Crestmark Closes Seven Transactions in Second Half of November

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December 03, 2015, 07:29 AM

Filed Under: Transaction Announcements

Crestmark secured a total of $8,005,000 in financial solutions for seven new clients in the second half of November. The transactions are:

On Nov. 17, a $1 million accounts receivable purchase facility was provided to a start-up transportation broker in New York. The financing will be used for working capital purposes.
A $200,000 accounts receivable purchase facility was provided on Nov. 18 to an Illinois-based transportation company. The financing will be used for working capital purposes.
A $1.25 million traditional factoring facility was provided on Nov. 18 to a women’s apparel manufacturer in New York. The financing will be used to pay off a previous lender and for working capital purposes.
On Nov. 18, a $1.745 million SBA 7(a) term loan facility was provided to an independent insurance agency in Texas. The financing will be used to pay off a previous lender.
On Nov. 19, a $300,000 accounts receivable purchase facility was provided to a freight broker in Utah. The financing will be used for working capital purposes.
A $510,000 SBA 7(a) term loan facility was provided on Nov. 23 to an independent insurance agency in Maine. The financing will be used to pay off a previous lender.
On Nov. 27, a $3 million traditional factoring facility was provided to a wholesaler of wireless home surveillance devices in Missouri. The financing will be used for working capital purposes.

Crestmark is an FDIC-insured bank that provides innovative financial solutions for businesses nationwide. Financing solutions include asset-based lending, accounts receivable financing, lines of credit, term loans, factoring, machinery/equipment financing and equipment leasing. Crestmark has extensive experience in helping many industries including transportation, manufacturing, staffing, petrochemical, government contractors, apparel/footwear/furniture distribution/manufacturing, hospitality/hotels, insurance agencies, and technology hardware/software. Headquartered in Michigan, with additional offices in California, Florida, Louisiana, Tennessee, New York, and Illinois; and representatives nationwide.