be used for working capital purposes.
A $200,000 accounts receivable purchase facility was provided to a freight all kind transport company in Indiana on May 29. The financing will be used for working capital purposes.
On May 29, a $500,000 accounts receivable purchase facility was provided to a trucking company in Georgia. The financing will be used for working capital purposes.

Government Guaranteed Lending

On May 18, a $1,190,000 SBA 7(a) term loan facility was provided to a restaurant in New Jersey. The financing will be used for acquisition and for working capital purposes.
A $4,775,000 term loan facility was provided to an asset management company in California on May 29. The financing will be used for acquisition and for working capital purposes.