Crestmark Provides $23.3MM+ in Commercial Financing to 84 Businesses

November 06, 2020, 07:20 AM

Filed Under: Transaction Announcements

Related: Crestmark, Crestmark Equipment Finance, Crestmark Vendor Finance

Crestmark announced it provided more than $23.3 million in commercial financing to 84 businesses in the second half of October. Crestmark Equipment Finance provided $3,759,627 in two new lease transactions; Crestmark Vendor Finance provided $6,249,333 in 73 new transactions; Crestmark secured a total of $11,018,800 in ABL financial solutions for seven new clients; the Government Guaranteed Lending group provided $2,420,000 in financing for two new clients in the second half of October.

Crestmark Equipment Finance

On Oct. 20, a $2,067,100 new lease transaction was completed with an expense management software company in the western U.S. The financing will be used for IT equipment.
A $1,692,527 new lease transaction was completed with an enterprise software services provider in the western U.S. on Oct. 23. The financing will be used for operational equipment.

Crestmark Vendor Finance

Crestmark Vendor Finance funded $6,249,333 in 73 new transactions in the second half of October. Highlights include:

An equipment finance transaction was completed with a transportation company in the southeastern U.S. on Oct. 19. The financing will be used for transportation equipment.
On Oct. 23, an equipment finance transaction was completed with a produce farm in the midwestern U.S. The financing will be used for essential equipment.
A new lease transaction was completed with a healthcare provider in the northeastern U.S. on Oct. 28. The financing will be used for essential equipment.
On Oct. 30, a new equipment finance transaction was completed with a construction company in the southwestern U.S. The financing will be used for operational equipment.

Crestmark’s Asset-Based Lending

On Oct. 23, a $150,000 accounts receivable purchase facility was provided to a dry van transportation company in Illinois. The financing will be used for working capital purposes.
A $300,000 accounts receivable purchase facility was provided to a refrigerated freight all kinds transportation company in California on Oct. 23. The financing will be used for working capital purposes.
On Oct. 27, a $150,000 accounts receivable purchase facility was provided to a dry van freight all kinds transportation company in North Carolina. The financing will be used for working capital purposes.
A $300,000 accounts receivable purchase facility was provided to a freight broker in Ohio on Oct. 28. The financing will be used for working capital purposes.
On Oct. 29, a $1,500,000 ledgered line of credit facility was provided to a custom sign manufacturer in Texas. The financing will be used for working capital purposes.
$525,000 (CAD) and $225,000 (USD) accounts receivable purchase facilities were provided to a freight all kinds transportation company in Ontario, Canada on Oct. 30. The financing will be used for working capital purposes.
On Oct. 30, a $8,000,000 asset-based lending facility was provided to a baby gear manufacturer in Texas. The financing will be used to pay off an existing lender and for working capital purposes.

Government Guaranteed Lending

On Oct. 23, an $1,220,000 term loan facility was provided to an investment advisory firm in Pennsylvania. The financing will be used for acquisition purposes.
A $1,200,000 SBA 7(a) term loan facility was provided to an investment advisory firm in Kansas on Oct. 29. The financing will be used for acquisition and for working capital purposes.