Celtic Capital provided a $1 million accounts receivable line of credit, a $175,000 term loan and a $150,000 inventory line of credit to a Washington-based cutter/packer of meat products for restaurants and food service companies.
This business, founded in 1974 and still owned and operated by its founder, was asked to seek alternative financing by its bank due to covenant violations. The company will use the financing from Celtic Capital to pay off the bank and for additional working capital.
