TROY, Mich., (May 13, 2020) – Crestmark secured a total of $3,950,000 in ABL financial solutions for four new clients; Crestmark Equipment Finance provided $17,383,632 in eight new lease transactions; Crestmark Vendor Finance provided $8,457,754 in 71 new lease transactions; and the Government Guaranteed Lending Division provided $5,423,700 in financing for two new clients in the second half of April.

·           Crestmark’s Asset-Based Lending Divisions:

o    On Apr. 20, a $150,000 accounts receivable purchase facility was provided to a dry freight trucking company in Georgia. The financing will be used for working capital purposes.   

o    A $150,000 accounts receivable purchase facility was provided to a dry van transport company in California on Apr. 20. The financing will be used for working capital purposes.

o    On Apr. 20, a $3,500,000 accounts receivable purchase facility was provided to a services-provider to natural gas producers in Texas. The financing will be used to pay off an existing lender and for working capital purposes.   

o    A $150,000 accounts receivable purchase facility was provided to a freight all kind transport company in California on Apr. 20. The financing will be used for working capital purposes.

·           Crestmark Equipment Finance:

o    On Apr. 20, a $4,994,700 new lease transaction was completed with a solar energy systems services provider in the western U.S. The financing will be used for office equipment.

o    A $840,401 new lease transaction was completed with a chemical manufacturer in the southern U.S. on Apr. 20. The financing will be used for IT equipment.

o    On Apr. 21, a $1,787,109 new lease transaction was completed with an airline company in the southeastern U.S. The financing will be used for operational equipment.

o    A $4,821,487 new lease transaction was completed with a metallurgical mining company in the southeastern U.S. on Apr. 23. The financing will be used for construction equipment.

o    On Apr. 27, a $801,000 new lease transaction was completed with an equipment rental company in the southeastern U.S. The financing will be used for construction equipment.

o    A $517,154 new lease transaction was completed with a healthcare foundation in the midwestern U.S. on Apr. 29. The financing will be used for medical equipment.

o    On Apr. 30, a $1,158,534 new lease transaction was completed with an oil & gas industry services provider in the southern U.S. The financing will be used for capital equipment.

o    A $2,463,247 new lease transaction was completed with an internet provider in the western U.S. on Apr. 30. The financing will be used for networking equipment.

·           Crestmark Vendor Finance funded $8,457,754 in 71 new lease transactions in the second half of April. Some highlights include:

o    On Apr. 16, an equipment finance transaction was completed with a dermatologist in the northeastern U.S. The financing will be used for laser equipment.

o    A lease transaction was completed with a rental company in the southeastern U.S. on Apr. 22. The financing will be used for capital equipment.

o    On Apr. 28, a new lease transaction was completed with an imaging center in the southwestern U.S. The financing will be used for medical equipment.

o    A new equipment finance transaction was completed with a private transportation company in the southeastern U.S. on Apr. 30. The financing will be used for a vehicle.

·           The Government Guaranteed Lending Division:

o    On Apr. 17, a $638,700 SBA 7(a) term loan facility was provided to an independent insurance agency in Texas. The financing will be used for acquisition and for working capital purposes.  

o    A $4,785,000 term loan facility was provided to a wealth advisory firm in Maryland on Apr. 30. The financing will be used for acquisition and for working capital purposes.