A total of $4.55 million in financial solutions were secured for five new Crestmark clients during the first two weeks of January.
On January 4, a $350,000 accounts receivable ledgered line of credit facility was provided for a distributor of baby products. The Florida-based company distributes to large retail chain stores.
A $2.5 million accounts receivable purchase facility was provided to a Tennessee trucking company on January 7. The company has been in business for more than four years, has over 150 employees and hauls parcels across the country. Funding will be used for amortization and to improve customer service.
On January 8, a Virginia-based startup staffing company specializing in middle management was provided a $200,000 ledgered line of credit facility with advances on accounts receivable. Funding will be used for working capital.
A $500,000 accounts receivable facility was provided January 9 to an Illinois interstate trucking company that hauls automobiles across the country. Funding will be used for amortization and working capital.
On January 11, Crestmark provided a $1 million ledgered line of credit facility for a Maine-based IT staffing company that consults in industries ranging from engineering, manufacturing, automotive, government, software development and more. Funding will be used for amortization and working capital.
Crestmark is an FDIC-insured bank that provides financial solutions for small- to medium-sized businesses.