Daily News: April 18, 2019

Crestmark Provides $43.9MM+ to 78 Businesses in H1/April


Crestmark provided more than $43.9 million in commercial financing to 78 businesses in the first half of April 2019.

Those financings included a total of $10.25 million in ABL financial solutions for 13 new clients; $7,481,066 in four new lease transactions from Crestmark Equipment Finance; $5,830,687 in 56 new lease transactions from Crestmark Vendor Finance; and $20,403,765 in financing for five new clients from the Government Guaranteed Lending Division.

The transactions broke down along the following lines:

From Crestmark’s Asset-Based Lending Divisions:

  • $500,000 A/R purchase facility to a parts manufacturer in Michigan for working capital purposes
  • $100,000 A/R purchase facility to a trucking company in Kentucky for working capital purposes
  • $150,000 A/R purchase facility to a startup trucking company in Texas for working capital purposes
  • $2.5 million Canadian ledgered line of credit and a $500,000 U.S. ledgered line of to a manufacturer and distributor of nutritional products in Ontario, Canada for working capital purposes
  • $900,000 ledgered line of credit to a staffing company in Michigan to pay off an existing lender and for working capital purposes
  • $150,000 A/R purchase facility to a trucking company in Mississippi for working capital purposes
  • $2 million ledgered line of credit to a furniture wholesaler in Louisiana for acquisition and for working capital purposes
  • $150,000 A/R purchase facility to a startup trucking company in Virginia for working capital purposes
  • $150,000 A/R purchase facility to a trucking company in New Jersey for working capital purposes
  • $750,000 A/R purchase facility to a trucking company in Tennessee to pay off an existing lender and for working capital purposes
  • $100,000 A/R purchase facility to a startup trucking brokerage in Michigan for working capital purposes
  • $2 million ledgered line of credit to a heavy equipment operator in Arizona for working capital purposes
  • $300,000 A/R purchase facility to a trucking company in Virginia for working capital purposes.

From Crestmark Equipment Finance:

  • $5,601,564 new lease transaction with a provider of high voltage construction services in the southern U.S. for capital equipment
  • $1,032,906 new lease transaction with a telecommunications services provider in the southwestern U.S. for IT equipment
  • $516,335 new lease transaction with a producer of skin and health care products in the southern U.S. for capital equipment
  • $870,261 new lease transaction with a law office in the midwestern U.S. for capital equipment

From Crestmark Vendor Finance:

  • $5,830,687 in 56 transactions

From the Government Guaranteed Lending Division:

  • $1.575 million USDA Rural Energy for America Program loan facility to a solar developer in Texas for a 7.1 MW DC utility-scale solar farm, which has an energy management company as the offtaker
  • $10 million term loan facility was provided to a solar developer in Louisiana to purchase equipment for a 75 MW DC solar farm project
  • $1.952 million term loan to an independent insurance agency in Florida for acquisition purposes
  • $3,395,734 term loan to a solar developer in North Carolina to fulfill purchase agreement requirements
  • $3,481,031 term loan to a solar developer in North Carolina to fulfill purchase agreement requirements