Daily News: April 24, 2014

Crestmark Closes Over $11MM in Early April Transactions

Crestmark secured a total of $11 million in financial solutions for four new clients in the first two weeks of April.

On April 1, a $4 million revolving line of credit supported by $1.6 million term loan, was provided to a distributor of office supplies in New York. The funds will be used for working capital needs and to facilitate growth.

A $500,000 traditional factoring facility was provided on April 2 to a startup furniture company in North Carolina. The facility was used for working capital purposes.

On April 9, a $3 million accounts receivable purchase facility was secured to provide working capital to a North Carolina processor and marketer of nutritional supplement products. The funds were used to pay off the current lender and working capital needs.

A $2 million ledgered line of credit with advances on accounts receivable was provided on April 14 to an emergency spill response services company in Florida to pay off an existing line of credit and provide working capital.

Crestmark is an FDIC-insured bank that provides financial solutions for small- to medium-sized businesses.