Daily News: May 23, 2014

Crestmark Closes $7.5MM in First Half of May Transactions


Crestmark said it secured a total of $7,466,000 in financial solutions for ten new clients in the first two weeks of May.

Brief summaries follow:

$1.0 million ledgered line of credit was provided to a transportation and warehouse provider in California. The funds will be used for working capital needs and to accommodate growth.

$3.0 million accounts receivable purchase facility was provided to a Canadian full- service transportation company.

$600,000 ledgered line of credit was provided to a distributor of medical equipment in North Carolina.

$350,000 traditional factoring facility was provided to a designer and distributor of children’s shoes in New York.

$279,000 traditional factoring facility was provided to a Florida designer and wholesaler of apparel.

$250,000 accounts receivable purchase facility was provided to a startup trucking company in Kentucky.

$500,000 traditional factoring facility was provided to a wholesaler of bedroom and dining room furniture located in California.

$50,000 asset-based lending facility was provided to a Michigan manufacturer supporting the automotive and construction industries. The funds will be used for working capital purposes.

$1.137 million combined total of a ledgered line of credit and an equipment term loan provided to an Illinois bulk mail fulfillment company.

$300,000 accounts receivable purchase facility was provided to a start-up trucking company in Illinois.