Crestmark Provides More Than $72.7 Million in Commercial Financing to 84 Businesses from mid-January to mid-February 2021.

Posted 03/01/2021

TROY, Mich., February 26, 2021) – Crestmark secured a total of $29,940,115 in ABL financial solutions for 15 new clients; Crestmark Equipment Finance provided $21,737,910 in 14 new lease transactions; Crestmark Vendor Finance provided $4,717,776 in 50 new lease transactions; the Joint Ventures group provided $3,788,960 in one new transaction; and the Government Guaranteed Lending group provided $12,540,200 in financing for four new clients in late January to early February.

  • Crestmark’s Asset-Based Lending:
    • On Jan. 19, a $2,500,000 ledgered line of credit facility and a $450,000 term loan facility were provided to a furniture manufacturer in Michigan. The financing will be used to pay off an existing lender and for working capital purposes.
    • A $500,000 ledgered line of credit facility was provided to a marine trailer manufacturer in Tennessee on Jan. 20. The financing will be used for working capital purposes.
    • On Jan. 20, a $3,000,000 asset-based lending facility was provided to a precision machining manufacturer in Wisconsin. The financing will be used to pay off an existing lender and for working capital purposes.
    • A $250,000 accounts receivable purchase facility was provided to a refrigerated trucking company in Illinois on Jan. 25. The financing will be used for working capital purposes.
    • On Jan. 26, a $150,000 accounts receivable purchase facility was provided to a flatbed trucking company in Nevada. The financing will be used for working capital purposes.
    • A $400,000 accounts receivable purchase facility was provided to a refrigerated transportation company in California on Jan. 26. The financing will be used to pay off an existing lender and for working capital purposes.
    • On Jan. 26, a $1,000,000 accounts receivable purchase facility was provided to a freight broker in Florida. The financing will be used for working capital purposes.
    • A $400,000 accounts receivable purchase facility was provided to an automotive parts transportation company in Alabama on Jan. 27. The financing will be used for working capital purposes.
    • On Jan. 27, $500,000 (CAD) and $200,000 (USD) accounts receivable purchase facilities were provided to a dry van freight-all-kinds trucking company in Ontario, Canada. The financing will be used for working capital purposes.
    • A $250,000 accounts receivable purchase facility was provided to a flatbed transportation company in Florida on Jan. 28. The financing will be used for working capital purposes.
    • On Feb. 1, a $10,000,000 asset-based lending facility was provided to an online gift card marketplace provider in New Jersey. The financing will be used to pay off an existing lender.
    • A $3,000,000 ledgered line of credit facility was provided to a monitoring technology supplier in Texas on Feb. 3. The financing will be used for working capital purposes.
    • On Feb. 5, a $7,000,000 asset-based lending facility was provided to a lighting products manufacturer in Massachusetts. The financing will be used for working capital purposes.
    • A $150,000 accounts receivable purchase facility was provided to a refrigerated trucking company in Georgia on Feb. 9. The financing will be used for working capital purposes.
    • On Feb. 9, a $300,000 accounts receivable purchase facility was provided to a flatbed trucking company in Arkansas. The financing will be used for working capital purposes.
  • Crestmark Equipment Finance:
    • On Jan. 17, a $1,203,147 new lease transaction was completed with a facility support services provider in the western U.S. The financing will be used for capital equipment.
    • A $2,488,473 new lease transaction was completed with a hospitality services company in the northeastern U.S. on Jan. 20. The financing will be used for capital equipment.
    • On Jan. 20, a $1,554,761 new lease transaction was completed with an online retailer in the midwestern U.S. The financing will be used for capital equipment.
    • A $2,241,141 new lease transaction was completed with an airline in the southern U.S. on Jan. 20. The financing will be used for transportation equipment.
    • On Jan. 21, an $849,864 new lease transaction was completed with a communication services company in the southern U.S. The financing will be used for capital equipment.
    • A $508,132 new lease transaction was completed with a concrete construction company in the western U.S. on Jan. 21. The financing will be used for capital equipment.
    • On Jan. 21, a $1,803,198 new lease transaction was completed with a petroleum products wholesaler in the midwestern U.S. The financing will be used for capital equipment.
    • A $547,024 new lease transaction was completed with a healthcare facility support provider in the western U.S. on Jan. 22. The financing will be used for IT equipment.
    • On Jan. 28, a $592,304 new lease transaction was completed with a flooring products manufacturer in the northeastern U.S. The financing will be used for IT equipment.
    • On Feb. 2 and Feb. 7, two new lease transactions totaling $4,482,282 were completed with an airline in the southeastern U.S. The financing will be used for transportation equipment.
    • A $2,250,076 new lease transaction was completed with a footwear company in the midwestern U.S. on Feb. 2. The financing will be used for IT equipment.
    • On Feb. 3, a $1,467,833 new lease transaction was completed with an HR administrative services provider in the midwestern U.S. The financing will be used for office equipment.
    • A $931,230 new lease transaction was completed with a healthcare facility in the western U.S. on Feb. 12. The financing will be used for IT equipment.
    • On Feb. 12, an $818,445 new lease transaction was completed with a marketing and business communications company in the midwestern U.S. The financing will be used for IT equipment.
  • Crestmark Vendor Finance funded $4,717,776 in 50 new transactions in late January to early February. Some highlights include:
    • A new equipment finance transaction was completed with a plumbing company in the midwestern U.S. on Jan. 21. The financing will be used for operational equipment. 
    • On Jan. 22, a new equipment finance transaction was completed with a short-haul transportation company in the midwestern U.S. The financing will be used for transportation equipment. 
    • An equipment finance transaction was completed with a medical company in the northwestern U.S. on Jan. 25. The financing will be used for essential equipment.
    • On Jan. 29, an equipment finance transaction was completed with a medical company in the southwestern U.S. The financing will be used for essential equipment.
    • An equipment finance transaction was completed with a medical company in the midwestern U.S. on Feb. 1. The financing will be used for essential equipment.
    • On Feb. 3, an equipment finance transaction was completed with a transportation company in the southeastern U.S. The financing will be used for operational equipment.
    • A new equipment finance transaction was completed with a medical company in the western U.S. on Feb. 9. The financing will be used for medical equipment. 
    • On Feb. 12, a new equipment finance transaction was completed with a wholesaler in the northeastern U.S. The financing will be used for capital equipment. 
  • Crestmark’s Joint Ventures group funded a $3,788,960 operating lease transaction with a solar developer in Maryland in the second half of January. The 1,393 kW-DC solar system, located in Minnesota, will be part of a state community solar program.
  • Government Guaranteed Lending:
    • A $1,580,000 term loan facility was provided to an investment advisory firm in Minnesota on Jan. 29. The financing will be used for acquisition purposes.
    • A $1,870,000 SBA 7(a) term loan facility was provided to an investment advisory firm in Nebraska on Feb. 5. The financing will be used for acquisition purposes.
    • On Feb. 10, a $4,531,200 term loan facility was provided to a solar developer in North Carolina. The financing will be used for working capital purposes. 
    • A $4,559,000 term loan facility was provided to a solar developer in North Carolina on Feb. 10. The financing will be used for working capital purposes.
Author
Lisa Beattie
Organization
Crestmark
Phone Number
2482671639

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