Crestmark Provides $11.7MM in ABL and Factoring Solutions in H1/Oct
Crestmark secured a total of $11.7 million in asset-based lending and factoring financial solutions for 13 new clients and Crestmark’s government guaranteed lending group provided $910,000 in financing for one new client in the first half of October. In addition, Crestmark Equipment Finance provided $6,086,672 in 23 new transactions and Crestmark Vendor Finance provided $4,050,096 in 39 new transactions.
Asset-based lending and factoring financial solutions to be used for various purposes, such as working capital and to pay off existing lenders, included:
A $300,000 accounts receivable facility to a freight all kinds trucking company in Tennessee
A $300,000 accounts receivable facility to a refrigerated transport company in South Carolina
A $250,000 accounts receivable facility to a freight all kinds trucking company in Michigan
A $150,000 accounts receivable facility to a dry van trucking company in Virginia
A $150,000 accounts receivable facility to a dry van trucking company in New Jersey
A $150,000 accounts receivable facility to a flatbed trucking company in Oklahoma
A $150,000 accounts receivable facility to a power-only transport company in Alabama
A $150,000 accounts receivable facility to a regional transportation company in North Carolina
A $100,000 accounts receivable facility to a refrigerated transport company in South Carolina
A $2 million asset-based lending facility to an industrial services contractor in Louisiana
A $3 million ledgered line of credit facility to a well servicing company in Michigan
A $2.5 million ledgered line of credit facility to a specialty chemicals provider in Texas
A $2.5 million ledgered line of credit facility to a ready-mix concrete supplier in Alabama
Government guaranteed lending financial solutions to be used for various purposes, such as acquisition and working capital, included:
A $910,000 SBA 7(a) loan to an independent insurance agency in Florida
Crestmark Equipment Finance transactions included but were not limited to:
An HVAC contracting company in the Midwestern U.S. for construction equipment
Crestmark Vendor Finance transactions included but were not limited to:
A transportation company in the Midwestern U.S. for transportation equipment
A fitness company in the Southeastern U.S. for fitness equipment
A medical company in the Southeastern U.S. for medical equipment
A recycling company in the southern U.S. for operational equipment