Celtic Capital provided a $3 million accounts receivable line of credit, a $500,000 inventory line of credit and a $1.5328 million term loan to a job shop manufacturer specializing in the medical, gaming, kiosk and technologies industries.
The new client is an Arizona-based, full-service company which was shifting focus from its gaming business to its kiosk business in 2017. During the transition, the company showed a loss, causing its bank to ask the company to seek alternative financing.
Celtic Capital was referred by one of the company’s local banking contacts and provided its funding on the company’s machinery and equipment.
The financing was used by the client to pay off the bank and will provide significant additional availability to bridge the gap until the expanded kiosk business kicks into gear.