TROY — During the first two weeks of December, more than $6.5 million in financial agreements were 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 country. 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 $1.5 million accounts receivable and Inventory Ledgered Line of Credit facility on December 4. Funding will be used for working capital.
• Crestmark provided a $1.5 million 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 $1.75 million 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 terml loan facility with advances on machinery and equipment. The company has been in business for more than 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.