Daily News: December 9, 2014

Crestmark Closes More Than $11 Million in H2/November


Crestmark secured a total of $11.6 million in financial solutions for eight new clients in the second half of November:

  • A $1 million A/R purchase facility was provided on November 17 to a Texas provider of various oilfield services including mobile containment, staffing and equipment cleaning.
  • On November 19, a $500,000 A/R purchase facility was provided to a healthcare IT consulting firm in Florida. The financing will be used for working capital purposes.
  • A $750,000 A/R purchase facility was provided on November 20 to a Michigan printing services provider, and will be used for working capital purposes.
  • A $500,000 traditional factoring facility was provided to a Missouri manufacturer of yard and farm utility products.
  • A $5 million asset-based line of credit was provided on November 21 to a California suspension parts manufacturer. The financing was used to pay off a previous lender and will be used for working capital purposes.
  • On November 24, a $1.75 million asset-based line of credit and term loan facility was provided to an equipment manufacturer in Arizona. The financing was used to pay off a previous lender and will be used for working capital purposes.
  • A $1.5 million A/R purchase facility was provided on November 25 to a retail-packaging manufacturer in Massachusetts, and will be used for working capital purposes.
  • On November 25, a $645,000 SBA term loan was provided to an independent insurance agency in Texas and will be used for acquisition purposes.