Celtic Capital revealed a new client relationship with a California-based commercial printing company. The company experienced a drop in revenue due to the COVID-19 pandemic and was in violation of certain loan covenants with its bank.
As the bank needed to move the loan off its books, the bank referred the company to Celtic Capital. Celtic Capital provided a $4 million accounts receivable line of credit, a $300,000 inventory line of credit and a $2.35 million equipment loan to satisfy the bank, pay some past dues taxes and provide working capital. This refinance positioned the company to take advantage of the pre-pandemic revenue levels it expects for 2022.
