Crestmark Secures More Than $8MM in ABL and Factoring Solutions in H1/September
Crestmark secured a total of $8,530,600 in asset-based lending/factoring financial solutions for 12 new clients and Crestmark’s government guaranteed lending group provided $33,050,094 in financing for 10 new clients in the first half of September. In addition, Crestmark Equipment Finance provided $4,526,317 in three new transactions and Crestmark Vendor Finance provided $3,698,699 in 35 new transactions.
Asset-based lending and factoring financial solutions to be used for purposes such as working capital and to pay off existing lenders included:
A $500,000 accounts receivable facility to a refrigerated transportation company in Texas
A $250,000 accounts receivable facility to a freight-all-kinds transportation company in Kansas
A $200,000 accounts receivable facility to a refrigerated trucking company in Illinois
A $150,000 accounts receivable facility to a dry van trucking company in Texas
A $150,000 accounts receivable facility to a regional trucking company in Georgia
A $150,000 accounts receivable facility to a refrigerated trucking company in North Carolina
A $150,000 accounts receivable facility to an auto hauling company in Florida
A $150,000 accounts receivable facility to a transportation company in Georgia
A $3 million ledgered line of credit facility to a frozen foods distributor in California
A $2 million ledgered line of credit facility to a digital marketing company in California
A C$2 million ($1.58 million) ledgered line of credit facility to a chemical supply company in Alberta
A $250,000 ledgered line of credit facility to a less than load (LTL) freight company in Wisconsin
Government guaranteed lending financial solutions, to be used for purposes such as acquisition and working capital, included:
An $8.8 million term loan to a solar company in California
A $3,464,267 term loan to a solar company in California
A $3,276,538 term loan to a solar company in North Carolina
A $3.1 million term loan to a solar company in California
A $3,069,289 term loan to a solar company in California
A $2.9 million term loan to an investment advisory firm in North Carolina
A $2.6 million term loan to a solar company in California
A $2.55 million term loan to a solar company in North Carolina
A $2.19 million SBA 7(a) loan to an independent insurance agency in New Hampshire
A $1.1 million term loan to a solar company in Colorado
Crestmark Vendor Finance equipment finance transactions included, but were not limited to:
A recycling company in the southeastern U.S. for operational equipment
A transportation company in the southeastern U.S. for geo-tracking equipment
A transportation company in the Midwestern U.S. for transportation equipment
An automotive repair company in the southeastern U.S. for operational equipment