Celtic Capital closed $2.065 million in three transactions for two new clients.
Celtic first provided a $1 million accounts receivable line of credit to a California-based fumigation sub-contractor. The company was in violation of certain loan covenants with its current lender and needed to move its line as well as obtain a larger one in anticipation of increased business activity. The funding from Celtic was subsequently used to pay off its current banking relationship and for additional working capital.
Celtic also provided $1.7 million in accounts receivable and inventory lines of credit and a $365,000 equipment loan to a California-based manufacturer of skylights for commercial and residential use. The financing was used to replace the company’s existing bank credit line and to provide additional working capital for the growing business. Additionally, Celtic facilitated a negotiation with the company’s landlord in order to close the deal within the bank’s tight time frame.
