Daily News: May 10, 2013

Celtic Bank Provides $3.9MM in Three SBA Deals


Celtic Bank said it has closed three new SBA Working Capital CAPLines totaling $3.9 million.

Celtic provided a $3 million asset-based revolving line of credit for an importer and wholesaler of propane tanks and related accessories located in Gardena, CA. The line included a $1.5 million inventory sub-limit

It also provided a $500,000 asset-based revolving line of credit for a wholesaler of commercial cleaning suppliers located in Chatsworth, CA. The line was utilized to refinance a high cost factoring relationship and included a $150,000 inventory sub-limit to be used for additional working capital.

In addition, Celtic provided a $400,000 asset-based revolving line of credit for a commercial janitorial and construction site cleanup service located in Corona del Mar, CA. The line was utilized to refinance a high cost factoring relationship and for ongoing working capital.