Crestmark provided more than $29 million in commercial financing transactions to 126 businesses in the first half of June, including more than $5 million in term loans by the company’s government guaranteed lending group.
The Singing Machine Company entered into a two-year loan and security agreement for a $10 million financing facility with Crestmark on eligible accounts receivable. The company also executed an agreement with Iron Horse Credit for up to $2.5 million in inventory financing.
Crestmark secured a total of $7.8 million in asset-based lending financial solutions for 10 new clients in the first half of May, including a $2.5 million accounts receivable purchase facility for a manufacturing materials distributor in Colorado.
Crestmark funded more than $215 million for small businesses through the Paycheck Protection Program (PPP), part of the CARES Act stimulus package.
Crestmark’s healthcare financial services group completed its first funding and added Chad Kerr as an underwriting manager. Kerr joined Crestmark in 2005 and most recently served as SBA portfolio manager for the government guaranteed lending group.
Crestmark secured a total of $24.15 million in ABL financial solutions for 14 new clients in the first half of April, including a $12 million ledgered line of credit facility to an air transport support and services company in Texas.
Crestmark secured a total of $13.9 million in asset-based loans for eight new clients in the second half of March, including an $8 million asset-based line of credit facility to a steel products provider in Indiana.
Crestmark partnered with Comdata in launching Comdata QuickPay, which is a new financing solution that gives fleet owners access to same-day payments on the loads they deliver.