Crestmark Provides $28.9MM+ in Commercial Financing to 81 Businesses

May 06, 2021, 07:07 AM

Filed Under: Transaction Announcements

Related: Crestmark Equipment Finance, Crestmark Vendor Finance

Crestmark announced it provided more than $28.9 million in Commercial Financing to 81 Businesses in the First Half of April. Crestmark Equipment Finance provided $6,616,982 in five new transactions; Crestmark secured a total of $16,518,200 in ABL/factoring financial solutions for 13 new clients; and Crestmark Vendor Finance provided $5,846,027 in 63 new transactions.

Crestmark Equipment Finance

Crestmark Equipment Finance funded $6,616,982 in five new lease transactions in the first half of April. Some highlights include:

A $2,510,541 new lease transaction was completed with an internet provider in the western U.S. on April 1. The financing will be used for networking equipment.
On April 13, a $2,754,307 new lease transaction was completed with a plastic products manufacturer in the midwestern U.S. The financing will be used for capital equipment.

Crestmark’s Asset-Based Lending and Factoring

On April 2, a $500,000 accounts receivable purchase facility was provided to a staffing company in Florida. The financing will be used for working capital purposes.
A $150,000 accounts receivable purchase facility was provided to a freight-all-kinds trucking company in Georgia on April 6. The financing will be used for working capital purposes.
On April 6, a $3,000,000 ledgered line of credit facility was provided to an oilfield services company in Texas. The financing will be used to pay off an existing lender and for working capital purposes.
A $1,600,000 (USD) and $400,000 (CAD) ledgered line of credit facility was provided to a novelty product producer in Arkansas on April 6. The financing will be used to pay off an existing lender and for working capital purposes.
On April 7, a $1,500,000 accounts receivable purchase facility was provided to a freight broker in Indiana. The financing will be used for working capital purposes.
A $150,000 accounts receivable purchase facility was provided to a freight-all-kinds trucking company in North Carolina on April 8. The financing will be used for working capital purposes.
On April 8, a $300,000 accounts receivable purchase facility was provided to a freight-all-kinds trucking company in California. The financing will be used for working capital purposes.
A $1,000,000 ledgered line of credit facility was provided to a freight broker in South Carolina on April 12. The financing will be used for working capital purposes.
On April 13, a $250,000 accounts receivable purchase facility was provided to a freight-all-kinds trucking company in Nevada. The financing will be used for working capital.
A $350,000 accounts receivable purchase facility was provided to a flatbed trucking company in Colorado on April 15. The financing will be used for working capital.
On April 15, a $300,000 accounts receivable purchase facility was provided to a refrigerated trucking company in North Carolina. The financing will be used for working capital.
A $400,000 accounts receivable purchase facility was provided to a refrigerated trucking company in California on April 15. The financing will be used for working capital.
On April 15, a $5,000,000 asset-based lending facility and $1,700,000 term loan facility were provided to a precision component manufacturing company in Illinois. The financing will be used to pay off an existing lender and for working capital purposes.

Crestmark Vendor Finance

Crestmark Vendor Finance funded $5,846,027 in 63 new transactions in the first half of April. Some highlights include:

On April 1, an equipment finance transaction was completed with a medical company in the western U.S. The financing will be used for a medical equipment.
On April 7, an equipment finance transaction was completed with a long-haul transportation company in the western U.S. The financing will be used for tractors and trailers.
A new equipment finance transaction was completed with a metal routing distributor in the southeastern U.S. on April 9. The financing will be used for a roof panel machinery.
A new equipment finance transaction was completed with a medical company in the western U.S. on April 15. The financing will be used for medical equipment.