Crestmark secured a total of $7 million in financial solutions for seven new clients in the second half of May. The transactions include:
- A $650,000 SBA 7(a) term loan facility was provided on May 20 to an independent insurance agency in Michigan. The financing will be used to pay off a previous lender.
- On May 22, a $1.25 million accounts receivable purchase facility was provided to a commercial printer in California. The financing will be used for working capital purposes.
- A $1.25 million accounts receivable purchase facility was provided on May 26 to a wireless communication services provider in Texas. The financing will be used to pay off a previous lender and for working capital purposes.
- On May 28, a $390,000 SBA 7(a) term loan facility was provided to an independent insurance agency in Florida. The financing will be used for acquisition purposes.
- A $310,000 SBA 7(a) term loan facility was provided on May 28 to an independent insurance agency in Texas. The financing will be used for acquisition purposes.
- On May 29, a $250,000 accounts receivable purchase facility was provided to a trucking company in Kentucky. The financing will be used for working capital purposes.
- A $2.9 million SBA 7(a) term loan facility was provided on May 29 to a thermoforming company in Wisconsin. The financing will be used to pay off a previous lender.
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.