Crestmark Closes Six Transactions Totaling More Than $12 Million in the Second Half of August
TROY, MICHIGAN (September 4, 2013) – Crestmark secured a total of $12,500,000 in financial solutions for six new clients in the second half of August.
• On August 19, a $500,000 traditional factoring facility was provided to a New York manufacturer and distributor of women’s apparel.
• A $4,000,000 asset-based lending facility with advances on accounts receivable and accrued revenue was provided on August 20 to a Michigan educational staffing company.
• On August 21, a $2,000,000 asset-based lending facility with advances on inventory was provided to a California steel distributor. Funding will be used to provide working capital.
• Also on August 21, a $2,500,000 asset-based lending facility with advances on accounts receivable and inventory was provided to a South Carolina importer of plumbing products.
• A $500,000 ledgered line of credit facility was provided on August 22 to a Louisiana provider of solar energy systems. Funding will be used to provide working capital.
• On August 23, a $3,000,000 asset-based lending facility with advances on accounts receivable and inventory was provided to an Illinois switch gear equipment provider.
Crestmark is a nationally known and respected FDIC-insured bank that provides innovative financial solutions for small- to medium-sized businesses. Financing solutions include asset-based lending, accounts receivable financing, lines of credit, factoring and equipment financing. Crestmark finances most business-to-business companies, and has extensive experience in helping many industries including transportation, manufacturing, staffing, petrochemical, government contractors, apparel and furniture manufacturing. Headquartered in Michigan, with locations in California, Florida, Louisiana, Tennessee, New York, and Illinois; representatives in Alabama, Maryland, North Carolina, and Texas. www.crestmark.com