Crestmark secured a total of $18,247,152 in asset-based lending and factoring financial solutions for 16 new clients and Crestmark’s government guaranteed lending group provided $15.425 million in financing for one new client in the second half of October. In addition, Crestmark Equipment Finance provided $5,439,199 in nine new transactions and Crestmark Vendor Finance provided $2,367,322 in 25 new transactions in the second half of October.
Asset-based lending and factoring financial solutions to be used for various purposes, such as working capital and to pay off existing lenders, included:
- A $3 million accounts receivable facility to a freight-all-kinds trucking company in Texas
- A $1 million accounts receivable facility to a freight-all-kinds trucking company in Michigan
- A $750,000 accounts receivable facility to a freight-all-kinds trucking company in California
- A $600,000 accounts receivable facility to a flatbed and power only trucking company in Nebraska
- A $300,000 accounts receivable facility to a refrigerated transport company in New York
- A $150,000 accounts receivable facility to a dry van trucking company in Mississippi
- A $150,000 accounts receivable facility to a general freight trucking company in Florida
- A $150,000 accounts receivable facility to a dry van trucking company in Georgia
- A $150,000 accounts receivable facility to a hot shot trucking company in Kansas
- A $150,000 accounts receivable facility to a refrigerated transport company in Florida
- A $5 million ledgered line of credit facility to a specialty chemical distributor in Ontario
- A $3 million ledgered line of credit facility to a tree service company in California
- A $2 million ledgered line of credit facility to a parts stamping and assembly provider in Illinois
- An $C800,000 ($639,000) and $200,000 ledgered line of credit facility to a transportation company in Ontario
- A $500,000 ledgered line of credit facility to a temporary staffing company in California
- A $500,000 ledgered line of credit facility to a temporary staffing company in California
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Crestmark’s government guaranteed lending group provided participations of $5.425 million and $10 million in a combined $30.85 million term and non-revolving line of credit funding to an investment advisory firm in Missouri.
Crestmark Vendor Finance equipment finance transactions included but were not limited to:
- A food manufacturing company in the western U.S. for operational equipment
- A transportation company in the eastern U.S. for transportation equipment
- A medical company in the western U.S. for medical equipment
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