Daily News: October 6, 2014

Crestmark Closes Nearly $15MM in September Transactions


Crestmark secured a total of $14,980,600 in financial solutions for nine new clients in the month of September.

  • On September 2, a $2 million ledgered line of credit was provided to a metal fabricator in Michigan to pay off a previous lender and for working capital purposes.
  • An accounts receivable purchase facility and an equipment term loan, together totaling $1.75 million were provided on September 3 to an Illinois trucking company to pay off previous lenders and to purchase new trucks.
  • On September 16, a $500,000 ledgered line of credit was provided to an automotive textile manufacturer in North Carolina for working capital purposes.
  • A $1.8 million SBA term loan was provided on September 17 to an independent insurance agency in Florida.
  • On September 18, a $750,000 accounts receivable purchase facility was provided to a welding contractor in Texas for working capital purposes.
  • A $2.5 million asset-based line of credit was provided on September 18 to a distributor of manufacturing tools in Colorado for working capital purposes and to pay of a previous lender.
  • On September 19, a $5.125 million asset-based line of credit and equipment term loan were provided to an automotive parts manufacturer in Michigan for working capital purposes.
  • A $300,000 traditional factoring facility was provided on September 23 to a jewelry designer and distributor in California for working capital purposes.
  • On September 30, a $250,000 traditional factoring facility was provided to a New York designer and manufacturer of high-end women’s accessories.