Crestmark Closes 18 Transactions Totaling More Than $46.9 Million in the First Half of August

TROY, Mich., (August 22, 2018) – Crestmark secured a total of $46,935,891 in financial solutions with 18 transactions for 14 new clients in the first half of August.

• On August 3, a $75,000 accounts receivable purchase facility was provided to trucking brokerage in Alabama. The financing will be used for working capital purposes.
• A $2,000,000 construction loan facility was provided to a solar developer in Massachusetts on August 3. The financing will be used to install a 2,244 KW DC solar farm in Vermont, which has a utility company as the solar purchaser, or “offtaker.” The construction loan facility will be repaid with Crestmark-provided sale-leaseback financing under a $4,124,472 120-month operating lease.
• On August 6, a $100,000 accounts receivable purchase facility was provided to a trucking company in Connecticut. The financing will be used for working capital purposes.
• A $750,000 accounts receivable purchase facility was provided to a food manufacturer and distributor in Florida on August 7. The financing will be used for working capital purposes.
• On August 7, a $5,038,260 new lease transaction was completed with a civil construction company in the southern U.S. The financing will be used for capital equipment.
• A $100,000 accounts receivable purchase facility was provided to a trucking company in Maryland on August 8. The financing will be used for working capital purposes.
• On August 9, a $500,000 accounts receivable purchase facility was provided to a startup freight brokerage in Mississippi. The financing will be used for working capital purposes.
• Five new lease transactions totaling $14,027,631 were completed with a manufacturer in the midwestern U.S. on August 9. The financing will be used for IT equipment.
• On August 10, a $150,000 accounts receivable purchase facility was provided to a startup trucking company in Georgia. The financing will be used for working capital purposes.
• A $200,000 accounts receivable purchase facility was provided to a startup freight brokerage in Illinois on August 10. The financing will be used for working capital purposes.
• On August 13, a $300,000 accounts receivable purchase facility was provided to a trucking company in Iowa. The financing will be used for working capital purposes.
• A $15,000,000 125-month operating lease transaction was completed with a solar manufacturer in California on August 15. The financing will be used for 100 mobile solar generators.
• On August 15, a $7,500,000 term loan facility was provided to a solar energy provider in Minnesota. The financing will be used to pay off an existing lender.This term loan facility will be repaid with a Crestmark USDA loan facility upon final allocation of USDA Business & Industry funds from the USDA’s national office.
• A $1,195,000 term loan facility was provided to an independent wealth management firm in Pennsylvania on August 15. The financing will be used to pay off an existing lender.

Crestmark provides innovative financial solutions for businesses nationwide. Financing solutions include asset-based lending, accounts receivable financing, lines of credit, term loans, factoring, machinery/equipment financing and equipment leasing. Crestmark has extensive experience in helping many industries including transportation, manufacturing, staffing, petrochemical, government contractors, apparel/footwear/furniture distribution/manufacturing, hospitality/hotels, insurance agencies, and technology hardware/software. Crestmark, a division of MetaBank®, is headquartered in Michigan, with additional offices in California, Florida, Louisiana, Tennessee, and Illinois; representatives nationwide; and a Canadian foreign representative office. www.crestmark.com