TROY, Mich., (May 26, 2020) – Crestmark secured a total of $7,800,000 in ABL financial solutions for 10 new clients; Crestmark Equipment Finance provided $7,564,246 in four new lease transactions; Crestmark Vendor Finance provided $10,791,438 in 17 new lease transactions; and the Joint Ventures Division provided $1,047,785 in financing for one new client in the first half of May.
· Crestmark’s Asset-Based Lending Divisions:
o On May 1, 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 $2,500,000 accounts receivable purchase facility was provided to a manufacturing materials distributor in Colorado on May 1. The financing will be used for working capital purposes.
o On May 1, a $450,000 accounts receivable purchase facility was provided to a refrigerated transport company in California. The financing will be used to pay off an existing lender and for working capital purposes.
o A $350,000 accounts receivable purchase facility was provided to a freight all kind transport company in California on May 1. The financing will be used to pay off an existing lender and for working capital purposes.
o On May 5, a $150,000 accounts receivable purchase facility was provided to a start-up freight brokerage in Illinois. The financing will be used for working capital purposes.
o A $2,000,000 accounts receivable purchase facility was provided to a coffee brewery in Texas on May 7. The financing will be used for working capital purposes.
o On May 8, a $250,000 accounts receivable purchase facility was provided to a dry freight trucking company in Missouri. The financing will be used to pay off an existing lender and for working capital purposes.
o A $500,000 accounts receivable purchase facility was provided to a drayage services provider in Texas on May 11. The financing will be used for working capital purposes.
o On May 15, a $1,300,000 term loan facility was provided to a heavy lifting and transportation services company in Texas. The financing will be used for working capital purposes.
o A $150,000 accounts receivable purchase facility was provided to a refrigerated transport company in Mississippi on May 15. The financing will be used for working capital purposes.
· Crestmark Equipment Finance:
o A $2,698,086 new lease transaction was completed with an activewear distributor in the midwestern U.S. on May 11. The financing will be used for operational equipment.
o On May 12, a $502,122 new lease transaction was completed with a medical facility in the southwestern U.S. The financing will be used for medical equipment.
o A $3,445,213 new lease transaction was completed with a dairy distributor in the southeastern U.S. on May 13. The financing will be used for transportation equipment.
o On May 13, a $918,825 new lease transaction was completed with a commercial solutions and services provider in the southern U.S. The financing will be used for software.
· Crestmark Vendor Finance funded $10,791,438 in 17 new transactions in the first half of May. Some highlights include:
o On May 1, an equipment finance transaction was completed with a towing company in the southeastern U.S. The financing will be used for a vehicle.
o An equipment finance transaction was completed with a farm in the southcentral U.S. on May 5. The financing will be used for farming equipment.
o On May 8, a new equipment finance transaction was completed with a dental center in the northeastern U.S. The financing will be used for dental equipment.
o A new equipment finance transaction was completed with a seafood company in the northwestern U.S. on May 13. The financing will be used for operational equipment.
· Crestmark’s Joint Ventures Division:
o On May 12, a $1,047,785 operating lease transaction was provided to a solar developer in Massachusetts. The financing will be used to install a 299 kW-DC solar system in New Jersey, which has a local private school as the offtaker.