Daily News: July 2, 2013

Crestmark Closes More Than $16.5MM in June


Crestmark secured a total of $16.65 million in financial solutions for nine new clients during the month of June.

On June 3, a $500,000 traditional factoring facility was provided to a New York footwear company.

Also on June 3, a $750,000 ledgered line of credit facility was provided to a Connecticut transportation company.

A $7.5 million ledgered line of credit facility was provided on June 14 to a Texas oilfield services company. Funding will be used to pay off the prior lender and provide working capital.

On June 17, a $2 million ledgered line of credit facility was provided to a Texas food distribution company. Funding will be used to pay off the prior lender and provide working capital.

On June 18, a $150,000 accounts receivable purchase facility was provided to a Kentucky transportation company. Funding will be used to provide working capital.

A $1.5 million ledgered line of credit facility was provided on June 19 to a Georgia distributor of wood products.

On June 20, a $2.5 million asset-based lending facility with advances on inventory was provided to a Washington specialty food products company. Funding will be used to pay off the prior lender and provide working capital.

On June 27, a $1.5 million asset-based lending facility with advances on inventory was provided to a Texas flooring company. Funding will be used to pay off the prior lender and provide working capital.

A $250,000 traditional factoring facility was provided on June 29 to a Georgia flooring importer.