Foreign Receivables Are Not Foreign to Celtic Capital
This Ohio-based company provides temporary nurse staffing services.
The company’s owner was financing the company himself. Instead of continuing to self-fund, he wanted to secure a line of credit from a bank however, being fairly new in business, banks were not interested. One of the banks he contacted referred the owner to Celtic Capital. Being familiar with the industry, having structured deals for staffing companies before, we stepped in.
This company had a great deal of foreign business; its largest account being a hospital in Guam. We had no problem financing the foreign receivables if the owner secured insurance on them. We referred the owner to a broker and once a policy was in place, we moved forward in the diligence process and funded a $1,000,000 A/R Line of Credit.
With industry veterans brought in by the owner to run the business and with Celtic Capital’s working capital credit line, the company is well-positioned to increase the number of nurses it deploys and thereby meet its growth goals.