Daily News: December 20, 2012

Crestmark Closes Seven Deals in First Two Weeks of December


During the first two weeks of December a total of $6.55 million in financial solutions was secured for seven new Crestmark clients. The transactions include:

  • A $500,000 accounts receivable purchase facility was funded December 3 for a California trucking company. The company transports produce and meats throughout the United States. Funding will be used for amortization and to reduce borrowing costs.

  • A $150,000 accounts receivable purchase facility was provided on December 3 for a South Carolina trucking company. The facility was received to help facilitate the startup. This trucking company hauls general freight, and was referred to Crestmark by an existing client.

  • A North Carolina plastic injection molding company was provided a $1.5 million accounts receivable and inventory ledgered line of credit facility on December 4. Funding will be used for working capital.

  • A $1.5 million traditional factoring facility arrangement was provided on December 6 for a New Jersey-based company that sells designer accessories to retailers across the county.

  • An Ohio printing company was funded a $1.75 million asset-based lending facility with advances on accounts receivable and inventory on December 7.

  • On December 13, a New York computer assemblies and manufacturer was funded a $400,000 term loan facility with advances on machinery and equipment. The company has been in business for over 37 years.

  • On December 13, an Illinois hospitality staffing company received a $750,000 ledgered line of credit facility with advances on accounts receivable. The client was sourced from an existing customer and funding will be used for working capital.

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