Crestmark Closes Four Transactions Totaling Over $11 Million in the First Half of April
TROY, MICHIGAN (April 23, 2014) – Crestmark secured a total of $11,100,000 in financial solutions for four new clients in the first two weeks of April.
- On April 1, a $4,000,000 revolving line of credit supported by $1,600,000 term loan, was provided to a distributor of office supplies in New York. The funds will be used for working capital needs and to facilitate growth.
- A $500,000 traditional factoring facility was provided on April 2 to a startup furniture company in North Carolina. The facility was used for working capital purposes.
- On April 9, a $3,000,000 accounts receivable purchase facility was secured to provide working capital to a North Carolina processor and marketer of nutritional supplement products. The funds were used to pay off the current lender and working capital needs.
- A $2,000,000 ledgered line of credit with advances on accounts receivable was provided on April 14 to an emergency spill response services company in Florida to pay off an existing line of credit and provide working capital.
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 machinery/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, Indiana, Ohio, Maryland, North Carolina, and Texas. www.crestmark.com