Crestmark Provides $27.3MM+ in Commercial Financing to 14 Businesses

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September 18, 2020, 09:05 AM

Filed Under: Transaction Announcements

Crestmark announced it provided more than $27.3 million in commercial financing to 14 businesses in the first half of September. Crestmark secured a total of $6,973,000 in ABL financial solutions for four new clients; Crestmark Equipment Finance provided $18,189,322 in eight new lease transactions; and the Government Guaranteed Lending group provided $2,215,000 in financing for two new clients.

Crestmark’s Asset-Based Lending

On Sept. 2, a $150,000 accounts receivable purchase facility was provided to a transportation company in Florida. The financing will be used for working capital purposes.
A $300,000 accounts receivable purchase facility was provided to a staffing services company in Illinois on Sept. 3. The financing will be used to pay off an existing lender and for working capital purposes.
On Sept. 3, a $1,523,000 ledgered line of credit facility was provided to a loading and conveyance systems manufacturer in Ontario, Canada. The financing will be used to pay off an existing lender and for working capital purposes.
A $5,000,000 ledgered line of credit facility was provided to a developer of monitoring and healthcare devices in California on Sept. 14. The financing will be used for working capital purposes.

Crestmark Equipment Finance

On Sept. 2, a $1,082,049 new lease transaction was completed with a managed service provider in the midwestern U.S. The financing will be used for IT equipment.
A $1,656,908 new lease transaction was completed with a medical services provider in the northeastern U.S. on Sept. 3. The financing will be used for medical equipment.
On Sept. 3, a $590,895 new lease transaction was completed with a railroad equipment manufacturer in the southern U.S. The financing will be used for operational equipment.
On Sept. 8, a $6,241,359 new lease transaction was completed with an airline in the southern U.S. The financing will be used for IT equipment.
A $4,700,000 new lease transaction was completed with a food distributor in the midwestern U.S. on Sept. 9. The financing will be used for operational equipment.
On Sept. 13, a $955,744 new lease transaction was completed with an energy management company in the midwestern U.S. The financing will be used for IT equipment.
A $1,352,952 new lease transaction was completed with a telecommunications company in the northwestern U.S. on Sept. 14. The financing will be used for operational equipment.
On Sept. 15, a $1,609,415 new lease transaction was completed with a global manufacturing company in the midwestern U.S. The financing will be used for IT equipment.

Government Guaranteed Lending

On Sept. 9, a $1,350,000 SBA 7(a) term loan facility was provided to an independent insurance agency in Texas. The financing will be used for acquisition purposes.
An $865,000 SBA 7(a) term loan facility was provided to an independent insurance agency in Texas on Sept. 11. The financing will be used for acquisition purposes.