Daily News: August 7, 2014

Crestmark Closes Eight Deals Totaling $12MM in July


Crestmark announced that it secured a total of $12.2 million in financial solutions for eight new clients during the month of July.

The following is a brief description of each transaction:

  • $500,000 accounts receivable purchase facility was provided to a container distributor in Indiana. The funds will be used for working capital purposes.
  • $1 million ledgered line of credit was provided to a NY-based concrete distributor for working capital purposes.
  • $2.5 million ledgered line of credit was provided to an IN-based trucking company to pay off a previous lender.
  • $5 million ledgered line of credit was provided to a FL-based manufacturer and wholesaler of high-end lighting products, which will be used for additional working capital.
  • $777,810 SBA term loan was provided to a CA-based insurance agency. The funds will be used to pay off existing lenders and for working capital.
  • $600,000 SBA term loan was provided to a WA-based insurance company for acquisition.
  • $1.5 million asset-based line of credit was provided to a CO-based manufacturer of environmental solutions from biomass products; the funds will be used for working capital purposes.
  • $350,000 traditional factoring facility was provided to NC-based importer and distributor of bedroom furniture.