Celtic Capital announced the funding of two new client relationships.

Outlined below are brief descriptions of the transactions:

The first, a Burlington, WA-based manufacturer of gluten free food products came to Celtic for a $1.2 million accounts receivable line of credit that the company used, together with a term loan provided by another lender, to pay off their bank line of credit.

The bank had asked the company out due to covenant violations. Celtic not only provided the financing, but introduced the company to the lender that provided the term loan. Celtic was able to solve the structure needed for this company, even though the term loan was of a nature that didn’t fit Celtic’s product offerings.

The second loan was to a Batavia, OH-based trucking and warehousing company who approached Celtic seeking a $750,000 accounts receivable line of credit and a $412,500 equipment loan. The company had been borrowing from a local bank, but was asked out due to covenant violations.

Celtic first looked at the deal two years ago, and although the timing wasn’t right in 2013, the company remembered Celtic’s flexibility and speed of the due diligence process. In need of exiting the bank by a certain date, the company reconnected with Celtic and was able to close the deal in the timeframe required.