Crestmark Closes Seven Transactions Totaling more than $6.5 Million the First Two Weeks of December
TROY, Michigan (December 19, 2012) – During the first two weeks of December a total of $6,550,000 in financial solutions was secured for seven new Crestmark clients.
• A $500,000 Accounts Receivable Purchase facility was funded December 3 for a California trucking company. The company transports produce and meats throughout the United States. Funding will be used for amortization and to reduce borrowing costs.
• Also on December 3, a South Carolina trucking company received a $150,000 Accounts Receivable Purchase facility to help facilitate start-up. This trucking company hauls general freight, and was referred to Crestmark by an existing client.
• A North Carolina plastic injection molding company was provided a $1,500,000 Accounts Receivable and Inventory Ledgered Line of Credit facility on December 4. Funding will be used for working capital.
• Crestmark provided a $1,500,000 Traditional Factoring facility arrangement on December 6 for a New Jersey-based company that sells designer accessories to retailers across the county.
• An Ohio printing company was funded a $1,750,000 Asset-Based Lending facility with advances on accounts receivable and inventory on December 7.
• On December 13 a New York computer assemblies and manufacturer was funded a $400,000 Term Loan facility with advances on machinery and equipment. The company has been in business for over 37 years.
• Also on December 13, and Illinois hospitality staffing company received a $750,000 Ledgered Line of Credit facility with advances on Accounts Receivable. The client was sourced from an existing customer and funding will be used for working capital.
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