Daily News: January 3, 2013

Celtic Bank Closes Two Factoring Transactions Totaling $1.25MM


Salt Lake City, UT-based Celtic Bank recently closed two factoring and working capital financing transactions.

The bank provided a $1 million SBA working capital CAPLine and a non-recourse collection factoring facility for a designer and wholesaler of women’s apparel located in Los Angeles, CA.

The facilities provide for inventory advances up to $275,000, non-recourse accounts receivable management and borrowing eligibility for non-approved accounts. Celtic was able to credit guarantee over 86% of the customer base, which includes a mixture of national and boutique retailers.

A $250,000 SBA ABL express line and a non-recourse collection factoring facility went to a manufacturer and wholesaler of women’s accessories located in Park City, UT.

The facilities provide for inventory advances, non-recourse accounts receivable management and borrowing eligibility for non-approved accounts. Celtic was able to credit guarantee over 80% of the customer base, which includes a mixture of national and boutique retailers.