Crestmark secured a total of $15.15 million in asset-based lending/factoring financial solutions for seven new clients and Crestmark’s government guaranteed lending group provided $18,126,800 in financing for four new clients in the second half of March. In addition, Crestmark Equipment Finance provided $30,768,825 in 15 new transactions and Crestmark Vendor Finance provided $6,544,102 in 57 new transactions.
Crestmark’s Asset-Based Lending and Factoring
- Provided a $200,000 accounts receivable purchase facility to a Missouri-based dry van transportation company, which will use the financing for working capital purposes
- Provided a $150,000 accounts receivable purchase facility to a Florida-based trucking company, which will use the financing for working capital purposes
- Provided a $150,000 accounts receivable purchase facility to a Michigan-based freight broker, which will use the financing for working capital purposes
- Provided a $500,000 accounts receivable purchase facility to an Alabama-based freight-all-kinds trucking company, which will use the financing to pay off an existing lender and for working capital purposes
- Provided a $150,000 accounts receivable purchase facility to a Maryland-based transportation company, which will use the financing to pay off an existing lender and for working capital purposes
- Provided a $5 million asset-based line of credit facility to a Wisconsin-based metallurgical services provider, which will use the financing to pay off an existing lender and for working capital purposes
- Provided a $9 million asset-based line of credit facility to a Missouri-based construction products distributor, which will use the financing to pay off an existing lender and for working capital purposes
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Crestmark’s Government Guaranteed Lending Group
- Provided an $800,000 SBA 7(a) term loan facility to a Utah-based gourmet cookie delivery company, which will use the financing for acquisition and working capital purposes
- Provided a $2.1 million term loan facility to a California-based wealth advisory firm, which will use the financing for acquisition and working capital purposes
- Provided a $15 million USDA Business & Industry loan to a North Carolina-based solar developer, which will use the financing for construction purposes
- Provided a $226,800 term loan facility to a Michigan-based, independent insurance agency, which will use the financing for acquisition and working capital purposes
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Crestmark Equipment Finance funded $30,768,825 in 15 new lease transactions in the second half of March. Some highlights include:
- A $6,490,869 new lease transaction with a machinery manufacturer in the northeastern U.S. The financing will be used for capital equipment.
- A $5.7 million new lease transaction with a semiconductor products producer in the western U.S. The financing will be used for alternative energy equipment.
- A $5,331,045 new lease transaction with a food wholesaler in the northeastern U.S. The financing will be used for transportation equipment.
- A $7,589,927 new lease transaction with a retail company in the midwestern U.S. The financing will be used for operational equipment.
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Crestmark Vendor Finance funded $6,544,102 in 57 new transactions in the second half of March. Some highlights include:
- An equipment finance transaction with a flag and banner company in the southeastern U.S. The financing will be used for operational equipment.
- An equipment finance transaction with a medical provider in the southeastern U.S. The financing will be used for essential equipment.
- A new equipment finance transaction with a farm in the midwestern U.S. The financing will be used for operational equipment.
- A new equipment finance transaction with a transportation company in the southeastern U.S. The financing will be used for operational equipment.
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