Crestmark Provides $29.3MM to 50 Businesses in H1/July

Crestmark provided more than $29.3 million in commercial financing to 50 businesses in the first half of July 2019.

Those transaction included $13.3 million in ABL financial solutions; $9,412,769 in six new lease transactions from Crestmark Equipment Finance; $3,414,574 in 34 new lease transactions from Crestmark Vendor Finance; $2,295,821 for one new client from the Joint Ventures Division; and $895,000 in financing for one new client from the Government Guaranteed Lending Division.

Brief details of the transactions are:

Asset-Based Lending :

• $2 million A/R purchase facility to a staffing company in Illinois for working capital purposes

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• $400,000 A/R purchase facility to a trucking company in Ohio for working capital purposes

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• $1.5 million ledgered line of credit to a freight brokerage in Illinois for working capital purposes

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• $1.5 million ledgered line of credit to an electrical services provider to the oil and gas industry in Colorado to pay off an existing lender and for working capital purposes

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

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

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• $500,000 A/R purchase facility to a trucking company in California for working capital purposes

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• $1 million ledgered line of credit to a contract packaging company in Texas for working capital purposes

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• $4.75 million asset-based line of credit to a roll forming manufacturer in Michigan to pay off an existing lender and for working capital purposes

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Equipment Finance:

• $943,950 new lease transaction for a medical services provider in the southwestern U.S. for capital equipment

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• $998,045 new lease transaction for a medical services provider in the northeastern U.S. for capital equipment

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• $4,989,512 new lease transaction for a logistics company in the midwestern U.S. for capital equipment

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• Two new lease transactions totaling $1,344,529 for a utility contractor in the midwestern U.S. for capital equipment

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• $1,136,733 new lease transaction for a chemical manufacturer in the southern U.S. for capital equipment

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Vendor Finance

• $3,414,574 in 34 new lease transactions

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Joint Ventures:

• $2,295,821 120-month operating lease transaction for a solar developer in Vermont to install a solar farm

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Government Guaranteed Lending:

• $895,000 SBA 7(a) term loan to a property management firm in Colorado for acquisition and for working capital purposes

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