Celtic Capital Provides Financing to Affiliated Manufacturing Businesses

Celtic Capital established a new client relationship with two affiliated businesses in California. One is a manufacturer of tools and the other manufactures compression and injection-molded products. These businesses had been factoring their accounts receivable but wanted to move to an asset-based lending product and obtain some additional working capital through their equipment. Celtic Capital provided a $1 million accounts receivable line of credit and a $276,800 term loan on the equipment, which gave the businesses the additional working capital they sought.