Celtic Closes $5.45MM in New Client Commitments
Celtic Capital announced two new client relationships. The first is a Monroe, WA-based distributor of fertilizer and animal feed. The business is a 4th generation family owned company originally formed in 1938. The company was in need of replacing its bank line of credit due to covenant violations and sought Celtic’s help.
Celtic structured accounts receivable and inventory lines of credit and an equipment loan totaling $4.4 million to retire the banks debt and provide working capital for the businesses increased revenue anticipated for 2015.
The other new borrower is a North Hollywood, CA distributor of fine imported foods. This company had been with a bank-owned asset-based lender for years but the lender outgrew the borrower. As the loan became too small for the lender to manage, the lender reached out to Celtic. The bank handed off a $1.05 million accounts receivable and inventory facility to the client that the bank couldn’t service effectively anymore.