Providing What Others Can’t Wins the Deal

Last year, Celtic was approached by a company in Oregon that is a co-packer for the food and beverage industry. They had violated financial covenants, had been asked to leave their bank, and needed to replace receivable and equipment financing.

Celtic was not the only non-traditional lender looking at the deal. Some were only interested in the accounts receivable loan, others only wanted the equipment, and many were turned off by the fact that the equipment loan was larger than the receivable loan. Celtic was comfortable with the company’s request. We are flexible and tailor our credit packages to meet client needs. We often create financing packages where the equipment loan is larger than the receivable line of credit.

This proposed transaction had one additional challenge. The company was actively bidding on an upcoming project. Winning the project would trigger a need for additional equipment financing. The company wanted assurance the additional equipment funding would be available if needed. Celtic demonstrated our commitment to the company’s success by providing that assurance. We offered to fund the equipment ourselves or help them find someone else to do so. That commitment to their success helped us win the relationship.

We have since replaced the bank loans and the company’s bid for new business was accepted. They are finalizing leases for the new equipment, the best fit for this situation, with another lender. This new project will provide a significant increase in revenue for the company and is just what is needed to springboard their turnaround.

Celtic’s goal is to always do what is best for our clients. We work hard to facilitate the financing they need, whether those needs can be met in house or in collaboration with a financing partner. Our creative solutions, straight talk, and quick action allows business owners to do what they do best. We handle the financing so they can focus on business!