Nine Transactions Closed the Last Weeks of January Total more than $16 Million for Crestmark
TROY, MICHIGAN (February 5, 2013) – Crestmark secured a total of $16,500,000 in financial solutions for nine new clients during the last weeks of January.
• On January 14, Crestmark provided a $1,000,000 ledgered line of credit facility for a California manufacturer and distributor of firearm components and accessories. Funding will be used for working capital.
• Also on January 14, a $750,000 accounts receivable purchase facility was provided for a Texas-based company specializing in various services related to mapping and surveying. Funding will offer working capital.
• A $5,000,000 asset-based line of credit facility was provided to a New York company on January 16. The company is in the business of selling consumer products to large retailers across the country.
• On January 18, Crestmark provided a $2,000,000 ledgered line of credit facility with advances on accounts receivable and inventory. The New York-based company manufactures nutritional products/supplements, including their own private label.
• A $5,200,000 asset-based lending and term loan facility with advances on accounts receivable, inventory, machinery and equipment, was funded January 24 to a Michigan-based screw machine shop. The company specializes in small screws and fittings used in the manufacturing of automobiles, heavy duty trucks, construction equipment and off-road vehicles.
• Also on January 24, Crestmark provided a $250,000 term loan facility with advances on machinery and equipment to an Indiana company that designs and manufactures currency change for self-service coin-operated industries – such as laundry, carwash, amusement, and vending machines. Funding will be used for working capital.
• On January 29, Crestmark provided an $800,000 ledgered line of credit facility with advances on accounts receivable to a North Carolina manufacturer and nationwide distributor of safety equipment and supplies. Funding will be used for working capital.
• On January 31, an existing Crestmark client was provided a $1,000,000 term loan facility. This Michigan-based customer is utilizing one of Crestmark’s new equipment financing products.
• Also on January 31, a $500,000 term loan facility with advances on machinery and equipment was provided to a national electrical contractor based in Florida. The company provides energy-saving lighting products and installation services.
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 and factoring. Crestmark finances most business-to-business companies, and has extensive experience in helping many industries including transportation, manufacturing, staffing, government contractors, apparel and furniture manufacturing. Headquartered in Michigan, with offices in Florida, Louisiana, Tennessee, New York, Alabama, California, Illinois, Ohio, Missouri, North Carolina, and Texas. www.crestmark.com