Celtic Capital Corporation announced its most recent new client relationship – a California-based powder coating job shop for the automotive and other industries. The Company’s revenue dropped in 2020 due to COVID-19 but started rebounding in 2021. Its bank asked the owner to find alternative financing due to covenant violations.
Celtic Capital was called in to provide replacement financing and additional working capital for the Company’s anticipated growth in 2022. Celtic provided a $1,250,000 accounts receivable line of credit and a $250,000 inventory line of credit to meet the Company’s objectives.