Celtic Capital Corporation Announces New Client Relationship with Custom Retail Fixtures Manufacturer

Celtic Capital Corporation today announced its most recent new client relationship – an Oregon-based manufacturer of custom retail fixtures. COVID-19 caused a decline in this Company’s revenue which led to losses in 2020. The Company’s bank asked management to find alternative financing as the losses caused the Company to fall out of covenant. The business approached Celtic Capital to obtain a $1,000,000 accounts receivable line of credit and a $630,000 term loan in order to pay down the bank debt to a point where the bank would subordinate on the business assets to Celtic Capital and for working capital. The bank held some additional collateral and will be paid off once an approved second lien loan funds.