Celtic Capital provided $3.75 million in financing to a California-based distributor of contract manufactured electrical testing devices.
The company’s lender was not willing to renew its line of credit due to losses derived from increased sales and marketing expenses which didn’t result in increased sales. Celtic Capital provided a $3.5 million accounts receivable line of credit and a $250,000 inventory line of credit to pay off the prior lender and provide working capital.
