TROY, Mich., (August 12, 2020) – Crestmark secured a total of $29,152,900 in ABL financial solutions for seven new clients; Crestmark Equipment Finance provided $7,765,608 in five new lease transactions; the Joint Ventures Division provided $4,104,958 in financing to two new clients; and the Government Guaranteed Lending group provided $45,341,886 in financing for nine new clients in the second half of July.

·           Crestmark’s Asset-Based Lending:

o    On July 21, a $5,102,900 ledgered line of credit facility was provided to an Ontario, Canada transportation company working across North America. The financing will be used to pay off an existing lender.   

o    A $350,000 accounts receivable purchase facility was provided to a transportation company in Mississippi on July 23. The financing will be used for working capital purposes.

o    On July 24, a $1,500,000 accounts receivable purchase facility was provided to a freight brokerage in Tennessee. The financing will be used for working capital purposes.  

o    A $200,000 accounts receivable purchase facility was provided to a freight all kinds transportation company in Florida on July 24. The financing will be used for working capital purposes.

o    On July 29, a $2,000,000 ledgered line of credit facility was provided to a prescription drug wholesaler in Michigan. The financing will be used to pay off an existing lender and for working capital purposes.  

o    A $2,000,000 ledgered line of credit facility was provided to a well abandonment services company in Louisiana on July 30. The financing will be used to pay off an existing lender and for working capital purposes.

o    On July 31, an $18,000,000 asset-based lending facility was provided to a nationwide transportation company in Colorado. The financing will be used to pay off an existing lender.  

·           Crestmark Equipment Finance:

o    A $2,327,172 new lease transaction was completed with a global manufacturer in the midwestern U.S. on July 16. The financing will be used for networking equipment.

o    Two new lease transactions totaling $1,719,653 were completed with an IT solutions provider in the southwestern U.S. on July 23. The financing will be used for IT equipment.

o    On July 24, a $1,789,337 new lease transaction was completed with an automotive stamping manufacturer in the midwestern U.S. The financing will be used for capital equipment.

o    A $1,929,446 new lease transaction was completed with a healthcare payment solutions provider in the southeastern U.S. on July 24. The financing will be used for IT equipment.

·           Crestmark’s Joint Ventures Division:

o    On July 20, a $354,958 operating lease transaction was provided to a solar developer in Massachusetts. The financing will be used to install a 101 kW-DC solar system in New Jersey.

o    A $3,750,000 construction loan facility was provided to a solar developer in Connecticut on July 27.  The financing will be used to build a 2560 kW-DC solar system in Illinois.

·           Government Guaranteed Lending:

o    On July 17, a $4,200,000 construction loan facility was provided to a solar developer in California. The financing will be used for working capital purposes.

o    A $350,000 SBA 7(a) term loan facility was provided to an independent restaurateur in Florida on July 22. The financing will be used for acquisition and for working capital purposes.

o    On July 22, a $14,724,500 construction loan facility was provided to a solar developer in New Hampshire.  The financing will be used for working capital purposes.

o    On July 27, a $1,550,000 term loan facility was provided to a financial advisory firm in Idaho. The financing will be used to pay off an existing lender and for working capital purposes.

o    A $3,850,000 construction loan facility was provided to a solar developer in California on July 30. The financing will be used for working capital purposes.

o    On July 31, a $4,550,000 SBA 7(a) term loan facility was provided to a hospitality company in Louisiana.  The financing will be used for acquisition and for working capital purposes. 

o    A $14,607,386 construction loan facility was provided to a solar developer in New Hampshire on July 31. The financing will be used for working capital purposes.

o    On July 31, a 250,000 SBA 7(a) term loan facility was provided to a barbershop in Alabama.  The financing will be used for working capital purposes.

o    A $1,260,000 term loan facility was provided to a financial advisory firm in Colorado on July 31. The financing will be used for acquisition purposes.