Daily News: March 4, 2015

Celtic Provides A/R, Equipment Loans

Celtic provided A/R and equipment loans to two new clients.

It structured a $1.7 million A/R and inventory line of credit and equipment loan for a Minnetonka, MN, based company in the wholesale and retail sales of, and maintenance of, lighting products. The company had suffered recent losses which caused their bank to ask them to seek other financing. Celtic was referred in by the existing bank and was able to strike a deal that repaid the bank in full and provided the working capital the company sought to fund their turnaround plan.

In addition, Celtic structured a $1.2 million A/R line of credit and equipment loan for an Irvine, CA-based company. The manufacturer of disposable dental products needed refinance its business. Having been with the same factor for 20 years, it decided to move on. The line decreased the company’s borrowing costs while increasing available working capital.