Daily News: September 5, 2013

Crestmark Closes More Than $12MM in Late August


Crestmark announced it secured a total of $12.5 million in financial solutions for six new clients in the second half of August.

Brief transaction details are provided below:

  • $500,000 traditional factoring facility was provided to a New York manufacturer and distributor of women’s apparel.
  • $4 million ABL facility with advances on accounts receivable and accrued revenue was provided to a Michigan educational staffing company.
  • $2 million ABL facility with advances on inventory was provided to a California steel distributor. Funding will be used to provide working capital.
  • $2.5 million ABL facility with advances on accounts receivable and inventory was provided to a South Carolina importer of plumbing products.
  • $500,000 ledgered line of credit facility was provided to a Louisiana provider of solar energy systems. Funding will be used to provide working capital.
  • $3 million ABL facility with advances on accounts receivable and inventory was provided to an Illinois switch gear equipment provider.