Daily News: May 8, 2013

Crestmark Closes Eight Transactions Totaling $16MM


Crestmark secured a total of $16 million in financial solutions for eight new clients since April 15.

On April 15, a $1 million ledgered line of credit was provided to a California staffing company.

On April 17, a $5 million ledgered line of credit facility was provided to a California distributor of performance apparel for men, women, and children.

A $5 million asset-based line of credit facility with advances on inventory was also provided on April 17 to a Texas manufacturer and distributor of business accessories. Funding will be used to pay off a prior lender and provide working capital.

On April 19, a $750,000 traditional factoring facility was provided to a Florida company that imports moderate- to high-end footwear and sells to specialty retailers across the country.

Also on April 19, a $500,000 ledgered line of credit facility was provided to a Texas company providing construction and maintenance solutions to the telecommunications and utilities industries.

A $250,000 traditional factoring facility was provided on April 26 to a Florida importer of knit apparel that sells to apparel distributors nationwide.

On April 29, a $2 million asset-based line of credit facility with advances on accounts receivable was provided to an Ohio contract carriage and specialized logistics service company.

On April 30, a $1.5 million asset-based line of credit facility with advances on accounts receivable and inventory was provided to a Michigan manufacturer of confectionary goods.