Daily News: October 22, 2019

Crestmark Provides $30.4MM to 96 Businesses in H1/October


Crestmark provided more than $30.4 million in commercial financing to 96 businesses in the first half of October 2019.

This included a total of $5.1 million in ABL financial solutions for six new clients; $4,048,244 in six new lease transactions from Crestmark Equipment Finance; $8,025,138 in 81 new lease transactions from Crestmark Vendor Finance; and $13,284,795 in financing for five new clients from the Government Guaranteed Lending Division.

The transactions break down as follows:

From Crestmark’s Asset-Based Lending Divisions:

  • $1.5 million ledgered line of credit for a construction management company in California to pay off an existing lender and for working capital purposes
  • $150,000 A/R purchase facility for a startup trucking company in California for working capital purposes
  • $200,000 A/R purchase facility for a trucking company in North Carolina to pay off an existing lender and for working capital purposes
  • $3 million asset-based line of credit for a manufacturer for the glass industry in New York to pay off an existing lender and for working capital purposes
  • $150,000 A/R purchase facility for a startup trucking company in Michigan for working capital purposes
  • $100,000 A/R purchase facility for a trucking company in North Carolina for working capital purposes

From Crestmark Equipment Finance:

  • $631,616 new lease transaction for a medical services provider in the southwestern U.S. for capital equipment
  • $536,900 new lease transaction for a car dealership in the southwestern U.S. for capital equipment
  • Three new lease transactions totaling $1,944,957 for a wholesale grocery supply company in the northeastern U.S. for capital equipment
  • $934,771 new lease transaction for a medical services provider in the southwestern U.S. for capital equipment

From Crestmark Vendor Finance:

$8,025,138 in 81 new lease transactions including:

  • A new equipment finance transaction for a medical services provider in the northeastern U.S. for laser equipment
  • A new equipment finance transaction for a pharmacy in the midwestern U.S. for IT equipment
  • A new lease transaction for a medical services provider in the midwestern U.S. for medical equipment
  • A new equipment finance transaction for a trucking company in the southeastern U.S. for transportation equipment

From the Government Guaranteed Lending Division:

  • $300,000 SBA 7(a) term loan for a fitness club franchisee in Washington for acquisition and for working capital purposes
  • $3.575 million USDA Business & Industry loan facility for a solar developer in Texas to pay off an existing lender
  • $6,909,795 term loan for a solar developer in North Carolina for acquisition purposes
  • $1.2 million SBA 7(a) term loan for a financial advisory firm in California for acquisition and for working capital purposes
  • $1.3 million SBA 7(a) term loan for an independent insurance agency in Tennessee for acquisition and for working capital purposes