Crestmark Provides $43.9MM+ to 78 Businesses in H1/April

Crestmark provided more than $43.9 million in commercial financing to 78 businesses in the first half of April 2019.

Those financings included a total of $10.25 million in ABL financial solutions for 13 new clients; $7,481,066 in four new lease transactions from Crestmark Equipment Finance; $5,830,687 in 56 new lease transactions from Crestmark Vendor Finance; and $20,403,765 in financing for five new clients from the Government Guaranteed Lending Division.

The transactions broke down along the following lines:

From Crestmark’s Asset-Based Lending Divisions:

• $500,000 A/R purchase facility to a parts manufacturer in Michigan for working capital purposes

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• $100,000 A/R purchase facility to a trucking company in Kentucky for working capital purposes

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• $150,000 A/R purchase facility to a startup trucking company in Texas for working capital purposes

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• $2.5 million Canadian ledgered line of credit and a $500,000 U.S. ledgered line of to a manufacturer and distributor of nutritional products in Ontario, Canada for working capital purposes

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• $900,000 ledgered line of credit to a staffing company in Michigan to pay off an existing lender and for working capital purposes

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• $150,000 A/R purchase facility to a trucking company in Mississippi for working capital purposes

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• $2 million ledgered line of credit to a furniture wholesaler in Louisiana for acquisition and for working capital purposes

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• $150,000 A/R purchase facility to a startup trucking company in Virginia for working capital purposes

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• $150,000 A/R purchase facility to a trucking company in New Jersey for working capital purposes

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• $750,000 A/R purchase facility to a trucking company in Tennessee to pay off an existing lender and for working capital purposes

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• $100,000 A/R purchase facility to a startup trucking brokerage in Michigan for working capital purposes

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• $2 million ledgered line of credit to a heavy equipment operator in Arizona for working capital purposes

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• $300,000 A/R purchase facility to a trucking company in Virginia for working capital purposes.

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From Crestmark Equipment Finance:

• $5,601,564 new lease transaction with a provider of high voltage construction services in the southern U.S. for capital equipment

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• $1,032,906 new lease transaction with a telecommunications services provider in the southwestern U.S. for IT equipment

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• $516,335 new lease transaction with a producer of skin and health care products in the southern U.S. for capital equipment

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• $870,261 new lease transaction with a law office in the midwestern U.S. for capital equipment

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From Crestmark Vendor Finance:

• $5,830,687 in 56 transactions

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From the Government Guaranteed Lending Division:

• $1.575 million USDA Rural Energy for America Program loan facility to a solar developer in Texas for a 7.1 MW DC utility-scale solar farm, which has an energy management company as the offtaker

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• $10 million term loan facility was provided to a solar developer in Louisiana to purchase equipment for a 75 MW DC solar farm project

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• $1.952 million term loan to an independent insurance agency in Florida for acquisition purposes

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• $3,395,734 term loan to a solar developer in North Carolina to fulfill purchase agreement requirements

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• $3,481,031 term loan to a solar developer in North Carolina to fulfill purchase agreement requirements

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