Daily News: March 26, 2014

Celtic Bank Announces $7.7MM in Recent Closings


Celtic Bank announced it recently closed the following ABL working capital financing transactions:

  • A $4.5 million ABL working capital line of credit processed under the California Capital Access Program for a wholesaler of men’s suits located in Los Angeles, CA. The facility was used to refinance a factoring line and to provide for ongoing working capital.
  • A $1.25 million SBA export working capital line of credit and a $1 million SBA CAPLine for a manufacturer of specialty high-end skis located in Salt Lake City, UT to be used for working capital purposes.
  • $1.5 million SBA CAPLine for a manufacturer of dietary supplements located in Santa Fe Springs, CA to be used for working capital purposes.
  • A $250,000 SBA Express line for a wholesaler and retailer of home furnishings located in Salt Lake City, UT. The facility also accompanied an $800,000 SBA 7(a) term loan used for a partner buy-out.
  • A $200,000 SBA Express line for a wholesaler of decorative home goods located in Midvale, UT. The revolver allows for advances on eligible accounts receivable at 80% and an inventory sub-limit of $100,000. The line was used to refinance a factoring line and to provide for ongoing working capital.