Celtic Capital Provides $1.13MM in Financing to CNC Machine Shop

Celtic Capital provided a $500,000 accounts receivable line of credit and a $630,000 equipment loan to a Pennsylvania-based CNC machine shop that serves various industries, including power generation.

The company’s bank wanted to exit its relationship with the company due to covenant violations. In seeking a replacement accounts receivable line of credit and an equipment loan to pay off the bank and for additional working capital, the deal was referred to Celtic Capital.