Celtic Capital closed $1.55 million in accounts receivable lines of credit with three new clients.

Celtic first provided a $500,000 accounts receivable line of credit to a trucking company in Oregon. The company had recently violated loan covenants with its bank and needed to exit that relationship. The funds will be used to pay off the bank and provide additional working capital for the growing business.

Celtic next provided a $750,000 accounts receivable line of credit to a California-based logistics and fulfillment company. This fairly-new enterprise was growing rapidly and needed a credit line to handle its growth in a highly-seasonal business.

Last, Celtic provided a $300,000 accounts receivable line of credit to a manufacturer of steel waste containers also located in California. The business had fallen behind on its payroll taxes and needed a credit line to bring its taxes up to date, as well as additional working capital to prevent future delinquencies.