Seafood Distributor Needed a Larger Line – Credit, Not Fishing, and We Came Through for Them

The Company
This 30+ year business is a California-based distributor of fresh and frozen seafood. It purchases product from local fishing boats and sells to both wholesale and retail customers.

The Situation
Having suffered losses in both 2017 and 2018 and just above break-even in 2019, the Company needed additional financing. When its bank wouldn’t support that request, the bank referred the business owner to us.

The Solution
With the goal of paying off the bank and giving this Company a larger and more flexible lending facility to meet the Company’s working capital needs, we provided a $1,300,000 Accounts Receivable Line of Credit and a $100,000 Inventory Line of Credit. We structured the deal to include an unbilled receivables Line to give the business additional availability. This was instrumental in the bank holding onto the equipment piece of its facility for three months during which time the business would pay that off through its cash flow.

The Result
Our creative and out-of-the-box financing structure has enabled this Company to build on the growth it began to see in 2019. The business is well-run and stronger than our usual clients. It just needed a flexible lender willing to give it a larger Line and that’s what we do. We envision this client to continue to make progress and return to bank financing relatively soon.

About Celtic Capital
Companies looking for working capital to cover operating expenses, fund growth, increase buying power and take advantage of vendor discounts and rebates turn to Celtic Capital. With an appetite for the more complex transactions, Celtic Capital has a history of success in crafting creative, flexible asset based financing solutions from $500,000 to $5 million with no financial covenants.

As an independent lender, working with companies nationwide, Celtic Capital is willing and able to alter price and deal structure and expand lines of credit to handle its clients’ increased revenues; and when cash flow is an issue, will look toward providing an inventory facility to help offset lost cash flow.

If you know of, or are, a business in need of non-traditional financing, contact Mark Hafner at 800.742.0733 or, or visit us at