Celtic Capital approved a $1 million accounts receivable line of credit for a Washington-based commercial bakery.
After Celtic turned down a similar deal in late 2017, the company recently requested the firm take another look. During the six month period following the turndown, the non-active owner brought back the founder and minority shareholder into the company and hired a seasoned CFO to replace the management team.
This new team made significant changes affecting the company’s profitability and greatly improved the condition of the company’s books. With new management in place, Celtic Capital provided the line of credit to replace the company’s banking relationship.
