Crestmark Provides $34.3MM+ in Commercial Financing to 99 Businesses

November 07, 2019, 06:50 AM

Filed Under: Transaction Announcements

Related: Crestmark, Crestmark Equipment Finance, Crestmark Vendor Finance

Crestmark announced it provided more than $34.3 million in commercial financing to 99 businesses in the second half of October. Crestmark Equipment Finance provided $15,558,380 in 14 new lease transactions; Crestmark Vendor Finance provided $9,586,873 in 88 new lease transactions; Crestmark secured a total of $800,000 in ABL financial solutions for two new clients; and the Government Guaranteed Lending Division provided $8,355,000 in financing for one new client in the second half of October.

Crestmark Equipment Finance

On Oct. 18, five new lease transactions totaling $3,028,876 were completed with a provider of construction and engineering services in the southeastern U.S. The financing will be used for capital equipment.
A $3,001,360 new lease transaction was completed with a pharmaceutical company in the northeastern U.S. on Oct. 22. The financing will be used for software.
On Oct. 22, a $1,094,870 new lease transaction was completed with a network services provider in the southeastern U.S. The financing will be used for IT equipment.
A $2,420,112 new lease transaction was completed with a food manufacturer in the midwestern U.S. on Oct. 22. The financing will be used for capital equipment.
On Oct. 22, a $1,494,173 new lease transaction was completed with a wholesaler and distributor of bulk oil in the midwestern U.S. The financing will be used for capital equipment.
Two new lease transactions totaling $2,005,553 were completed with a medical services provider in the midwestern U.S. on Oct. 23. The financing will be used for capital equipment.
On Oct. 23, a $639,000 new lease transaction was completed with a rental services company in the southeastern U.S. The financing will be used for capital equipment.
A $1,100,000 new lease transaction was completed with a technology solutions provider in the midwestern U.S. on Oct. 24. The financing will be used for capital equipment.
On Oct. 24, a $774,436 new lease transaction was completed with a fitness club in the northeastern U.S. The financing will be used for capital equipment.

Crestmark Vendor Finance

Crestmark Vendor Finance funded $9,586,873 in 88 new lease transactions for 87 businesses in the second half of October. Some highlights include:

On Oct. 16, a new lease transaction was completed with a laboratory in the midwestern U.S. The financing will be used for fitness equipment.
A new equipment finance transaction was completed with a logistics company in the midwestern U.S. on Oct. 18. The financing will be used for transportation equipment.
On Oct. 29, a new equipment finance transaction was completed with a hospitality company in the northeastern U.S. The financing will be used for IT equipment.
A new equipment finance transaction was completed with a sign manufacturer in the southeastern U.S. on Oct. 31. The financing will be used for capital equipment.

Crestmark’s Asset-Based Lending Divisions

On Oct. 17, a $500,000 accounts receivable purchase facility was provided to a startup freight brokerage in Florida. The financing will be used for working capital purposes.
A $300,000 accounts receivable purchase facility was provided to a trucking company in California on Oct. 24. The financing will be used for working capital purposes.

The Government Guaranteed Lending Division

On Oct. 23, a $8,355,000 term loan facility was provided to a financial services franchisee in Texas. The financing will be used for acquisition purposes.