Crestmark Provides $52MM to 74 Businesses in H2/August

Crestmark provided more than $52 million in commercial financing to 74 businesses in the second half of August 2019.

Those transactions included a total of $6,950,000 in ABL financial solutions for six new clients; $8,809,604 in three new lease transactions from Crestmark Equipment Finance; $6,071,483 in 61 new lease transactions from Crestmark Vendor Finance; and $30,233,000 in financing for five new clients from the Government Guaranteed Lending Division.

Brief details of the transactions are:

Asset-Based Lending:

• $1 million A/R purchase facility to a trucking company in Georgia for working capital purposes

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• $2.5 million asset-based line of credit to a marketing solutions company in Michigan to pay off an existing lender and for working capital purposes

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• $1 million ledgered line of credit to a manufacturer of medical devices in Colorado to pay off an existing lender and for working capital purposes

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• $200,000 A/R purchase facility to a trucking company in California for working capital purposes

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• $1.5 million A/R purchase facility to a startup staffing company in Texas for working capital purposes

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• $750,000 A/R purchase facility to an oil and gas services provider in Texas for working capital purposes

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Equipment Finance:

• $5,029,259 new lease transaction for a logistics company in the midwestern U.S. for capital equipment

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• $2,712,438 new lease transaction for a mortgage lender in the northeastern U.S. for capital equipment

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• $1,067,907 new lease transaction for a manufacturing company in the western U.S. for IT equipment

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Vendor Finance:

$6,071,483 in 61 new lease transactions for 60 businesses including:

• An equipment finance transaction for a landscape company in the northeastern U.S. for transportation equipment

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• An equipment finance transaction for a rental company in the southeastern U.S. for heavy construction equipment and for working capital purposes

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• An equipment finance transaction for a trucking company in the southeastern U.S. for transportation equipment

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• An equipment finance transaction for a transportation company in the western U.S. for transportation equipment.

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Government Guaranteed Lending:

• $25.5 million term loan to a solar developer in North Carolina to pay off an existing lender

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• Three term loans totaling $3.25 million to an independent insurance agency in Texas to pay off an existing lender, for acquisition purposes and for working capital purposes

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• $1.385 million term loan to an independent insurance agency in Texas to pay off an existing lender and for acquisition purposes

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• $50,000 SBA 7(a) term loan to an independent insurance agency in Michigan to pay off an existing lender

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• $48,000 SBA 7(a) term loan to an independent insurance agency in North Carolina to pay off an existing lender

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