Celtic Capital provided $2.65 million in financing to two new clients.

The first new client is a New Jersey-based publisher of test preparation materials. The owner had been relying on a temporary credit line but wanted a more permanent working capital solution. Celtic provided a $1.4 million accounts receivable line of credit to the company.

The second new relationship is with two affiliated companies under common ownership in Washington. One company manufactures rock crushing equipment. The other makes cast metal parts used in the rock crushing industry.

The companies’ bank chose not to renew their credit line due to concern over prior managers’ attempts to sabotage the business for personal gain. The owner recognized what was going on before any damage had been done and replaced the individuals involved with a new, stronger management team. Celtic funded $1.25 million accounts receivable and inventory lines of credit to pay off the bank and to provide additional working capital in support of the new team’s turnaround plan.