Daily News: December 5, 2014

Celtic Funds $4.8MM in Recent A/R, Inventory

Celtic Capital announced it recently provided $4.8 million in recent accounts receivable, inventory and equipment lines of credit.

The first client was a Santa Ana, CA-based manufacturer of commercial boilers. This long-time family business was being sold as the family patriarch had passed away a few years prior. Celtic funded A/R, inventory and equipment lines of credit of $1.3 million to facilitate the transaction under a tight time frame.

The other funding was to a Cincinnati-based trucking company in need of replacing their bank line of credit. Celtic’s comfort level with equipment loans and their experience with trucking companies made Celtic the right fit. Celtic met the company’s request for a $3.5 million A/R and equipment loan and was able to pay the bank off prior to their deadline.