Crestmark Provides $33MM to 71 Businesses in H1/September

Crestmark provided more than $33 million in commercial financing to 71 businesses in the first half of September 2019.

This included a total of $12.65 million in ABL financial solutions for 11 new clients, $10,041,309 in four new lease transactions from Crestmark Equipment Finance, $4,761,049 in 53 new lease transactions from Crestmark Vendor Finance and $5.73 million in financing for four new clients from the Government Guaranteed Lending Division.

Brief details of the transactions are:

 Asset-Based Lending :

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

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• $2 million ledgered line of credit for an automotive company in Michigan to pay off an existing lender and for working capital purposes

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• $2 million asset-based line of credit for a producer and wholesaler of food products in Kentucky to pay off an existing lender and for working capital purposes

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• $2 million ledgered line of credit for a bulk material logistics company in Texas for working capital purposes

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• $2.5 million A/R purchase facility for a trucking company in California to pay off an existing lender and for working capital purposes

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• $300,000 A/R purchase facility for a startup trucking company in Texas for working capital purposes

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

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• $1.5 million ledgered line of credit for to a utility services company in Arkansas for acquisition and for working capital purposes

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

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• $1.4 million A/R purchase facility for a trucking company in Washington to pay off an existing lender and for working capital purposes

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• $200,000 A/R purchase facility for a trucking company in Washington to pay off an existing lender and for working capital purposes

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 Equipment Finance:

• $509,861 new lease transaction for a vegetation management company in the southwestern U.S. for capital equipment

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• $8.16 million new lease transaction for a mining company in western Canada for capital equipment

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• Two transactions totaling $1,371,448 for a manufacturer and distributor of automotive components in the midwestern U.S. for capital equipment

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Vendor Finance:

• $4,761,049 in 53 new lease transactions. Some highlights include:

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• An equipment finance transaction for a wholesale meat producer in the northeastern U.S. for new computer equipment

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• An equipment finance transaction for a computer services company in the western U.S. for new computer equipment

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• An equipment finance transaction for a cinema in the southern U.S. for theater seating

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• An equipment finance transaction for a farm in the western U.S. for a generator and walk-in cooler

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Government Guaranteed Lending :

• $4 million USDA Business & Industry loan for a solar developer in Texas to pay off an existing lender

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• $460,000 SBA 7(a) term loan for a contract embroidery company in North Carolina for acquisition purposes.

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• $175,000 SBA 7(a) term loan for a benefits brokerage firm in California for working capital purposes

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• A $1.095 million term loan for a financial advisory firm in Michigan for acquisition purposes

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