Celtic Capital entered into a new client relationship with a 55 year-old California-based company that provides research and development, formulation and manufacturing of dry blended food products.
According to the Secured Finance Network, since new California disclosure rules were implemented in December 2022, 40% of respondents were found to be “no longer lending” to prospective borrowers who fall within the regulations’ threshold of less than $500,000.
A specialty chemicals company needed to replace an existing bank line, so it approached Celtic Capital for a $750,000 accounts receivable line of credit and a $150,000 inventory line of credit to replace its previous bank financing and provide working capital to help it effectuate its turnaround plan.
Celtic Capital entered into a client relationship with an Arizona- based company that designs and manufactures a complete range of archery equipment for all segments of the sport. The company had broken covenants with its bank and was seeking replacement financing.
Celtic Capital achieved a new client relationship with a California-based manufacturer of precision machined products using metal alloys and plastics for industrial and commercial applications.
Timothy (Tim) Serritella joined Celtic Capital as senior vice president-client development for the Central Midwest (Illinois, Iowa, Minnesota, Mississippi and Wisconsin).
Celtic Capital established a new relationship with a Tennessee-based provider of concrete polishing and restoration services. Celtic Capital provided a $2 million accounts receivable line of credit, a $400,000 inventory line of credit and a $950,000 equipment loan in order to facilitate the refinance.
Celtic Capital provided a $1 million accounts receivable line of credit to a North Carolina-based distributor of furniture and fixtures for the commercial building space.
Celtic Capital provided a $2.25 million accounts receivable line of credit and a $376,5000 equipment loan to a California-based manufacturer of various food products sourced from ethically-grown super foods.
Anthony Gomez joined Celtic Capital as senior vice president of client development for the Pacific Northwest. Gomez has been in the commercial banking industry and a part of the region’s business community for more than a decade.