Daily News: March 1, 2013

Crestmark Closes More Than $24MM in Financings in February


During the month of February, Crestmark funded a total of $24.35 million in financial solutions for 12 new clients.

  • Crestmark provided a $750,000 ledgered line of credit facility to a Michigan general labor staffing services company on February 5. Financing will be used for working capital.

  • On February 6, a $750,000 purchase facility was provided to California-based automotive hauler. The company has over 70 trucks in operation. Financing offers amortization and working capital.

  • A $600,000 ledgered line of credit facility was provided February 8 to an Illinois company that serves as a manufacturer’s rep for the commercial heating and cooling industry.

  • On February 13, Crestmark provided a $500,000 ledgered line of credit facility with advances on accounts receivable to a California company that sells a variety of media storage, such as backup tapes, flash drives, CD/DVDs, recordable Blu-ray discs and more. Financing will be used for working capital.

  • On February 13, a Missouri rehabilitation company was provided a $2.5 million asset-based line of credit facility. The company provides contract therapy services to skilled nursing facilities, schools and outpatient therapy clinics. Financing will be used for amortization and working capital.

  • Also on February 13, Crestmark provided a $2 million ledgered line of credit facility to a California company that distributes and installs food service equipment for governmental agencies. Financing will be used for amortization and working capital.

  • On February 14, a $2 million accounts receivables purchase facility was provided to an IT staffing company in Minnesota. Financing will be used for working capital.

  • On February 15, a $2 million ledgered line of credit facility was provided to a national electrical contractor based in Florida. The company provides energy-saving lighting products and installation services.

  • On February 22, a $4.5 million asset-based line of credit facility with advances on accounts receivable and inventory was provided to a Michigan-based company that produces concrete component manufacturing equipment for both domestic and international concrete companies.

  • On February 25, a $750,000 ledgered line of credit facility with advances on accounts receivable was provided to a Georgia-based mattress manufacturer and distributor.

  • On February 26, a $6 million asset-based line of credit facility with advances on accounts receivable and inventory was provided to a California company that specializes in the development of redemption prizes for recreational facilities.

  • Also on February 26, a $2 million ledgered line of credit facility with advances on accounts receivable was provided to a Michigan start-up that brokers and trades ferrous and non-ferrous metals.