Crestmark provided more than $41.7 million in commercial financing solutions to 92 businesses in the first half of May 2019. Those transactions included a total of $16.55 million in ABL financial solutions for 18 new clients; $17,524,792 in six new lease transactions from Crestmark Equipment Finance; $3,946,869 in 63 new lease transactions from Crestmark Vendor Finance; $2,263,023 for one new client from the Joint Ventures Division; and $1,5 million in financing for four new clients from the Government Guaranteed Lending Division.
The transactions were as follows:
Asset-Based Lending Divisions:
- $150,000 A/R purchase facility to a startup trucking company in Florida for working capital
- $150,000 A/R purchase facility to a startup trucking company in California for working capital
- $2.25 million A/R purchase facility to a trucking company in California for working capital
- $4.5 million ledgered line of credit to an oil and gas services provider in California to pay off an existing lender and for working capital
- $150,000 A/R purchase facility to a startup trucking company in Tennesseefor working capital
- $150,000 A/R purchase facility to a trucking company in Georgia for working capital
- $3 million ledgered line of credit to a staffing company in Florida to pay off an existing lender and for working capital
- $150,000 A/R purchase facility to a startup trucking company in Missouri for working capital
- $100,000 A/R purchase facility to a trucking company in Texas for working capital
- $250,000 A/R purchase facility to a water waste disposal company in Minnesota for working capital
- $300,000 A/R purchase facility to a startup trucking company in Illinois for working capital
- $2.75 million A/R purchase facility to an oil and gas services provider in Ohio for working capital
- $100,000 A/R purchase facility to a trucking company in Texas for working capital
- $150,000 A/R purchase facility to a startup trucking company in New York for working capital
- $2 million ledgered line of credit to a technology and product engineering solutions company in Illinois to pay off an existing lender and for working capital
- $150,000 A/R purchase facility to a startup freight brokerage in Ohio for working capital
- $100,000 A/R purchase facility to a trucking company in Oklahoma for working capital
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Vendor Finance:
- $3,946,869 in 63 new lease transactions
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Joint Ventures Division:
- $2,263,023 120-month operating lease transaction for a solar developer in Vermont to install a 756 KW DC solar farm, which has a medical center as the offtaker
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Government Guaranteed Lending Division:
- $350,000 SBA express line of credit to a commercial and home restoration services franchisee in South Carolina for acquisitions
- $495,000 SBA 7(a) term loan to a recreational vehicle rental company in California for acquisition and for working capital
- $255,000 SBA 7(a) term loan to an educational consultancy in North Carolina to pay off an existing lender
- $400,000 term loan to an independent insurance agency in Colorado for acquisition and for working capital
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Equipment Finance:
- $606,396 new lease transaction for a wholesaler and distributor of bulk oil in the midwestern U.S. for capital equipment
- $4,911,684 new lease transaction for an IT company in the eastern U.S. for software
- $8,115,780 new lease transaction for a networking solutions provider in the western U.S for capital equipment
- $823,664 new lease transaction for an IT services provider in the southwestern U.S. for IT equipment
- $1,790,655 new lease transaction for an owner and operator of private clubs in the southern U.S. for capital equipment
- $1,276,613 new lease transaction for a manufacturer and distributor of canned food products in the southeastern U.S. for capital equipment
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