Daily News: February 5, 2013

Crestmark Closes Nine Transactions Totaling $16.5MM


Crestmark secured a total of $16.5 million in financial solutions for nine new clients during the last weeks of January.

On January 14, Crestmark provided a $1 million ledgered line of credit facility for a California manufacturer and distributor of firearm components and accessories.

Also on January 14, a $750,000 A/R purchase facility was provided for a Texas-based company specializing in various services related to mapping and surveying.

A $5 million asset-based line of credit was provided to a New York company on January 16. The company sells consumer products to large retailers across the country.

On January 18, Crestmark provided a $2 million ledgered credit line with advances on accounts receivable and inventory. The New York-based company manufactures nutritional products/supplements, including its own private label.

A $5.2 million ABL and term loan facility with advances on accounts receivable, inventory, machinery and equipment, was funded January 24 to a Michigan-based screw machine shop. The company specializes in small screws and fittings used in automobile, heavy duty truck, construction equipment and off-road vehicle manufacturing.

Also on January 24, Crestmark provided a $250,000 term loan facility with advances on machinery and equipment to an Indiana company that designs and manufactures currency change for self-service coin-operated industries such as laundry, carwash, amusement, and vending machines.

On January 29, Crestmark provided an $800,000 ledgered line of credit with advances on accounts receivable to a North Carolina manufacturer and distributor of safety equipment and supplies.

On January 31, an existing Crestmark client was provided a $1 million term loan facility. This Michigan-based customer is using one of Crestmark’s new equipment financing products.

Also on January 31, a $500,000 term loan facility with advances on machinery and equipment was provided to a national electrical contractor based in Florida. The company provides energy-saving lighting products and installation services.

Crestmark provides financial solutions for small- to medium-sized businesses.