Daily News: November 7, 2014

Crestmark Closes More than $10MM in H2/October


Crestmark secured a total of $10.669 million in financial solutions for six new clients in the second half of October.

  • On October 17, a $3.919 million asset-based line of credit and equipment term loan was provided to a Michigan automotive parts manufacturer for working capital purposes.
  • A $2.5 million accounts receivable purchase facility was provided on October 17 to a New York manufacturer of LCD and LED touchscreens.
  • On October 22, a $750,000 traditional factoring facility was provided to a designer and manufacturer of women’s footwear in California for working capital purposes.
  • A $1.5 million asset-based line of credit was provided on October 24 to a Michigan energy solutions company for working capital purposes.
  • On October 28, a $1 million accounts receivable purchase facility was provided to a manufacturer of precision components in Michigan for acquisition purposes.
  • A $1 million asset-based line of credit was provided on October 31 to a sand and cement hauler in Texas to pay off a previous lender and for working capital purposes.