Daily News: November 1, 2018

Celtic Provides $2.617MM in Funding to Snack Food Manufacturer

Celtic Capital provided a $1.25 million accounts receivable line of credit, a $150,000 inventory line of credit and a $1.217 million equipment loan to an Oregon-based manufacturer of snack foods, specializing in popped corn products.

The new client was being asked out of its bank due to covenant violations resulting from the company’s strategic realignment of its customer base.

Celtic’s funding paid off the bank, paid off (or down) three other loans and provided significant additional funds for working capital.